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Terra indicates news revival plan for blockchain as Terra governance prop 1623: Read further to know more

Terra has indicated that the blockchain’s revival plan does not suggest a fork of the present chain, but rather the establishment of a new one. In the recent past, the crypto community was eager to know about future plans of Terra and a few were expecting a possible fork of the present chain.

According to information, Terra’s revival plan has suggested renaming the existing network Terra Classic, LUNA Classic (LUNC), and creating a new Terra blockchain in the last week. The new revival plan is termed as Terra governance prop 1623.

Misunderstandings about Terra fork

In a series of tweets on May 23, Terra explains a misunderstanding concerning the new blockchain. It claimed that a few community members (including those from Terraform labs) have described the proposed new blockchain in Prop 1623 as a fork instead of a genesis chain. Terra highlights that the revival plan proposes the establishment of a new blockchain rather than a fork of the existing Terra network.

What if Terra had a plan for a hard fork

On Twitter, it explained that a (hard) fork may signify a change in that blockchain protocol, resulting in two blockchains. Out of them, one implements the previous protocol and another that supports the new one. In terms of history, the new chain is identical to the original.

 

It further explained that the main distinction of our planned Terra 2.0 with forked blockchain is that forked blockchain retains all of its history with both the original (chain), but Terra 2.0 does not have that.

If Prop 1623 succeeds, a new Terra blockchain would be constructed from start beginning with genesis block 0, with no ties to Terra Classic’s past. DApps or assets from the previous chain (Terra Classic) would be incompatible with the new Terra and would need to be moved. According to Terra’s latest tweets, most major dApps created on Terra Classic have also already committed to transferring, including Prism Protocol, Stader Labs, randomearth and others.

Coinbase Cloud will stop supporting Terra

According to sources, Coinbase Cloud, Coinbase’s infrastructure arm would no longer support Terra. The Coinbase Cloud team took this decision in consultation with Terra’s users and ecosystem players.

The Terra ecosystem exploded earlier this month, sending the LUNA token to zero.

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