90% of the initial voters rejected Do Kwon’s proposal to hard fork the Terra блоцкцхаин. Initially, Kwon submitted the poll to the Terra community with only one simple question: “Fork?” On its face, it appears that a majority of those polled would like to avoid seeing the blockchain forked.
Do Kwon pushes forward Terra’s revival plan amidst negatives
According to reports, Do Kwon had presented a hard fork plan where the old Terra chain would be split into two new chains, one of which would be without the algorithmic stablecoin TerraUSD. The old chain will continue to use Terra Classic (token Luna Classic – LUNC), whereas the new chain will use Terra Luna (token Luna- LUNA).
However, it should be noted that the community poll is not an official governance poll, so it’s still possible that LUNA whales and Terra management choose to proceed with the revival plan despite community opposition and protests against the plan.
On Wednesday morning, Do Kwon, the creator of Terraform Labs, unveiled an on-chain governance concept as results from a preliminary online poll on a hard fork plan indicated little support among community members.
The term “hard fork” refers to splitting a chain on which a specific protocol runs with different rules than the current one, resulting in two separate blockchains. Even as both blockchains continue to exist as long as there is validator and community support, one becomes the “main” chain while the other becomes a sidechain.
According to market experts, the lack of faith in Terra and Kwon may have skewed the online preliminary poll voting toward being overwhelmingly negative. According to experts, one of the main issues facing a new fork, as discussed by Do Kwon, is trust. There will be a need to enhance trust if the team decides to go ahead with the new fork. As a result, Terra must take the fork seriously and do even more checks for security vulnerabilities.
The overall sentiment towards Luna in the crypto community is extremely terrible. Traders and investors incurred significant losses and had their confidence in management shaken by the UST unpegging. Meanwhile, some prominent fund managers believe that Tera’s senior management may split the blockchain regardless of community sentiment toward the project.
Following last week’s failure, Do Kwon has put his Terra revival plan to a public vote. Many investors have shunned it. The Terra community isn’t the only one that shares this viewpoint. On Twitter, Бинанце CEO Changpeng Zhao explained why a Terra network Hardfork would be a bad idea for the ecosystem’s resurgence.