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What Is Terra (Luna):Everything you Must know about Luna? Complete Guide

What Is Terra (Luna):Everything you Must know about Luna? Complete Guide

Terra (LUNA) is a blockchain project that seeks to create a comprehensive ecosystem focused on generating DeFi applications on a high-speed blockchain and the ability to generate stablecoins anchored in major fiat currencies around the world.

What Is Terra (Luna):Everything you Must know about Luna? Complete Guide

The world of stablecoins is one of the fastest growing in the cryptocurrency world and Terra (LUNA) is a clear example. Terra is a project with a clear goal: to create a blockchain framework for the deployment of Decentralized Finance DeFi applications what do they use native Stablecoins and the LUNA token.

E-commerce is getting more into the use of crypto currencies in order to develop a method of payment where prices are rather stable. Several cryptocurrencies have been produced for a few years to facilitate the use of this new method of payment. The Terra crypto is one of them, and its place in the market is gradually increasing as more people use it.

Detailed overview of the Terra (LUNA) crypto project

The idea is simple: use the LUNA token to algorithmically collateralize stablecoins, and thus enable the LUNA token as a governance and payment token on the Terra network, and stablecoins for DeFi platforms and electronic payments. In this way, Terra creates a framework that others can use to run their own applications, stable and secure payment systems from anywhere in the world.

Coming into the world with great ambition, the Terra project has been in the works for more than three years now, without having experienced a single stampede. Terra collaborates with Binance which helps it financially.

The aspect of the Terra (LUNA) cryptocurrency

Developed as a decentralized stablecoin, the Terra crypto is also known as a stablecoin. This stability of the LUNA cryptocurrency was developed to maintain the prices of crypto money.

The Terra crypto has the power to outperform fiat currencies. These are used during the various transactions. This virtual currency has also opted for the operation of double tokens: the TERRA coin, as well as the LUNA coin. The latter exists in order to play the role of virtual money of guarantee, or even of reserve token.

The usefulness of Terra (LUNA)

The Terra crypto was set up to become another means of payment, in exchange for goods sold or any services. These all take place on the platform.

Terra Money is the brainchild of TerraLabs, a South Korean company founded by Daniel Shin y Do Kwon. TerraLabs began operations in January 2018 and since then it had planned to revolutionize the crypto space with a new idea: the Terra blockchain.

The idea of ​​this blockchain was to create a high-speed infrastructure that would allow the deployment of DeFi applications through all the tools integrated into the blockchain itself. Thus began the development of the Terra blockchain, its LUNA token, its algorithmic stablecoins and all the tokenomics that would make this new project possible.

As the development became more and more complete, TerraLabs integrated its efforts with other projects such as Mirror Protocol, the Chai electronic payment system y Anchor Protocol. With these additional new efforts, Terra began to grow faster, and in April 2019, Terra announced the official launch of the mainnet along with its white paper.

It is also possible to mine Terra crypto. This project also ensures that this virtual currency is easily included in the cryptocurrency market. For a reliable, fast and secure transaction, go no further, choose to use Terra crypto. The latter was created as a reliable exchange value during transactions.

The LUNA cryptocurrency is indeed considered a real currency, with its own rating. The latter has been fixed since the beginning of its creation. And to maintain this status, the amount of the Terra crypto reserve must always be held greater than the value of the LUNA coins. These virtual tokens are already used in the modern market. As a result, you will be able to store your crypto currencies.

The team behind Terra (LUNA)

Founded by two scientific geniuses who have a few companies already in existence, the crypto Terra is already well launched and responds to orders from very professional people.

Luna founders

The idea of ​​creating a stabilized cryptocurrency came from two scientists who have already had a long journey to tell. The first, Daniel Shin, expert in e-commerce, must show his intelligence, as well as his expertise to the many years of management. He is Chairman and CEO of many companies. With a degree in economics, he was able to combine passion and profession, and did not let several years pass before reaching the peak of his career.

