Terra LUNA explained in under 5 minutes. (cryptocurrency)

what are terra stable coins in mongolia people buy goods and services with tugrik in korea the wan and of course the us dollar in america it's not so easy to do business in korea with us dollars or in the u.s with mongolian two-greek but cryptocurrencies aren't any better prices are constantly going up or down against native currencies cryptocurrencies with stable prices called stable coins are becoming popular but most stable coins are pegged to the us dollar neglecting the rest of the world introducing terra the terra protocol issues many staple coins each pegged to a country's currency ust pegged to the usd krt to the korean wan mnt to mongolian tugric and at any time anyone can propose to mint new stable currencies whether that be a staple coin pegged to the japanese yen indian rupee or to the euro terra stable coins are incredibly easy to spend they can be sent anywhere instantly with very low fees and without bank limits if you're a startup in san francisco and need to work with a design shop in korea you swap ust for krt and instantly send it over the terra blockchain that's it no middlemen no hidden costs you can hold on to as much value in as many currencies as you want without anyone telling you what you can do or how much you can withdraw it's really that simple terra is a family of programmable digital world currencies open for anyone to transact save or build on top of [Music] how are terra stable coins used terra is a family of stable coins each pegged to a world currency why would anyone use say ust over usd for one it's easier to spend terra stable coins can be sent anywhere in the world denominated in any currency with low fees for this reason many korean retailers have integrated a payment application called chai to accept payments in krt korean won on the terra blockchain korea's top 14 banks number one convenience store largest gaming publisher and biggest bookstore to name a few have turned to accepting korean wan through the tara blockchain today over 2 million users spend over 1 billion every year using krt to buy anything from coffee to furniture in mongolia over 40 000 people every month are using mongolian 2 grick on the terra blockchain to buy goods using a payment application called mimi pay second it's a much more attractive hold no need to store your cash under your bed or in a black box controlled by bankers and suits you can choose to hold your money or earn interest using decentralized applications like anchor anker is a savings protocol on terra that leverages block rewards from major blockchains to power stable and attractive yields on ust as more people from around the world build exciting financial products on terra and tara stablecoins continue to integrate in all leading blockchains we can begin to reimagine what we can truly do with our money what is the luna token terra is a family of stable coins each pegged to a world currency ust to usd krt to korean juan sdt to imf special drawing rights mnt to mongolian two greek and new stable coins pegged to a different world currency can be minted anytime through a democratic vote all of these stable coins stay well stable thanks to tara's staking token luna for every transaction of stable coins whether in ust krt or any of tara's world currencies a small transaction fee is paid out to luna stakeholders today the total transaction fees collected on the terra network exceeds all other blockchains aside from bitcoin and ethereum as more and more people use terra stablecoins for everyday use through payment applications savings protocol and other d-apps in d5 luna stakeholders earn more fees making luna more valuable luna stakeholders also sit in the driver's seat for terra's decentralized economy controlling the blockchain's governance directly proposing and voting for changes in monetary policy and even software upgrades luna enables a truly democratic economy setting money free for billions worldwide you

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Keywords: bitcoin, crypto, cryptocurrency, crypto currency, money, coin, altcoin, altcoins, ehtereum, cardano, binance, coinbase, btc, blockchain, trading, forex, hodl, investing, stocks, ico, airdrop, terra luna, luna, terra

Id: JPQOvfOmVXo

Length: 4min 29sec (269 seconds)

Published: Wed Mar 10 2021