Terra Classic is the rebranded name for the old Terra blockchain, also known as Terra 1.0. Its native token, formerly known as LUNA, has now been rechristened to LUNA Classic (LUNC).
Terra Classic is a decentralized, open-source, and public blockchain protocol that employs Proof of Stake consensus to support stablecoins that can enable convenient payments globally. LUNA Classic (LUNC) is the native token of the Terra Classic blockchain and is used to maintain the price stability of the stablecoins within the ecosystem.
Unlike other fiat-pegged stablecoins or cryptocurrency-collateralized stablecoins, the Terra Classic blockchain network employs a unique algorithm to manage the supply of stablecoins and keep its one-to-one peg with fiat currencies based on its demand. The LUNC token is burned or minted based on the changes in demand for the Terra Classic stablecoins to maintain their peg.
Terraform Labs - the firm behind the development of the Terra Classic network, has partnered with numerous payment platforms and enjoys a strong level of adoption among businesses in Asia Pacific. It has helped the Terra 1.0 protocol establish itself as an attractive solution to process payments and further the rapid adoption of blockchain technology and cryptocurrencies among mainstream businesses.