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

Luna Foundation Garda Chief Do Kwon has written a recommendation recommending the execution of LUNA to a new chain using a picture from the pre – attack attack. It details a recovery plan that includes giving the new blockchain to the public and excluding LFG wallets.

The new chain would have a limit of 1 billion coins. 400 million would be given to LUNA holders “before the pegging event”, 400 million to “UST holders at the time of the upgrade,” and 100 million to LUNA holders at the “last minute of the chain stop” and 100 million to a community pool. With the exception of the 100 million tranche, all LUNAs should be “due to the state of genesis of the network.”

He continues,

“The Terra community needs to redo the chain to preserve the community and the developer’s ecosystem.”

He does not apologize to the public at any point in the proposal and seems to refuse to resign, saying, “I will always be here.” It is not known, however, whether it would play an active role in the new blockchain. am.

If LUNA2 is decentralized through community development, LFG and, therefore, Do Kwon may play no role. Instead, he says,

“Preserving this wonderful ecosystem and making as many users and builders as possible should be a priority now. Terra should preserve his L1 first. ”

In a “call to action”, he says,

“Why does this redistribution make sense? UST holders must own a large share of the network, as the debt holders of the network they deserve to compensate for the tokens they held to the end. ”

He also acknowledges that “UST has lost too much trust with its users”, claiming that any attempt to save the current blockchain would be impossible as

“Luna’s holders are so liquidated and diluted that we will lack ecosystems to recover from the ashes.”

Along with those remarks, he continues to brag about Terra even being “in trouble, strong brand recognition and a name that almost everyone in the world will have heard of.”

He may believe that there is no such thing as bad publicity, but it is hard to agree after all the days.

He cites the developer’s community building on Terra, which must be remembered for now. These projects will lose everything if Terra fails. The only way to save these projects may be to remove all ecosystem control from the hands of LFG.

In the final call to action, he says,

“The way in which Terra’s community has always been pushing for popularity is that” a decentralized economy needs decentralized money “. This is an exciting vision, and while UST has not been successful, the Terra community will find ways to repeat the idea at some point in the future. ”

The response to the proposal has been mixed with 930 responses since it went live earlier this afternoon. When asked if he felt responsible for what happened, he chose to ignore the question and answer another part of the user’s response.

Many responses come from LUNA holders instead of the developer community, with numerous stories about investors losing money. Many answers disagree, calling the plan “trash” and “unfair.”

Stablechen posted to Twitter earlier validators came together to decide on the proposed way forward. Do Kwon may not have been invited, due to the nature of this post, but no information has been officially released.

In response to the post, however, Stablechen revealed a very similar plan to Your Kwons. For a new chain to occur on Terra, collectors must agree to a proposal submitted by another validator.

This does not have to be the case with Do Kwon’s strategy, since a new blockchain would be in use. Collectors would have to load a screenshot version of the Terra chain from the previous minute and then activate the nodes. The next step is to wait and see. The entire crypto community is watching.

Looking for a chain after an attack is not unprecedented, as Ethereum did the same after a hack. As a result blockchain optimizers will argue that you cannot change the blockchain. A fork of a top 10 project could have a huge knock – on effect on the entire community as blockchain volatility is questioned.

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