Luna CEO Do Kwon proposes forking LUNA, UST to reimburse hodlers

Luna Foundation Guard CEO, Do Kwon, has actually composed a proposition that recommends forking LUNA to a brand-new chain utilizing a photo from prior to the attack. He information a healing strategy that consists of offering the brand-new blockchain to the community and not consisting of the LFG wallet.

The brand-new chain would have a cap of 1 billion coins. 400 million would be offered to LUNA holders “before the de-pegging event”, 400 million to “UST holders at the time of the upgrade,” and 100 million to LUNA holders at the “final moment of the chain halt” and 100 million to a community swimming pool. Except for the 100 million tranche, all LUNA must be “staked at the network genesis state.”

He continues,

“The Terra community must reconstitute the chain to preserve the community and the developer ecosystem.“

At no point in the proposal does he offer an apology to the community and seemingly refuses to step down, stating, “I’ll always be here.“ Whether he would have an active role in the new blockchain is, however, unknown at this time.

If LUNA2 is decentralized through community development, there may be no role for LFG and, thus, Do Kwon. Instead, he says,

“The priority now should be to preserve this amazing ecosystem and to make as many users and builders as possible. Terra should first preserve its L1.”

In a “call to action”, he mentions,

“Why does this redistribution make sense? UST holders need to own a large share of the network, as the network’s debt holders they deserve to be compensated for the tokens they have been holding to the end.“

He also accepts that UST has “lost too much trust with its users”, declaring that any effort to restore the present blockchain would be difficult as

“Holders of Luna have so severely been liquidated and diluted that we will lack the ecosystem to build back up from the ashes.”

Alongside those declarations, he continues to extol Terra even being “in distress, strong brand recognition and a name that almost everyone in the world will have heard about.”

He might think that there is no such thing as bad promotion, however it is difficult to concur after the previous couple of days.

He does discuss the designer community structure on Terra, which need to be kept in mind at this time. These tasks will lose whatever if Terra stops working. Removing all community control from the hands of LFG might be the only method to conserve these tasks.

In the last call to action, he mentions,

“The rallying cry for the Terra community has always been “a decentralized economy needs decentralized money”. This is an amazing vision, and while UST has actually not succeeded the Terra community will discover methods of repeating on the concept eventually in the future.”

The action to the proposition has actually been combined with 930 replies because going live previously this night. When asked if he felt accountable for what had actually taken place, he selected to disregard the concern and response another part of the user’s action.

Many reactions are from LUNA holders rather of the designer community, with numerous stories of financiers who have actually lost cash. Many responds disagree, calling the strategy “rubbish” and “unfair.”

Stablechen published to Twitter previously that validators assembled to pick a proposed path forward. It is possible that Do Kwon might not have actually been welcomed, offered the nature of this post, however no info has actually formally been launched.

However, in reply to the post, Stablechen likewise laid out a really comparable strategy to Do Kwons. For a brand-new chain to happen on Terra, validators need to concur to a proposition sent by another validator.

This would not always hold true with Do Kwon’s method, considered that a brand-new blockchain would be being utilized. Validators would require to load a photo variation of the Terra chain from a previous minute and after that trigger the nodes. The next action is to wait and see. The entire crypto community is viewing.

Forking a chain after an attack isn’t extraordinary, as Ethereum did a comparable thing after a hack. The result will have blockchain maximalists arguing that you cannot alter the blockchain. A fork of what was a leading 10 task might have an enormous ripple effect on the entire community as the immutability of blockchain is brought into concern.

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