, 2022-05-17 05:54:06,
The majority of the Terra community is against the idea of forking the blockchain after its collapse last week, according to a preliminary poll on the network’s research and governance forum.
As of 6:45 a.m. ET on Tuesday, 90% of the more than 1,000 votes in the online poll reject a fork, which would create a new, parallel version of the Terra blockchain. The ballot is open to anyone who logs into the Terra forum, whether or not they hold Luna, the network’s governance token.
Last week, the stablecoin TerraUSD (UST) lost its peg to the US dollar, causing a knock on effect that all but obliterated its related token Luna. Due to the way the two interacted, it led to a massive supply increase of Luna and a subsequent price crash to near zero. Amid the wreckage, Terraform Labs CEO Do Kwon made a proposal — and then issued an updated version — that suggested the idea of a fork.
A fork is the term used for changing a blockchain’s structure. In this case, it would be a very significant change that’s akin to starting from scratch. The updated Terra blockchain would allocate portions of its supply to previous holders of Luna and UST. Most of the tokens would be subject to vesting periods over the next 3-5 years. The proposal put forward a timeline that would, pending a governance vote, see the launch of the new chain by the end of the month.
Only the Luna community doesn’t appear to agree with the suggested path forward.
“There’s no need to wait for the proposal to be published to know what the general sentiment is. This may push for some corrections without wasting days,” stated the pseudonymous author of the poll, which was put forward today. The poll simply asked: “Fork?”
‘No one wants a fork’
The majority of comments back up the initial…
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