What is Terra (LUNA) Coin
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
Development on Terra began in January 2018, and its mainnet officially launched in April 2019. As of September 2020, it offers stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik and the International Monetary Fund’s Special Drawing Rights basket of currencies — and it intends to roll out additional options.
Terra’s native token, LUNA, is used to stabilize the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals.
- Terra is an algorithmic stablecoin platform, operating on a Proof of Stake (PoS) blockchain infrastructure built with Tendermint.
- LUNA is the token of the Terra platform and is used in the issuance of stablecoins (TerraSDRs), as a price stability mechanism, as well as for staking and network governance.
- In order to stabilize the value of TerraSDRs with their respective pegged currencies, users can redeem LUNA tokens in exchange for TerraSDRs and vice versa.
- Terra’s stability mechanism depends on arbitrage activities by users. For instance, when the price of TerraKRW (TerraSDR pegged to the Korean Won) falls to 0.95:1.00 against the Korean Won in secondary markets, users can purchase 100 TerraKRW with 95 KRW on exchanges, and redeem these tokens on the Terra platform for LUNA tokens worth of 100 KRW. If the price of 1 TerraKRW goes above 1 KRW, users can purchase TerraKRW on the Terra platform and sell on exchanges for a profit.
- The Terra protocol tries to achieve predictable rewards for network participants in all economic conditions – using transaction fees and the rate of LUNA burn (with an equilibrium supply of 1 billion LUNA) as levers to oppose changes in unit mining rewards.
How To Buy Terra (LUNA) Coin
1.Step: Everyone who is planning to invest in or benefit from the advantages of cryptocurrencies wonders the answer to Where to buy Luna coin question. First, you need an online wallet to buy cryptocurrencies. You need to sign up to Binance exchange from here, which is preferred globally to buy coins and you can buy coins with fiat currencies. You can quickly access many assets and trade types such as altcoins, future markets, and margin by creating a Binance account.
2.Step: Complete your registration by typing an email to the email section or typing your phone number on the section available on the mobile tab. Click/tap on the “Buy Crypto with Your Credit Card” option after the registration and verify your identity.
3.Step: Continue the process by typing the amount you would like to invest and your preferred cryptocurrency. Keep in mind that for security reasons, your credit card/debit cardholder information must match with the name available on your account. If you would like to buy cryptocurrencies with a wire transfer, you need to follow the Buy Crypto > Third-Party Payment options to pick your preferred fiat currency to buy cryptocurrencies.
4.Step: If the cryptocurrency you are planning to buy is not available on the list, buy USDT “You can always redeem 1 USDT Coin for US $1.00”. You can buy any coin you want with USDT by following Buy-Sell > Classic steps. We have provided the answer to How to buy Terra coin, now you can view the cryptocurrencies you bought by clicking on the wallet summary available on your Binance account. You can sell your assets when their value increases, or you can withdraw them to your bank account in desired fiat currency.
How Much is a Terra (LUNA) Coin
Terra (LUNA) coin prices are updated instantly in USD, Euro, Sterling currencies in the following table.
Terra (LUNA) Coin Review
You can learn more about Terra (LUNA) coin reviews and information on cryptocurrencies by visiting their official page available in the following.
Website https://terra.money/ Github https://github.com/terra-money Medium https://medium.com/terra-money Documentation https://docs.terra.money/ Telegram https://t.me/TerraLunaChat Discord https://discord.gg/e29HWwC2Mz