BTCS Inc., a blockchain technology-focused company, announces the expansion of its blockchain infrastructure operations with Terra, a $31 billion public blockchain platform offering programmable money that allows users to easily trade stablecoins at fast speeds, such as UST, which is algorithmically pegged to the US Dollar.
What is Terra?
Terra was initially founded in 2018 as part of a goal to create a more efficient payment solution. More particularly, Terra was developed with the goal of creating a blockchain system with price stability as a means to achieve rapid growth. With that mission at its core, Terra’s native currency, LUNA, has become known throughout the industry as a leading governance token through which users can issue stablecoins (such as UST), pay fees on the network, and participate in decision making.
Recommended News – Building Reliable and Secure Fintech Systems in 2022
Terra utilizes the Proof-of-Stake (PoS) consensus algorithm to achieve agreement for transactions on the blockchain. Many second and third generation blockchain systems such as Algorand, Solana, and Ethereum 2.0 have integrated PoS or a hybrid variation of it. Other factors that make Terra attractive to investors include Terra ETFs, as well as the ecosystem’s various solutions across Decentralized Finance (DeFi), NFTs, and Web3. Additionally, Luna Foundation Guard has recently raised $1 billion to establish a Bitcoin-denominated Forex Reserve for UST, Terra’s biggest stablecoin.
Terra’s End-to-End Programmability
Terra’s end-to-end, programmable payment solution addresses several longstanding issues of fragmented payment systems. Furthermore, Terra’s comprehensive model and technology should help payment providers save hundreds of millions of dollars a year.
Recommended AI News: Road Ready Introduces Cloud-Based API Technology and Virtual Tether, Offering Two Unique Solutions That Create a Link Between Truck and Trailer
“Terra’s full programmability has allowed it to be a major contender in crypto’s fight to focus on price stabilization. Some of the other recent developments, particularly across DeFi and the recent $1 billion raise by Luna Guard Foundation, are just adding to Terra’s multitude of resources the ecosystem delivers to the world of digital assets,” Michael Prevoznik, Chief Financial Officer of BTCS, said.
Technical Work Completed to Run a Terra Validator Node
BTCS has completed the technical work to run a Terra validator node and included it in its planned Staking-as-a-Service platform. The process of blockchain validation includes special intellectual property (IP), technical know-how, and regular maintenance to ensure efficiency. BTCS has staked 3,600 LUNA, in turn, BTCS is generating compounding rewards. Staking allows users to generate an annual percentage yield (“APY”) on their staked assets whereas validator node operators charge a fee on users’ staked asset rewards in addition to earning an APY on staked crypto. The highly scalable nature of both staking LUNA as well as allowing users to stake LUNA to earn token rewards is the premise behind BTCS’ Staking-as-a-Service platform that is currently being developed.
Recommended AI News: Tiny Rebel Games Closes $7 Million Round for Petaverse Network, Bringing Furry Family Members to the Metaverse
[To share your insights with us, please write to sghosh@martechseries.com]
Comments are closed.