Cryptocurrencies
Do Kwon Proposes Creating Another Blockchain From Terra’s Ashes
- Kwon wants to get rid of algorithmic stablecoin TerraUSD
- Crypto insiders like Binance’s CEO are against the idea
Do Kwon
Photographer: Woohae Cho/BloombergThis article is for subscribers only.
Terraform Labs co-founder Do Kwon offered another proposal to revive its troubled Terra blockchain by getting rid of the failed TerraUSD stablecoin and revamping the project into a new network.
Kwon wants to copy the blockchain’s code to create a new network, called Terra, and to distribute new tokens to former Terra supporters like key app developers, those whose computers order transactions on the network, and those who still hold TerraUSD, Kwon wrote in a post on a research forum.