Cryptocurrency can be daunting for a new buyer. With the beginning of cryptocurrency being mainly publicized by C-List celebrities in the 2010s, there might be a mental hurdle for those thinking about buying into this new form of currency.
But, a great place to start might be with a Stablecoin like Terra. Stablecoins are intended to reduce the volatility that is attached to cryptocurrencies like Bitcoin and Dogecoin. Stablecoins are usually linked to a conventional currency like the U.S. dollar as a form of backing rather than an algorithm or associated reserve.
So, what is Terra? Terra is a blockchain project that Terraform Labs developed. These cryptocurrencies include the Terra U.S. dollar (UST), which is locked to the U.S. dollar through their algorithm.
Terraform Labs is a South Korean firm founded by Daniel Shin and Kwon. Kwon is the company’s 29-year-old CEO who formally worked at Microsoft. Terraform runs on outside funding as they do not make money from transactions using their crypto.
Terraform’s goal is to use Terra to “create a digital financial system independent of major banks and fintech-app makers.” The majority of the company’s growth is in Korea, but they are expanding to China and Thailand and hope to make a footprint of usage in the U.S.