Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by @moneyster
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Assalam-o-Alaikum Steemians !
As per the guidance of @crypto-academy who represent the Moderator in this Steemit Crypto Academy community, I decided to participate for the Contest Season 1, Week 1 by using my Cryptocurrency related knowledge. Let me go through all the points given by @crypto-academy.
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- MY FAVOURITE BLOCKCHAIN NETWORK
You can already imagine my favourite Blockchain network from the above-attached image. Yes, it is the Terra Luna Blockchain Network which is my favourite and most invested blockchain. It means I have invested a considerable amount of capital in this Blockchain network.
This Blockchain Network consists of a lot of additional features and I will discuss some of them further at the end of this article. Actually, those features have made this blockchain my favourite blockchain network in the Cryptocurrency field.
- HISTORY OF MY FAVOURITE BLOCKCHAIN NETWORK
If I discuss about the formation of this Terra Luna Blockchain network, Do Kwon and Daniel Shin are the two people who fully contributed to the formation of this Terra Luna Blockchain Network. Meanwhile, Do Kwon is mainly working as the CEO of this Project.
Moreover, if we discuss the alliance for this Terra Luna project, it is a kind of e-commerce platform that is working as a business improvement project. That's why this Terra Luna project has good popularity in the decentralized finance fields. When they started this project in 2018, they carried out the program by setting up several institutions such as financial institutions. It has evolved into TerraUSD today and is one of the most popular decentralized stable coins.
- WHY IT IS MY MY FAVOURITE BLOCKCHAIN NETWORK
According to my research, this Terra Luna blockchain network is a fundamentally very strong project. That’s why this is the Blockchain I have invested the most part of my capital.
With the help of this Terra Luna blockchain network, I have the ability to mint a very strong stable coin (UST) in a very safe and creative manner. The most interesting thing about this process is that this is a decentralized ecosystem. As an example, the most famous Stable coins work as centralized cryptocurrencies such as USDT and USDC. But this UST coin is a completely decentralized algorithmic stable coin which works as a very safe decentralized network.
Furthermore, they have introduced very useful protocols such as Anchor Protocol. With the help of this, we have the ability to Borrow or Deposit UST very easily. If we are able to stake UST here, we can get a profit for staking as interest up to 19.5%.
Additionally, they have also introduced a favour to mint their decentralized UST Stable Coin in some popular centralized exchanges such as Binance. So, considering all of the above-mentioned facts, this is my favourite blockchain network.
We already know that there is a considerable risk for every cryptocurrency including Bitcoin which acts as the largest and first Cryptocurrency in the world. But there can be various shortcomings related to these different crypto projects.
Terra Luna Blockchain Network also consists of some shortcomings and the network's team is working hard to solve those shortcomings up to a certain level. As an example, we can focus on the Stable Coin of this Terra Luna Blockchain Network.
They have created an algorithm to keep the value of this Terra Stable coin at a 1$ rate. So, according to this algorithm, when the value of this Terra stable coin decreases rapidly, the native Token (Luna) of this Blockchain will come to this point and that native Tokens will be used to keep the value of their stable coins.
So, if the demand for this UST coin drops significantly, it could severely affect the native token of the Terra Luna Blockchain Network. So, as a solution to this problem, they have increased the benefits of staking this Terra stable coin in platforms like Anchor Protocol as the demand for this Terra stable coin increases.
Nowadays, we can see the Terra Blockchain Network has performed well as compared to other blockchains. However, the Terra Blockchain Network has focused more on its Decentralized Finance payment projects such as Anchor Protocol. But they can still grow the popularity of their network by introducing specified Smart Contract projects.
It means, they can allow other users to create new Token projects on their Terra Luna Blockchain network by introducing strong smart contract projects. According to my mind, that is a good opportunity to become a wide range of blockchain projects such as ETH and SOL.
Furthermore, as I described above, Terra Luna Network has introduced some additional features and additional interest to Stake their Stable Coin on Anchor Protocol. Actually, here the Staked percentage is very large due to the popularity and higher interest. At the same time, anyone has the ability to withdraw their Stakes within a few minutes. So, I would like to introduce a new way to split those coins for a specific period of time without allowing them to be withdrawn within a few minutes. Then, it will be an opportunity to keep the value of their Stable assets as well as native tokens at a certain level.
Terra Luna Blockchain Network has produced some popular projects such as Loop Finance, Chai, Mirror Protocol and Anchor Protocol. Here the anchor protocol is one of my favourites and I have specifically mentioned it several times. Let me expand brief information about Anchor Protocol.
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Above I have attached a screenshot of the dashboard of the Anchor Protocol Project. This is platform basically acts as lending and borrowing platform and especially it provides better rewards for all the users who stake selected assets on this platform.
These days, we can see the performance of the crypto market has dropped significantly due to some currency regulations and some other facts. Therefore, many people are switching from normal cryptocurrencies to stable coins significantly. As a result of this, the need for deposit protocols such as the Anchor Protocol has increased.
Here have the ability to Stake Terra USD stable assets with an interest of 19.48% APY. When we compare this interest with some other bank deposits, this is UST Staking is a massive reward. So, we don't need to worry about the safety of our assets as this is a decentralized leading protocol based on the Terra Luna Blockchain network.
Furthermore, this project has introduced insurance to protect our funds through the Anchor Protocol Project. So, this is an additional opportunity to keep our assets very secure as compared to other deposits.
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At present, the Terra Luna blockchain Network has been converted into a well-performing network as compared to other popular networks. This is due to its popularity and problem-solving feature and we can say this is a good investment for our future. As an example, we can see how the Terra Luna Network has become so powerful when a lot of many other large crypto projects have recently gone downmarket.
I have studied all the explanations given by @crypto-academy to create this article and I have explained all the above facts in my own words.
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Twitter Shared
https://twitter.com/moneyster12/status/1520785365187145730?s=20&t=a1x0kInZOCke4gZNWwu9Ow
This is the first time I heard about The Terra Luna blockchain. You have done a detailed review with all its features.
Thank you very much for your positive response to my article. Try to do a bit of research on this Terra luna project. Definitely, it will catch your eyes. Because this is a powerful Decentralized finance project.