Terra representatives said the project’s “revival plan” includes creating a new network, not bifurcation of the existing network.

1/ Recently, several community members (including some from TFL) have referred to the new blockchain proposed in Prop 1623 as a “fork” as opposed to a genesis chain.

Note: The animation plan proposes the creation of a new chain, not a “fork” of the existing chain 🧵.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) 23 May 2022

They noted that with a classic fork, the new network inherits the history of the original, but that won’t be the case with Terra 2.0.

“If the 1623 proposal is accepted, it will be a new blockchain (Terra) that starts from the zero starting block and will not share a common history with Terra Classic,” the team said.

Therefore, applications or assets from the old network must be migrated to the new one; they do not appear there automatically. According to project representatives, the most popular developers dappsPrism is port ready, including Stader, RandomEarth, and OnePlanet.

Terraform Labs co-founder Do Kwon, who proposed the hard fork, described it as “a chance to revive the project from the ashes.” This idea was received negatively in society.

At the time of writing, validators support the emergence of a new blockchain with about two-thirds of the vote.

During the voting, Kwon made changes to the original proposal and adjusted some parameters for the distribution of the new network’s tokens.

Due to Terra’s collapse, South Korea-based blockchain firm Hashed lost $3.5 billion. Country officials counted nearly 280,000 investors affected in the project’s depreciated assets and revived an inter-corporate group formerly nicknamed the “Grim Reapers” to investigate the incident. .

Nonprofit Luna Foundation Guard (LFG) drained $3.2 billion of its reserve fund in a matter of days in May, as a result of its attempts to get the algorithmic stablecoin TerraUSD (UST) pegged to the dollar.

According to KBS, South Korean police are taking action to freeze assets linked to the LFG. Law enforcement turned to local cryptocurrency exchanges with a request to block the withdrawal of any funds from the organization. Police explained the actions with suspicions about the flow of stolen assets to the LFG.

Recall that the CEO and founder of Pershing Square Capital Management billionaire Bill Ackman called Terra a crypto pyramid.