Here’s the next move in LUNA, new DAO infrastructure for Terra
- The Enterprise Protocol, a new standard infrastructure for building DAOs on Terra could be LUNA’s next move, according to sources close to the matter.
- Entropy Beacon, a decentralized and secure on-chain protocol, recently went live on the Terra blockchain.
- The launch of DAO infrastructure could aid the recovery of the Terra protocol that suffered a massive crash recently.
The Seoul Southern District Prosecutors Office closed their investigation in the case of Terra’s collapsed algorithmic stablecoin UST. While the investigation was closed, Terra is now working on rebuilding the lost trust of investors and proponents through DAO infrastructure.
Also read: LUNA investor alert: Global investor rights law firm files class action lawsuit on Terra
Investigation in LUNA is now complete
The Seoul Southern District Prosecutors Office ended its investigation in the case of collapsed UST algorithmic stablecoin of Terra network on July 27. The case covered fraud allegations against co-founders of Terraform Labs, Do Kwon and Daniel Shin and the collapse of sister tokens LUNA-UST.
After successful raids on crypto companies connected with the Terra ecosystem, authorities closed the Terra case and seized relevant materials. This included a raid on the residences and offices of all the people who were related or involved in the case.
As a result of the case, Daniel Shin is restrained from going out of the country, and Do Kwon has been instructed to inform South Korean officials about his arrival from Singapore. Investigators are considering putting Kwon under arrest after issuing a red corner notice to Interpol.
What is Terra’s Entropy Beacon connection?
Entropy Beacon is a decentralized and secure on-chain protocol on the Terra chain. This project works on secure decentralized applications to avoid manipulation by validators. Entropy Beacon is taking a decentralized approach to randomness on-chain. The Beacon system uses a cryptography function called a VRF (Verifiable Random Function) to generate randomness alongside a "proof" that the randomness was tamper-free.
Sources close to Terra revealed that Enterprise Protocol, on Twitter enterprise_dao, will build a new standard for DAOs on Terra.
Hello #LUNAtics and builders!
— Entropic Labs (@Entropic_Labs) July 29, 2022
Announcing the Entropy Beacon, a decentralized and secure on-chain randomness source!
Live right now on @terra_money, check it out: https://t.co/M9KwgrA4h3
What, and why? A thread
Standard protocols for building DAO infrastructure could help rebuild Terra infrastructure. Proponents believe DAOs built following standardized protocols could help Terra blockchain build lost trust with users.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
