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From the Origins of Terra to Terra Classic

The Terra project was launched in 2018 with the goal of developing a blockchain ecosystem capable of offering fast, low-cost payments accessible to everyone. Its operation was based on two complementary assets: the UST stablecoin, designed to maintain a value close to that of the U.S. dollar, and the LUNA token, used to ensure the system’s stability and participate in governance.

For several years, Terra experienced strong growth and attracted many users, developers, and investors. Several decentralized applications were launched, making Terra one of the leading ecosystems in the cryptocurrency world.

However, Terra’s story did not end with the 2022 crisis. A portion of the community chose to continue developing the original blockchain under the name Terra Classic, with the goal of rebuilding a sustainable, decentralized, and community-driven ecosystem.

The May 2022 Crisis

In May 2022, the Terra ecosystem experienced one of the most significant crises in the history of cryptocurrencies. The algorithmic stablecoin UST lost its peg to the U.S. dollar, triggering a mechanism that created massive amounts of new LUNA tokens in an attempt to restore the system’s balance.

This creation of new tokens quickly led to unprecedented inflation in the supply of LUNA. Within a few days, the value of LUNA and UST plummeted, causing significant losses for many investors and bringing an end to Terra’s original business model.

Despite this major crisis, blockchain has not disappeared. A portion of the community—including validators and developers—has chosen to continue the journey by preserving the original blockchain under the name Terra Classic. Since then, the community has been working to gradually rebuild an ecosystem based on governance, application development, and the creation of new use cases for LUNC.

The Birth of Terra Classic and Terra 2.0

In the wake of the May 2022 crisis, the Terra community decided to create a new blockchain to allow the project to continue its development. This new blockchain was named Terra 2.0, and its native token became LUNA.

The original blockchain, meanwhile, continued to exist under the name Terra Classic. Its original token was renamed Luna Classic (LUNC), while the UST stablecoin became USTC. The two blockchains now operate completely independently, with their own validators, developers, governance structures, and communities.

RESILIENT VALIDATOR has chosen to focus exclusively on Terra Classic. This website is entirely dedicated to its development, governance, infrastructure, and projects aimed at enhancing its utility and adoption.

What is a blockchain?

A blockchain is a digital ledger shared among thousands of computers distributed around the world. Each transaction recorded in it is grouped with others into a block, which is then permanently added to the chain of blocks (“blockchain”). Once validated, this information cannot be altered, ensuring its integrity and traceability.

Unlike traditional systems, no single central authority controls the blockchain. It operates through a network of validators who verify transactions, produce blocks, and ensure the security of the entire ecosystem. This structure ensures the network’s continuity, even in the absence of a single operator.

Terra Classic is a public blockchain. Anyone can view its transaction history, conduct transactions, develop applications, or participate in its governance. This transparency and decentralization form the foundation of its operation and evolution.

How does Terra Classic work?

Terra Classic is based on a mechanism called Proof of Stake (PoS). LUNC holders can delegate their tokens to a validator, who helps secure the network, validate transactions, and produce blocks. In return, delegators receive a portion of the rewards generated by the blockchain’s operation.

Every transaction made on Terra Classic incurs a network fee, known as a gas fee. A portion of these fees is distributed to validators and their delegators, while another portion may be burned in accordance with governance rules. This mechanism contributes to the security of the network and helps regulate the circulating supply of LUNC.

Terra Classic is a living ecosystem. Validators ensure its day-to-day operation, developers create new applications, users conduct transactions, and governance allows the community to collectively decide on the blockchain’s future developments. Everyone can thus contribute, in their own way, to the ecosystem’s development.

Key Players in the Ecosystem

Terra Classic is built on a community of participants with complementary roles. Each contributes, in their own way, to the operation and development of the blockchain.

Validators ensure the security of the network, produce blocks, validate transactions, and participate in governance. Delegators support these validators by staking their LUNC with them, while retaining ownership of their tokens and receiving a portion of the rewards generated by the network.

Developers design and improve Terra Classic’s tools, applications, and infrastructure. Users, meanwhile, conduct transactions, use the available applications, and participate in the ecosystem. Together, these various stakeholders help drive Terra Classic’s decentralized evolution.

Changes to this section

The Terra Classic Academy aims to make the ecosystem accessible to as many people as possible. This section will be expanded over time to help new users learn about Terra Classic, how it works, and its history.

De nouveaux chapitres seront ajoutés au fil de l’évolution du projet et des besoins de la communauté. L’objectif restera inchangé : proposer des explications claires, fiables et compréhensibles, quel que soit le niveau de connaissance du lecteur.