The team behind Terra blockchain officially halted the network operations again to save itself from any governance attack.
Terra blockchain Network is a governance token-based concept. The native token on the network gives authority to the holders to decide on the plan of development-related works. So it usually remains easy for bad actors to take over the governance of the network under limited tokens & very cheap price of asset.
On Thursday, 5:30 pm UTC, Terra officially stopped the block production at block height 7607789.
The Terra blockchain has officially halted at block 7607789.
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Terra Validators have halted the network to come up with a plan to reconstitute it.
More updates to come.
— Terra (UST)
Powered by LUNA
(@terra_money) May 13, 2022
Earlier this, Terra officially halted the block production and after the patch release, to save the governance attack on the network, the network started after 1 and half hours.
The Terra blockchain has resumed block production.
Delegations are disabled now that the chain is live with the new code merge.
Validators, please check the Discord announcements for the latest patch notes. https://t.co/CGQgfMDWQe
— Terra (UST)
So in the last 24 hours, the Terra network was halted officially two times to save the network to save it from any possible governance attack.
Decision impact
However the decision by the project team to halt the blockchain core network functionality, to save the network from any kind of attack, was appreciable but in reality, it further resulted in a very big impact. The majority of the crypto Investors found that they were not able to transfer funds from one wallet or exchange to another then they got into more panic, that further increased sale pressure.
Yesterday, Luna touched the price below the ICOs launch price. The current price of Luna is $0.00004071.
These things are showing that huge numbers of power regarding blockchain networks remain in the hands of the project team, which means such networks are not decentralized in reality.
Read also: In practical trial Chinese Court has formed its own unified opinion on bitcoin
Terra’ team Decision to halt the network 2 times resulted in more negative impact
https://bitcoinik.com/terra-team-decision-to-halt-the-network-2-times-resulted-in-more-negative-impact/feed/
https://bitcoinik.com/terra-team-decision-to-halt-the-network-2-times-resulted-in-more-negative-impact/feed/
