One of the most iconic coins such as LUNC, deserves an article about its history. Here we will try to cover as much information about this coin as possible.
Terra Classic ( #LUNC )
Terra is a blockchain protocol that utilizes fiat-pegged stablecoins to facilitate globally accessible and stable payment systems. As outlined in its white paper, Terra combines the stability and widespread adoption of fiat currencies with the censorship-resistant attributes of Bitcoin ( #BTC ), providing swift and cost-effective settlement capabilities.
The development of Terra commenced in January 2018, and its mainnet was officially launched in April 2019. As of September 2021, Terra offers stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund's Special Drawing Rights basket of currencies. Moreover, the platform intends to introduce additional options in the future.
On May 28, 2022, the genesis block of the new chain was initiated under the name Terra (LUNA) to facilitate future transactions, while the original Terra Chain was rebranded as Terra Classic. The native token of the original chain, LUNA, was also renamed as LUNA Classic (LUNC). Additionally, all network stablecoins (UST, KRT, EUT) were rebranded as Terra Classic stablecoins (USTC, KRTC, EUTC). It should be noted that there will be no Terra stablecoins on the new chain.
Luna Classic (LUNC)
Luna Classic (LUNC) serves as the original native token of the Terra blockchain, released in August 2018. $LUNC existed prior to the launch of the new chain, now known as Terra (LUNA), and operates based on the original code of the Terra ecosystem.
The primary role of the native token was to absorb price deviations of the algorithmic stablecoin, $UST. The value of the UST #stablecoin was maintained by minting and burning UST tokens to balance the supply and demand. However, in May 2022, UST lost its peg and experienced a collapse. The UST stablecoin algorithm caused the creation of trillions of LUNA tokens, resulting in hyperinflation and reducing the value of the original LUNA token by 99%.
Who Are the Founders?
Terra was founded in January 2018 by Daniel Shin and Do Kwon. Their vision was to drive widespread adoption of blockchain technology and cryptocurrency by emphasizing price stability and usability. Do Kwon assumed the role of CEO at Terraform Labs, the company behind Terra.
Before the development of Terra, Daniel Shin co-founded and led Ticket Monster, also known as TMON, a prominent South Korean e-commerce platform. He later co-founded Fast Track Asia, a startup incubator that collaborates with entrepreneurs to establish fully functional companies.
Do Kwon previously founded and served as the CEO of Anyfi, a startup that provided decentralized wireless mesh networking solutions. He has also worked as a software engineer at Microsoft and Apple.