Convert Fiat to digital currency
Terra was created by a Korean blockchain company called Terraform Labs. Terraform Labs by Terra Alliance includes 15 e-commerce companies in Korea and Southeast Asia, all operating on the Terra blockchain network and its tokens.
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Know more about Terra
Terra is a decentralized financial infrastructure in the blockchain protocol that introduces some unique concepts and theories to the market. The network uses a local password, Stable Coin protocol, Oracle system, and smart contracts to bring money to the Internet for users.
This project offers various options for trading via Bitcoin, which provides instant settlement. To do this, Terra relies on a price stability algorithm that changes the monetary supply of an asset to maintain value. In this way, Terra can provide users with lower costs, more stability, cross-border international exchanges, and a lot of financial assets.
Terra is a development-focused program. This network allows programmers to generate and publish smart contracts in Rust, Go, or AssemblyScript languages. Additionally, you can add new features to your Dapp using the network structure. Oracles are off-chain sensors that can communicate data from the blockchain.
Optimization of financial payments
Building a transparent ecosystem was at the top of the goals of the Terra development team. The network started from scratch and wanted to grow independently. In general, terra helps to reduce or eliminate the need for credit card networks, banks, and payment gateways with a blockchain layer.
How to store assets in Terra (LUNA)
If you want to make a big investment in LUNA or if you want to hold this currency for a long time, the best option is a hardware wallet. Hardware wallets store your digital currencies offline in the "cold storage". This strategy makes online threats to your assets impossible. Ledger Nano S and Ledger Nano X both support you.
At its core, the Terra Protocol acts as a central bank for digital currencies, creating stability through algorithms and smart contracts.
By designing a combination that uses both stable coins and a local exchange currency, not only provides a stable trading mechanism, but also the ability for users to earn money by holding stock coins .Stock coins are also in the direction of collateral.
There were also concerns about the control of 51% of all Luna tokens by a user or organization, but this did not happen due to market constraints.
The Terra ecosystem also includes the Anchor Protocol and the Mirror, both of which serve to create demand for the stable Terra coin and the native LUNA currency, provide greater network security, and stabilize the ecosystem.