Major Terra validator wants a new chain, opposes hard fork ByAli RazaPRO INVESTOR Updated: 16 May 2022 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage The news of the Terra ecosystem crash has died down, but the losses are still being felt. The community is currently looking for the next best steps to ensure the revival of the network. A major validator runner on the Terra network has proposed that the old Terra blockchain be halted permanently. Major validator wants terra blockchain halted Jiyun Kim, the CEO of the DSRV blockchain solutions, has published an opinion post talking about how the Terra team was currently evaluating the idea of stopping block production amid the collapse of LUNA and UST. The validator is now urging the other validators within the Terra ecosystem to reject the idea of a hard fork and instead build a new blockchain fully governed by the community. Buy Terra LUNA Now Your capital is at risk. DSRV operates a validator node on the Terra network with 9.36% on-chain voting power. The company has been affected similarly to other investors because the node had 14 billion LUNA tokens valued at $1 billion. However, this amount is now valued at only $3 million. Kim said that while his proposal to halt the chain was not taken lightly, he was not pleased with how the Terra team highlighted his proposal. He said that “and the announcement that they made [made it sound like] the chain restart was originally the validator’s opinion. YES, they didn’t use the term ‘Confirm’.” The co-founder of Terra, Do Kwon, proposed rebuilding the chain and changing the supply of LUNA tokens to 1 billion. However, Kim disagreed with Kwon’s proposal saying that using the Terra network as it is would not add any value. “The previous Terra chain should permanently vanish. And a completely new chain driven by the community should [be made to] save the Lunatics,” he said. Terra faces regulatory woes The collapse of LUNA has presented legal hurdles for the network. Kim said that it seemed like the validator league control had been given to the community to represent decentralization, which could ease Terra’s legal burden. A tweet from Wu Blockchain said that a lawsuit had been filed in Singapore by LUNA and UST investors against Do Kwon. Kim also said he wanted to save the community, but efforts to support victims were hindered “because there are still legal issues there.” Read more: How to buy Cryptocurrencies How to buy Bitcoin Lucky Block - Our Recommended Crypto of 2022 Our Rating New Crypto Games Platform Featured in Forbes, Nasdaq.com, Yahoo Finance LBLOCK Token Up 1000%+ From Presale Listed on Pancakeswap, LBank Free Tickets to Jackpot Prize Draws for Holders Passive Income Rewards - Play to Earn Utility 10,000 NFTs Minted in 2022 - Now on NFTLaunchpad.com $1 Million NFT Jackpot in May 2022 Worldwide Decentralized Competitions Visit Site Join Our Telegram channel to stay up to date on breaking news coverage