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LUNA Classic has put an end to it – The whole Terra incident is a case study of blockchain technology

Several validators on Terra related to the LUNA 2.0 launch have provided inside information on what goes on behind the scenes. They mention Terraform Labs and Do Kwon’s involvement, the future of LUNA Classic, speed of deployment and whether LUNA 2.0 is the right move?

Verified validators ThorchainMaximalist and PFC were the ones who were present in intense conversations prior to the Luna Classic reboot.

Terra Luna validator interview

Question: Did you feel the team communicated effectively to get LUNA2 out?

PFC: We’re all looking to deal with the huge damage in multiple time zones caused by people coming from different places. The TG team is having a challenge because there are many topics and everything was discussed/agreed/and then disagreed on all of it while many were asleep. But since no one planned to argue or react to events of this scale, there were no minutes, summaries, or notes to be recorded for everyone to know what happened, and most of us have work to do. make it impossible to keep track of every minute. So it was improved and got the job done.

Question: Do you feel that everything has to go through Do Kwon and TFL before agreeing?

PFC: In my opinion, Do Kwon & TFL do not interfere (you can see this when you read the diary and form your own opinion).

Question: Do you believe that LUNA Classic has a future?

PFC: Since there is no IBC and no possibility to stake, I think it is not promising. I will continue to authenticate on the Classic instance and do so until there is no more traffic left. People are still using the old version and getting value from it… no one knows how long it will continue to work and how it will continue to attract users.

Question: Is there anything discussed behind the scenes that you feel should be made public?

PFC: There’s been a lot of chatter on the sidelines. I don’t think it’s a good idea to make public what people think about how incompetent some people are. From the meetings I’ve been to, most of the side chat is gossip or potential ideas and uses a trusted member as an advisory board.

I don’t like that conversation (and the way individuals vote) that should have been made public. But if you do, it will cause a ruckus.

Question: Do you think it’s enough time to get everything ready for a new genesis chain in a few days?

PFC: I think choosing who is the validator is too hasty. We have seen people claiming to be validators from other chains, but there is no link between them (1-2 of them) with the authenticating experience.

Question: Do you think Luna 2.0 is appropriate and timing is right?

PFC: Only time will tell. I like the idea of ​​the empowerment phase. They plan to make the community and builders a different layer 1 than the old one, but when USDT comes out, most apps should work pretty well.

The interview with the PFC clearly shows that there are significant issues in handling the Terra crisis. He made a great point that it is the people who are trying to save the ecosystem who are most likely to lose. The validators had to deal with losing most of their net worth while trying to save what was left for the community. At least, this is one way of looking at them. Since the people involved in saving the project have lost so much, it can be argued that there will be some internal bias that guides their decisions.

There doesn’t appear to be any evidence that validators or TFLs are acting solely for personal gain. However, they worked night and day in a bewildering time. The team had to coordinate a multinational effort to collaborate on a decentralized project that waned and only took a brief break after hours. Furthermore, as the PFC said, they do so along with managing other duties and responsibilities.

Blockchain is the solution to defragmentation

According to PFC, the future of Luna Classic is limited, he considers the legacy chain to be unsustainable in its current form. However, the Terra crisis may bring new light. Meanwhile, the method by which LUNA is stopped, restarted, and then relaunched as LUNA 2.0 will be debated for years. However, validator ThorchainMaximalist believes the whole incident is a case study of blockchain technology.

“When Lehman Brothers crashed in 2008, the whole world had only a few days to withdraw money from ATMs. Regulators had to step in, injecting $700 billion into the market both directly and indirectly through AIG, quantitative easing.

Leeman investors “empty hands” after the crash. LUNA and UST have a larger market cap than AIG. Every other protocol outside of the ecosystem continues to work as intended. The smart contracts still do their job and there are no serious failures. A lot of the infrastructure in the crypto space is built on first principles and means trustless, defragmented.

These designs are more resilient and require a lot less trust. Within a week, the bankruptcy proposal was made and fully implemented. About $10 billion of that fortune went to early investors. If leaders are accused of fraud, they will have to go to court.”