Review on Terra by Inioluwa Okedeji
Terra: A Project Powered By LUNA To Ensure Stability Of Assets And Infrastructural Improvement Of The Terra Ecosystem.
Terra is a decentralized blockchain platform that utilizes the merits of the stability of stable fiat currencies in stabilizing and balancing payment systems in the blockchain network. The platform makes use of an algorithm that ensures that the stability it aims to achieve is accomplished by its native currency LUNA
LUNA is basically responsible for keeping the Terra platform in one piece and ensuring that the price stability is secured through its power of stability which is the main aim of the project. Though I haven't really heard of LUNA until now, reviewing this project has given me insight into what benefits one can derive from this project. One interesting discovery is that without LUNA, the Terra project cannot achieve its goal because LUNA is the foundational asset of the Terra ecosystem. And more importantly, the mining of LUNA generates power for the Terra blockchain network.
One of the clear benefits of this project is the replacement of complicated payments techniques in the blockchain network with a single blockchain layer, this shows the ability of the platform to steadily and continuously build an improved ecosystem.
The Terra platform protocol is highly open for mass adoption by companies and investors through the minting operations it supports that serve as the transaction stimulus which will in turn ensure the success of the project.
The Terra project is a project that one as a cryptocurrency trader and investor can benefit from its potential to stabilize assets which ensures that users are safe from the rise and fall in the prices and values of cryptocurrency assets while maintaining the original price and value of their assets and putting such assets to good use.
Pros
- The Terra platform protocol ensures the stability in the prices of assets.
- The Terra ecosystem protocol offers stable mining rewards to miners.
- The project is supported by validators that run specially configured algorithms to shield the network from attacks
- The Terra ecosystem has provided the opportunity to earn stable yield powered by block rewards through the Anchor protocol.
- Terra ecosystem supports smart contracts which developers can develop to facilitate adoption.
- LUNA holders have the opportunity to participate in voting and governance of the Terra project.
Cons
- Asides the fact that the project is not that popular I can see no other demerits to the project.
