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Terra validator wants old chain shut down

Terra
TL;DR Breakdown
  • DSRV has proposed the shutdown of the hold Terra chain
  • The company holds a 9.63% voting power on the chain
  • Terra CEO proposes solutions to fix the issues

Terra has continued to settle down after a series of decline runs to reach its lowest level since its creation. Although all that is now partly over, its community is still very far from impressed. As a result of the crash, one of the network’s validators based out of South Korea has proposed the permanent shutdown of the blockchain. According to the validator, he is no longer convinced, judging by the issues leading up to the shutdown of the chain.

DSRV holds a 9.63% voting power on the chain

The validator in question, the CEO of DSRV, Jiyun Kim, talked about all the issues relating to the crash and shutdown of the blockchain in his opinion piece. The blockchain company boss spoke about how the development team was flirting with the idea of stopping the blockchain as the tokens saw new levels of decline. Asides from LUNA’s crash, the platform’s stablecoin, UST, also saw a massive decline which led to the developers depegging the asset.

The Terra validator now wants community members to follow his stead by demanding a new blockchain instead of a hard fork of the last one. DSRV is currently one of the outfits that validate transactions on Terra, with the company holding a voting power of about 9.63%. The firm has suffered greatly from the loss experienced on the platform. Its revenue, which was $1 million on May 8, is now about $3 million despite raking in 14 billion LUNA tokens.

Do Kwon proposes solutions to Terra’s issues

According to Kim, the idea behind the shutdown of the Terra chain was not welcomed among members of the validating community. He noted that Terra failed to consider the input of each validator and confirm with them if they wanted the chain halted. The DSRV CEO said that he and every other validator felt betrayed at the move. In response to the biting situation, the CEO of the crypto firm, Do Kwon, has proposed some solutions to the current issues plaguing the blockchain.

One of the solutions was to reverse the entire LUNA tokens in supply to one billion. However, Kim has mentioned that it will not be possible because doing that will cement the 0 internal status of the Terra chain. The story might take a new turn soon after Kim announced that the group of validators had chosen to give out validating control to the community. With this, validation on the chain will be decentralized, a move to help shield the team from legal problems. However, Wu blockchain has confirmed that an individual has taken on the mantle of dragging Terra to court over the recent issues.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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