The other person who helped create the company is also a decentralized network whiz. Do Kwon, has already founded his empire, before co-founding the crypto Terra with Daniel Shin. Having in his own way many years of software engineering at big companies like Apple and Microsoft. He also has a degree in computer science, a great asset that allows more to start their projects.

The rest of the team

The development of a company does not rest on just two people. Creativity, the circulation of tokens and its site as well as the intelligence of other people are necessary to achieve the objectives set.

The Terra project was born with the assistance of a sales manager, Don Kim, coming out of Harvard. Specialized in the development of the commercial stock market, he brings a great boost to society.

Then, a chief strategy officer, Wayne Shu, ensures the smooth running of financial operations. KJ Lee, the product manager, expert in project management and development. He also handles logistics, payments and supplies.

A chief financial officer, CJ Han, was also hired to administer the portfolios and currencies. He also has a degree in economics which will help him a lot in his role. And finally, a communications manager, Gigi Kwon, who manages everything related to communication in the platform.

Can we mine Terra (LUNA)?

Without the mining work, transactions from this cryptocurrency to another would be difficult. The operation is indeed essential to be able to carry out a stock market activity. It is in this stage that the miners will have to show speed and intelligence. Whoever manages to resolve and validate a transaction faster than the others is the winner. Mining has even become a job that can earn a lot if you're smart. So, why not take the opportunity to mine LUNA coin.

How To Mining Terra (LUNA)?

For a transaction to take place, a minor must come into play. Once placed in front of the transaction request, his job is therefore to solve mathematical problems. But to achieve this, he works with a specialized machine that will help him accomplish his task. These minors can be a company, a simple person, or even individuals. The operation not only makes the transaction more fluid, but it also contributes to securing it. Computing power is very important in the process, as it enables the resolution of the mathematical complex.

Mining Terra is therefore not difficult enough, its realization resembles all types of possible operations. All you need is a good miner for transactions to go smoothly. And each time an operation is successful, he is rewarded for his action, by obtaining Terra cryptocurrency. And this is how mining has become a real profession dependent on cryptocurrency.

The staking system of Terra (LUNA)

Not only miners who have done well will receive rewards paid in cryptocurrency. But they can also now use the Staking system to achieve a better end. These rewards can then be accumulated, without ever being touched to make a kind of giant piggy bank.

To receive more rewards, miners can invest in a bigger mining machine so that its performance leads to a faster result. The better the machine, the easier and faster it will solve math problems that need to be solved.

Entering the world of cryptocurrency can be a great adventure for those looking for it. You just need to have a good tactic in order to be able to aim well. Until then, its prices are constantly going up, so you might have to give it a shot to see what happens. Take your courage in both hands and start investing in cryptocurrency.

Does the Terra (LUNA) have its own wallet?

Like several virtual currencies, the Terra crypto also has its own wallet to facilitate storage, as well as transactions for its customers.

Terra Station Wallet : A useful wallet

Terra cryptocurrency has a wallet that allows cryptocurrency users to store their digital tokens. Also known as Station, this wallet is easy to use, and also improves transactions from one wallet to another.

How Does Terra Station Wallet works

To be able to benefit from all the functionalities of this Terra Station Wallet, you will need to download Terra Station wallet. Once you have access to it, you just have to click on dashboard, to be able to obtain at a glance all the actions that can be carried out from your portfolio.

But before starting a transaction, you will first need to create an account on the wallet. Once your account is created, you can easily deposit, withdraw, sell or buy Terra crypto. To check your balance, as well as the last recorded courses, just look in the dashboard. And to further satisfy the users of this virtual token, the Terra Station is now compatible with the physical wallet that is the Ledger Nano S or X. This option will offer your crypto currencies great security, and thus allow your transactions to be well completed.

To link your Terra wallet, and the Ledger Nano, a few steps are required. The Ledger Live application is necessary on your computer, or on your smartphone in order to be able to guide your Ledger Nano. Once this application is installed, go to the manager to connect and unlock your Ledger Nano. In the manager tab, search for Terra in the vast list of applications that exist, then install it. Now, all you have to do is log in to your account on Terra Station, to be able to start storing your Terra coins.

