As reported by Colin Wu, Terra has stated the “revival plan” for the blockchain does not propose a “fork” of the existing chain, but rather the creation of a new one.
In the past week, Terra’s “revival plan,” or Terra governance prop 1623, has proposed to rename the existing network Terra Classic, LUNA Classic (LUNC) and create a new Terra blockchain.
1/ Recently, a few community members (including some from TFL) have referred to the proposed new blockchain in Prop 1623 as a “fork” as opposed to a genesis chain.
Note: The revival plan is not proposing a “fork” of the existing chain, but rather the creation of a new one 🧵.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 23, 2022
Following this, Terra notes a misconception about the new blockchain, saying that a few community members (including some from Terraform labs) have referred to the planned new blockchain in Prop 1623 as a “fork” rather than a genesis chain. It, therefore, emphasizes that the revival plan is not proposing a “fork” of the old Terra blockchain but rather the creation of a new one.
What a hard fork might mean
Explaining this further, a (hard) fork in Terra’s context might imply a change in that blockchain protocol that produces two blockchains: one that follows the prior protocol and one that follows the new one. The new chain is identical to the original in terms of its history. The key difference is that a forked blockchain “shares all of its history with the original (chain),” but Terra 2.0 would not.
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If Prop 1623 passes, a new Terra blockchain would be created from scratch from genesis block 0, which would not be linked to Terra Classic’s history. DApps or assets from the old chain (Terra Classic) would not be compatible with the new Terra (as they would be in a fork) and will need to be migrated.
Terra says in its latest thread of tweets that most of the popular dApps built on Terra Classic have already committed to migrating, including Prism Protocol, Stader Labs and the like.
As reported by U.Today, Coinbase’s infrastructure arm, Coinbase Cloud, has announced that it will stop supporting Terra. The team of Coinbase Cloud made this decision in consultation with the customers and ecosystem participants behind Terra.
The Terra ecosystem collapsed earlier this month, with the LUNA token plunging to zero after the UST stablecoin lost its peg.