Why Should You Integrate Terra Blockchain Into Your Business Immediately?

January 23, 2022

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The year 2021 was remarkable for the crypto industry, and with blockchain technology achieving several significant milestones in the last 12 months, the future use of crypto appears promising. According to a recent survey by payment processing behemoth Visa, 25% of small businesses in 9 countries plan to accept crypto payments in 2022

It is fair to say that cryptocurrency popularity has skyrocketed in the last year, as many prominent corporations have begun to accept digital assets as payment. However, most businesses face difficulties due to the complexities involved with cryptocurrencies, and several blockchains are working to address this problem.

Introducing Terra blockchain - Programmable Money For The Internet

Terra is an open-source layer-1 blockchain network that aspires to develop a payment-focused financial environment for algorithmic stablecoins linked with fiat currencies and provide seamless interoperability between blockchain technology and the real-world economy. Terraform Labs, a Korean business managed by Daniel Shin and Do Kwon, launched the Terra network in January 2018.

Since its inception, the Terra network has become one of the most widely utilised Layer 1 networks in crypto, providing interoperability with the real-world economy and the broader cryptocurrency ethos. Terra's ultimate objective is to integrate cryptocurrencies into people's daily lives; hence they are primarily concerned with serving end-users and not only crypto specialists.

Because it is developed on the Cosmos framework, the Terra network is currently incompatible with the Ethereum Platform. However, with the latest Columbus-5 upgrade, Terra is now interoperable with some of crypto's most significant ecosystems, such as Solana, Polkadot, and Cosmos. The Gravity Bridge will also link Terra to Ethereum and other blockchains, making it simple to transfer Terra assets between ecosystems.

Terra's DeFi programmes have also experienced an increased adoption rate In recent years. Before releasing the blockchain, Terra was recognised for its significant payment services, including CHAI and MemePay. Furthermore, Terra currencies, a collection of stablecoins pegged to various fiat currencies, garnered mainstream consumer adoption. The Terra currencies and the LUNA token are the two most essential components of the Terra ecosystem.

The UST and the LUNA token

The Terra ecosystem presently supports numerous Terra currencies, including the South Korean Won, Mongolian Tugrik, and the IMF's SDR basket of currencies. However, the ecosystem currently has two primary assets: UST, the 4th largest stable coin, and Luna, the official currency and volatility absorption instrument used for governance and staking. While UST is meant to be fixed at $1, the price of Luna changes significantly.

Luna performs fundamentally different functions and assets inside the Terra system. It is, more specifically, governance and staking token. This means that Luna investors can have a say in Terra's development actions. They will also receive a percentage of the fees collected from processing operations.

Watch this official video provided by Terra to learn how their Stable coins work.

Why choose Terra blockchain?

Terra is not just developing an improved monetary method; it is also building the framework for others to constantly enhance and remix, giving its network new abilities and applications. It is a blockchain, a bank, a payment processor, and a kind of digital world all rolled into one.

Terra aspires to create an ecosystem for any business that wish to incorporate payment services. Here are some of the reasons why you should choose Terra for your project:

1. Terra probably has the biggest TAM

The total addressable market, often known as TAM, is the overall market demand of a product or service. It is the most money a company may make by offering its goods or service in a particular market.

The Terra blockchain protocol has a fleet of stablecoins tied to the traditional fiat currency of various countries and a solid payment system.  So far, Terra has made headway on both fronts with the combination of Terra's core infrastructure and futuristic positioning in the payments market.

2. A better payment option for your business

Terra stablecoins, being a digitised form of currency, can be used in the same way as fiat currency, but with the added benefits of blockchain: an immutable public record, quicker transactions, shorter settlement times, and lower fees and it can be used as a payment service for your non-blockchain-based business. 

3. A growing and engaging community of users and developers

One of Terra's greatest assets is its community. One of the reasons its community is so powerful is that it has fostered genuine trust among its members. Members of the community are rewarded for spreading Terra's purpose to different blockchains. Members of the Terra community are often encouraged to learn about the DeFi projects and protocols.

See our Discord guide if you want to build an engaging community for your blockchain and NFT project.

4. Built to be interoperable with other chains

Even though Terra has its own Layer-1 architecture, the project has the potential to thrive even if other networks overtake it. Indeed, Terra is designed in many respects for a future in which numerous chains exist and receive significant traffic. Terra is committing resources to construct bridges across chains to encourage interoperability among blockchains.

Terra recently revealed its plans to incorporate cross-chain interoperability with Ethereum and Solana. This also comes when there is a boom in demand for stablecoins globally. Furthermore, Terra's unique dual coin approach is intended to be resilient enough to assist other blockchain ecosystems scaling through TerraUSD.

Closing thoughts

More than any other project, Terra has the potential to broaden the appeal of cryptocurrency to a wider audience who have no interest in comprehending what is going on under the hood. Its flagship stablecoin, UST, is already amongst the world's most popular stablecoins.

That’s all about why you should immediately integrate Terra blockchain into your business. If you want to discuss more about blockchain marketing, simply drop us an email at info@growthchain.io.

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