Terra 2.0 Shared Node

Terra is a Delegated-Proof-of-Stake blockchain developed and maintained by Terraform Labs.

Launched in testnet in January, 2018, Terra started its mainnet operations in April, 2019.Terra is a brainchild of Korean serial entrepreneurs Daniel Shin and Do Kwon. In Q2, 2022, the protocol migrates to the second version marked by Phoenix 1 mainnet launch.

Terra blockchain is built on the top of Delegated Proof-of-Stake (DPoS) consensus like Cardano, Eos and so on. This means that it has a limited set of validators responsible for node synchronization, consensus integrity and transactions verification, and a large group of delegators who just delegate (‘stake’) their LUNA assets in favour of this or that validator.

Despite Terra development progress being curated by Terraform Labs, LUNA holders can have a say in referendums about crucial protocol upgrades.

Technically, Terra utilizes Cosmos software development kit (SDK) and Tendermint algorithm of block production.

On May 27, 2022, Terra protocol started its new epoch with mainnet re-launch. To re-establish tokenomics, Terra airdrops 1 bln tokens to pre-depeg and post-attack holders of UST, aUST, and LUNA.

New tokens will be locked; vesting details will depend on the number of tokens stored by this or that account.

Due to its scalable, high-performance and resource-efficient design, Terra blockchain’s smart contracts can easily on-board decentralized applications of various types including decentralized finances (DeFi) protocols. After securing $150 mln for its DeFi ecosystem, TerraForm labs team is laser-focused on expanding its applications range.

Anchor passive income protocol and TerraSwap DEX are two most popular Terra-specific dApps while it also hosts elements of multi-blockchain services Lido Finance and Mirror Protocol.

On Sept.30, 2021, Terra activated Columbus-5 upgrade that allows it to interact seamlessly with Cosmos (ATOM) and a number of other networks that utilize an Inter-Blockchain Communication Standard or IBC.

By the end of 2021, Terra might integrate the Wormhole Bridge protocol that currently connects Ethereum and Solana. In turn, Wormhole team shared the plans to connect Polygon and Binance Smart Chain to its ecosystem of interoperable protocols.