The news of the Terra ecosystem crash has died down, but the losses are still being felt. The community is currently looking for the next best steps to ensure the revival of the network. A major validator runner on the Terra network has proposed that the old Terra blockchain be halted permanently.
Major validator wants terra blockchain halted
Jiyun Kim, the CEO of the DSRV blockchain solutions, has published an opinion post talking about how the Terra team was currently evaluating the idea of stopping block production amid the collapse of LUNA and UST. The validator is now urging the other validators within the Terra ecosystem to reject the idea of a hard fork and instead build a new blockchain fully governed by the community.
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DSRV operates a validator node on the Terra network with 9.36% on-chain voting power. The company has been affected similarly to other investors because the node had 14 billion LUNA tokens valued at $1 billion. However, this amount is now valued at only $3 million.
Kim said that while his proposal to halt the chain was not taken lightly, he was not pleased with how the Terra team highlighted his proposal. He said that “and the announcement that they made [made it sound like] the chain restart was originally the validator’s opinion. YES, they didn’t use the term ‘Confirm’.”
The co-founder of Terra, Do Kwon, proposed rebuilding the chain and changing the supply of LUNA tokens to 1 billion. However, Kim disagreed with Kwon’s proposal saying that using the Terra network as it is would not add any value. “The previous Terra chain should permanently vanish. And a completely new chain driven by the community should [be made to] save the Lunatics,” he said.
Terra faces regulatory woes
The collapse of LUNA has presented legal hurdles for the network. Kim said that it seemed like the validator league control had been given to the community to represent decentralization, which could ease Terra’s legal burden.
A tweet from Wu Blockchain said that a lawsuit had been filed in Singapore by LUNA and UST investors against Do Kwon. Kim also said he wanted to save the community, but efforts to support victims were hindered “because there are still legal issues there.”
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Source: https://insidebitcoins.com/news/major-terra-validator-wants-a-new-chain-opposes-hard-fork