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90% Of The Terra Community Votes Against Do Kwon’s Luna Fork Proposal

91 procent van de Terra investeerders is tot nu toe voor 'Proposal 1623' -  Newsbit

  • TerraForm Labs CEO, Do Kwon has suggested a new forking mechanism for the Terra Blockchain
  • Do Kwon’s fork proposal has met with intense criticism across the board with the majority of the community members voting against its implementation.

In an interesting turn of events, TerraForm Labs CEO Do Kwon has put forward another proposal suggesting a LUNA hard fork as a method to revive the Terra blockchain  However, Do Kwon’s fork mechanism has drawn intense criticism from the Terra community, where 90% of the community members have voted against the said proposal and are requesting the implementation of a burn mechanism instead.

The Majority Of Terra Community Has Voted Against Do Kwon’s Luna Hard Fork Mechanism

As per a preliminary poll conducted on Terra’s research and community forum, the majority of the members, nearly 90% of them, have voted against Do Kwon’s proposal of introducing a hard fork mechanism as a plan to revive the Terra blockchain.

JUST IN: 90% of the participants in a preliminary vote are against Do Kwon’s proposal to fork out $LUNA.

— Watcher.Guru (@WatcherGuru) May 17, 2022

The poll has accumulated nearly 2036 votes at press time, with 90% of the votes signaling a negative stance towards Do Kwon’s hard fork proposal. Instead, the community members are suggesting an alternate burning mechanism that will make the token deflationary, rendering it the best selection for the entire Terra community.

Earlier on May 16th, Terraform Labs Founder and CEO Do Kwon finally took to Twitter to announce an alternate plan intended to stabilize Terra blockchain which includes incorporating a forking mechanism. A Fork mechanism can be described as a method that will split the existing blockchain by introducing a new chain fit for conducting future transactions. The new chain will solely emphasize building new Defi applications on Terra instead of focusing on its flunked algorithmic stable coin.

6/ The Terra chain as it currently exists should be forked into a new chain without algorithmic stablecoins called “Terra” (token Luna – $LUNA), and the old chain is called “Terra Classic” (token Luna Classic – $LUNC). Both chains will coexist.

— Do Kwon 🌕 (@stablekwon) May 16, 2022

However, the Terra community is against the idea of incorporating a hard fork mechanism and is demanding a reasonable explanation on why a forked mechanism is being suggested instead of a burning one.

“I will support the fork ONLY AFTER someone from the team explains WHY we can’t implement a burn. The majority of the community wants that and is willing to stay and support the project, and I’m missing why they’re being ignored. Till then, it’s a NO.” One user wrote on the forum.

In addition to this, crypto exchange Binance’s CEO Changpeng Zhao had earlier reiterated similar sentiments, adding that a fork mechanism will not hold any value in the long run.

Personal opinion. NFA.

This won’t work.
– forking does not give the new fork any value. That’s wishful thinking.
– one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges).

Where is all the BTC that was supposed to be used as reserves? https://t.co/9pvLOTlCYf

— CZ 🔶 Binance (@cz_binance) May 14, 2022

Does Kwon’s Twitter update further include that the proposal will be launched on May 27, after being approved by the majority of network validators? However, as of now the sentiments among the Terra community are projecting a negative stance against the said proposal.

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