Jan 20, 2020
We took Terra passing the 1 million accounts milestones as a reason to bring Terra’s CTO Do Kwon on the podcast. Terra is a blockchain network and stablecoin system with meaningful real-world adoption through integrating their mobile payment app CHAI.
In this interview, Brian talks to Do about payment processing and how Terra enables merchants in eCommerce and elsewhere to save on transaction fees. The two discuss the flow of how a transaction in the CHAI app gets included on the Terra blockchain, the regulatory landscape, as well as their metrics such as active users and transaction volume. Do also talks about plans to introduce a CHAI credit card and explains their cashback promotions.
Futhermore, the two talk about the move from incentivizing validators through block rewards to a model that is solely relying on transaction fees. Remarkably, staking on Terra currently rewards stakers with an annual reward rate of 20% without inflating LUNA, Terra’s staking token, supply. This reward rate is solely based on CHAI’s $3m average daily transaction volume, out of which $150,000 are paid daily by partnering merchants as fees (0.5% per transaction).
Finally, Do explains Terra’s recent move into Mongolia and future plans for on-chain foreign exchange markets using Terra stablecoins, as well as grant opportunities for developers to build on top of the Terra blockchain.
Terra Money Website: https://terra.money
Terra’s Year in Review: https://medium.com/terra-money/terra-2019-year-in-review-5d4fa2e38b64?source=collection_home---4------0-----------------------
Learn more about staking with the Chorus One validator on Terra: https://chorus.one/networks/terra