EN
The Terra Builders Alliance represents a significant development in the cryptocurrency landscape, marking the rebirth of the Terra Network. The current focus is on the ongoing voting process that will determine whether the network will undergo a forking to create Terra Classic and a new version of Terra. This topic has garnered considerable attention within the cryptocurrency community, as many are eager to see the outcome of this pivotal vote.
As of now, the voting results show a majority in favor of the fork, with 87% voting yes, while a smaller percentage opposes it. However, there are concerns regarding the legitimacy of the voting process, as reports indicate that 11 million votes were cast before the voting officially commenced. This raises questions about the transparency of the voting and the potential influence of key figures, such as Do Kwon, on the outcome.
Despite the community's general opposition to the fork, the decision ultimately lies with the validators. Currently, a significant number of validators have not participated in the voting process, which could impact the final decision. Many community members believe that the project can be salvaged without resorting to a fork, suggesting alternatives such as implementing burning mechanisms to stabilize the network.
Recent reports have surfaced indicating that Terraform Labs owes approximately $78.5 million in taxes to the South Korean government. This revelation has raised eyebrows, especially considering that Do Kwon filed to dissolve the company shortly before the collapse of UST and Luna. The timing of these actions has led to speculation about whether there were ulterior motives behind the push for a fork, particularly in light of the company's financial obligations.
The situation has become more complicated with the South Korean government reinitiating investigations into the collapse of Terra and Luna. This scrutiny could have serious implications for Do Kwon and Terraform Labs, especially given the significant tax liabilities. The potential for legal repercussions adds another layer of complexity to the ongoing discussions about the future of the Terra Network.
The divide between community sentiment and the leadership's direction is becoming increasingly apparent. While many community members advocate for solutions that do not involve a fork, such as burning mechanisms, the leadership appears to be fixated on the fork as a solution. This disconnect raises questions about the motivations behind the push for a new token and whether it serves the best interests of the community.
As the situation unfolds, it is crucial for stakeholders to focus on the current state of the Terra project and explore viable solutions to restore its value. The emphasis should be on addressing the existing issues rather than diverting attention to a new fork. The community's input and proposals for remedies should be prioritized to ensure that the Terra Network can recover and thrive in the future.
Q: What is the Terra Builders Alliance?
A: The Terra Builders Alliance represents a significant development in the cryptocurrency landscape, focusing on the ongoing voting process that will determine whether the Terra Network will undergo a forking to create Terra Classic and a new version of Terra.
Q: What is the current voting status regarding the fork?
A: As of now, 87% of the votes are in favor of the fork, but there are concerns about the legitimacy of the voting process, including reports of 11 million votes cast before the voting officially commenced.
Q: What concerns do community members have about the voting process?
A: Community members are concerned about the transparency of the voting process and the potential influence of key figures, such as Do Kwon, on the outcome.
Q: What alternatives to a fork are being suggested by the community?
A: Many community members believe the project can be salvaged without a fork and suggest alternatives such as implementing burning mechanisms to stabilize the network.
Q: What are the tax liabilities associated with Terraform Labs?
A: Terraform Labs reportedly owes approximately $78.5 million in taxes to the South Korean government, raising questions about the timing of Do Kwon's decision to dissolve the company shortly before the collapse of UST and Luna.
Q: What investigations are currently being conducted regarding Terra and Luna?
A: The South Korean government has reinitiated investigations into the collapse of Terra and Luna, which could have serious implications for Do Kwon and Terraform Labs, especially given their significant tax liabilities.
Q: What is the divide between community sentiment and leadership regarding the fork?
A: There is a growing divide, with many community members advocating for solutions that do not involve a fork, while leadership appears to be focused on the fork as a solution.
Q: What should stakeholders focus on for the future of Terra?
A: Stakeholders should focus on the current state of the Terra project and explore viable solutions to restore its value, prioritizing community input and proposals for remedies.