Terra Set to Launch an Independent Delegated Proof-of-Stake (DPoS) Blockchain Next Month
Terra, one of the better-known universal project that is building the next-generation and revolutionary payment system, has laid out its plans to develop a public blockchain. The new protocol will make effective use of a Cosmos SDK bolstered with a Tendermint PoS ( Proof of Stake ) that runs on a Byzantine Tolerant algorithm. This consensus type of algorithm was developed back in 2014 by Jae Kwon – who is the current Tendermint Inc's Founder and CEO – and named Columbus thereby paying homage to one of the world's most famous explorers.
That being said, the Terra Mainnet is particularly designed to house decentralized applications – also broadly known as dApps – employ the stablecoin Terra as the chief underlying currency. In fact, the first use and application case for the famed Mainnet can be traced back to TerraX. TerraX was initially built for the then growing eCommerce and online shopping industry. Currently, TerraX is backed by a formidable alliance that combines the forte of companies straddled across Asia such as TMON ( Korea ), Qoo10 ( Singapore ), Carousell ( Singapore ) and Tiki ( Vietnam ). Presently, there are over 15 eCommerce platforms that summatively amass over $25 billion in annual monetary transactional volume alone that have conglomerated to form the Terra Alliance that seeks to make Terra the chief payment option for their more than 45 million users.
As a way of supporting these different e-commerce companies that are already based in different countries, Terra seeks to affect the support of multiple stablecoins that are individually pegged to fiat money such as USD, KRW, JPY, SDR or SGD. In other words, to make the conversions between these currencies fluid and frictionless, the protocol chief objective is to support atomic swaps at the Reuters/WM exchange rates. In doing so, the unrestricted flow of capital wealth between each of these currencies will then unify the family to one macro-economy that has a foundation for the implementation of vastly more efficient cross-border and forex payments.
Having said that, Columbus is already slated to go live sometime in April 2019. The exact launch date and time is yet to be released although it is expected that such info will be posted on Terra's official Medium page in the next few days. The same applies to details revolving around the blockchain tools e.g. block explorer.