Where to buy LUNA ?

Terra crypto can be purchased on different sites, but here are 4 exchanges with a good volume of transactions for this virtual currency (according to Coinmarketcap):

  • Binance 
  • Bittrex
  • KuCoin
  • Upbit

How to know the price of the Terra Luna crypto?

You will be able to follow the price of  Luna live and the specific information about Coinmarketcap. Our API will already give you an overview of the Terra Luna course:


A video to explain what is Terra (LUNA)?

Indeed, you will be able to discover what we explained to you through this video.

How does Terra (Luna) work?

First of all, you should know that Terra is a protocol and its own blockchain that does not depend on other blockchains such as Ethereum or Solana (Solarium) . This means that Terra's blockchain, wallets, and entire infrastructure operate autonomously from other projects.

That said, the Terra blockchain operates through the Proof of Stake or Proof of Stake (PoS) protocol, so block validators should be staking LUNA tokens, to be able to vote and validate blocks within the network. This is the main functionality of the LUNA token, ensuring the proper functioning and security of the Terra network.

Additionally, Terra was designed to provide developers with advanced smart contract tools, allowing them to design dApps. Terra being a PoS type blockchain, these dApps benefit from high transaction speed and low commission costs, which brings an added bonus to using Terra as a platform for building dApps. However, the gems of Terra's operations are its ability to run smart contracts, deploy stablecoins, and Terra-integrated DeFi services.

On the other hand, all Terra operations are performed in a decentralized manner and are controlled by the system's technology-enabled smart contracts. cosmos. This allows developers to create smart contracts in Rust, Go, or AssemblyScript, use Terra stablecoins, on-chain exchanges, native layer 3 oracles, and expose DApps userbases to payment services Terra without using permissions.

In September of 2021, Terra updated its protocol to the Columbus-5 version, which introduced significant changes to the system. One of these changes was the modification of the project's tokenomic model towards burning all LUNA used to mint TerraUSD (UST), instead of allocating a portion to the community pool as was the case previously.

Additionally, LUNA's integration into the Inter-Blockchain Communication (IBC) standard allows the Terra Network to communicate and interact with operating protocols in Cosmos. This implies a more widespread adoption of LUNA across the entire Cosmos ecosystem, enabling cross-operations between nearly twenty different blockchains. To better understand how Terra works and is structured, let's take a closer look at each of its parts.

How to stake Terra (Luna)?

Staking with LUNA is one of the most common ways to use your holdings in this token. In this sense, the easiest way to do staking with LUNA is to use the Gare de Terra service. Terra Station is an official DApp and Wallet of Terra that allows its users to perform operations within the ecosystem.

Terra (Luna)

From Terra Station, you can manage Luna and other tokens available in Terra. You can see useful information such as the current LUNA token price, network commissions, number of tokens in circulation, size of the LUNA staking pool, rewards generated by the pool, and total number of people within the ecosystem. In short, all the information to control your staking in LUNA to the millimeter.

To connect to Terra Station, all you have to do is click on "Connection" and use some of the options displayed in the menu:

Terra (Luna)

Once logged in, all you have to do is go to the “Stake” option and from there select the staking pool that suits you best.

Terra (Luna)

As of this writing (October 2021), there are over 130 staking pools available in this option, so you have plenty to choose from.

Other operations available
Additionally, Terra Station also offers other governance functions built-in and on its exchange platform. Each of these options can be used by connecting your wallet to Terra Station and clicking on the corresponding option. In the case of "intercambios" You can convert your LUNA tokens to generate the various stable coins integrated into Terra.

Terra (Luna)

Below you can see a more comprehensive list of fiat currency options:

Terra (Luna)

You can also use Terra Station to exercise “Governance” over the protocol and vote on the various proposals within the system.

Terra (Luna)

And you can also browse, build, and deploy smart contracts in Terra with this handy DApp.

Terra (Luna)

As you can see, Terra Station gives you all the tools you need to enjoy all the benefits of the Terra network in one place.