What is Terra?
Terra is a decentralized, open-source blockchain platform that enables the creation of digital assets and smart contracts.
It is designed to be a secure, scalable, and low-cost platform for developers to build applications on top of. The Terra protocol is built on the Tendermint consensus engine and uses a delegated proof-of-stake (DPoS) consensus mechanism. The Terra project was founded in 2018 by Daniel Shin and Do Kwon with the goal of creating an open financial system that is accessible to everyone.
The project has since grown to include multiple partners, including the likes of Binance, OKEx, Huobi, and many more. The Terra protocol is designed to facilitate fast and secure transactions between users while also providing a stable store of value for users. The protocol also allows developers to create their own tokens on top of it using its smart contract functionality.
These tokens can then be used for various applications such as payments, loyalty programs, or even gaming platforms. The Terra network also includes its own native token called LUNA which serves as the network’s base currency and provides staking rewards for users who hold it in their wallets. LUNA can also be used to pay transaction fees on the network or used as collateral for loans on the platform.
