Terra is a blockchain payment network of decentralized stablecoins.
- What is Terra?
Terra is a blockchain protocol that enables the issuance of price-stable cryptocurrencies (called Terra stablecoins) that track the value of major fiat world currencies, providing the requisite infrastructure for a decentralized economy.
- What is LUNA?
Luna is the native staking token for Terra and collateralizes the Terra economy. Luna can be staked in order to earn rewards from transaction activity within the Terra economy, as well as decide on chain governance proposals.
- How was Terra launched?
Launched in April 2019, Terra’s mainnet is designed for decentralized applications that use stablecoin Terra as their underlying currency. To push mainstream adoption, Terra partnered with a formidable alliance of leading eCommerce companies in Asia, including industry giants such as TMON (Korea), Carousell (Singapore), Qoo10 (Singapore), and Tiki (Vietnam).
To date, 25 eCommerce platforms that collectively have $50 billion in annual transaction volume have joined the Terra Alliance to offer Terra as a payment option to their 50 million users.
At the time of writing, Terra has over a million active users and has processed over a billion dollars in transactions in Korea through payment app CHAI, and has a unique partnership with the government of Mongolia through Memepay.
- Who is the team behind Terra?
Terra was started by cofounders Do Kwon and Dan Shin, and the team is based in South Korea and Singapore.
Do studied Computer Science at Stanford, was an engineer at Apple and Microsoft, and brings his expertise in distributed systems from his previous startup, Anyfi. Dan is a serial entrepreneur and founded TMON, one of the largest e-commerce platforms in South Korea, and brings experience and deep networks in e-commerce.
Whereas other stablecoin projects exist as technical novelties, Terra is driven by an ambitious, BD-oriented team dedicated to real-world use cases and its mainstream adoption.