15 February 2022 / All about networks
Terra cryptocurrency network in 2022: successes, plans and prospects

Terra is one of the most extraordinary cryptocurrency networks. LUNA tokens circulate in the Terra network. Through a price stabilization mechanism, LUNA has become stablecoin, whose value is pegged to fiat currencies such as:

USD.
EUR.
CNY.
JPY.
GBP.
KRW.
SDR (Special Drawing Rights, which the IMF uses).

The Terra network and LUNA tokens are extremely popular on Asian e-commerce platforms. In most cases, the Terra network uses the South Korean won (KRW) to make payments. Both buyers and sellers have appreciated the ability to settle almost instantly, with insignificant commissions and without the disadvantage of cryptocurrencies, such as high price volatility.

Technically, the Terra cryptocurrency network is structured as follows. It relies on a system of nodes to validate transactions. Each of the nodes uses a different type of fiat currency. Thanks to the atomic swap system, the exchange of various fiat currencies between them in the Terra network occurs almost instantaneously and with no tangible commissions. A type of Proof-of-Stake (PoS) algorithm is used. The Terra network usually sets the commission at 0.1% of the transaction amount, but if the sender wishes, the commission can be increased up to 1%.

The Terra algorithm constantly adjusts the number of LUNA coins in the network. If there are not enough coins, the reward for nodes that confirm transactions increases. If there are too many LUNA coins in the Terra network, the excess amount is burned. This is another difference between the Terra network and most other cryptocurrency networks, where the number of coins is a constant.

The minimal commissions and the fastest speed of Terra network attract developers who create blockchain smart contracts for this network, as well as blockchain-based smart contracts DeFi apps and web 3 apps. These are written using commonly used general-purpose programming languages such as Python. Developers also benefit from a powerful and well-documented API with lots of commands. An additional incentive for developers is the generous grants given by the creators of the Terra network. There is no doubt that the Terra network will grow and develop both in the Asia-Pacific region and beyond. And you can get tokens in a modern, simple, fast and secure way – by using our blockchain bridge.

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