Terra co-founder Do Kwon wants to push the reset button for the blockchain with a hard fork. However, a veto against the rescue plan is emerging among the majority.
With 92 percent voting against, a clear majority of the Terra community is emerging against Do Kwon’s plan.
The Terra co-founder had put a rescue plan for the ecosystem to a vote on May 16.
The “Revival Plan 2” envisions a hard fork of the blockchain.
According to this, a new blockchain is to split off from the previous one.
The “old” chain is to bear the name Terra Classic, while the new chain will continue to run under the name Terra.
According to the Revival Plan, the new network architecture will focus on DeFi applications and separate from the failed stablecoin UST.
5,675 people have participated in the vote so far.
Only eight percent voted for Do Kwon’s plan so far.
The vote is a non-binding test run.
Official governance voting does not begin until today, May 18.
But approval seems unlikely.
Do Kwon has not yet presented an alternative plan.
After the stablecoin UST lost its dollar peg last week, the Terra ecosystem collapsed.
The LUNA token is now worth only fractions of a cent.
Picture by Pixabay
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise