Terra (LUNA) Review
Terra.Money: Full Website Review, Pros and Cons, and more
If you're familiar with stable coins, you know they are pegged to a fiat coin so that they can keep their value. This way, investors can hold their assets in stable coins without fear of deflation.
However, as the Covid pandemic has crashed the crypto market, there has been more demand for stablecoins. This is known as the "stablecoin invasion", leading to a steady increase. There are more than 200 coins in the market today with an asset value of around $20 billion. While there are many resources and whitepapers introducing each one and why it's the best, stablecoin websites are usually the go-to source for information and updates.
If you're currently looking for the right stablecoin to invest in, you may have come across Terra.money. But what is Terra.Money, is it safe and legit? How does it work? These questions and many others will be answered in this review.
What is Terra.Money
Terra.Money is the OFFICIAL website for the Terra protocol, which we will now refer to as just Terra. Terra is an open-source network of decentralized stablecoins built on the Terra blockchain.
If you're just hearing about Terra, here is what you need to know. Terra is a blockchain protocol that powers payment systems across the globe with fiay-pegged stablecoins.
The project started in January 2018 and started its mainnet in April 2019. Terra's native coin is LUNA. Terra is a huge cryptocurrency project that is projected to become one of the biggest stablecoin networks soon.
So, the role of Terra.Money is to serve as the central and authoritative source for all the data, news, information, resources-practically everything there is to know about Terra. But there is even more to this website than meets the eye, which you will learn as we go on in this review.
Who owns Terra.Money?
The Terra team is responsible for managing Terra.Money. As the official website of the Terra project, the management and control of the website are in the hands of its community members, which they emphatically refer to as the #LUNAtic community.
How does Terra.Money work?
Whether you are a developer or a crypto investor, Terra.Money will facilitate you with up-to-date information and resources about Terra. To be more specific, here are the features of Terra.Money that makes it a very useful site for Terra and crypto enthusiasts.
Key features on Terra.Money
Terra.money offers a wide range of benefits for individuals, investors, and developers who are interested in the Terra blockchain and crypto generally. Here is how the website can help you achieve your Terra goals:
Multiple device access
No matter your device type, Terra.money is fully optimized to work responsively across several screens and devices. You can access Terra.money on iOS, Android, Windows, Mac, and Linux.
Terra.money has a simple design. The bright colored blue background and bold black texts make it very scannable and pleasant to the eye. This helps users scan the website easily, do relevant buttons as quickly as possible and get things done without hassle.
Terra.money navigation is at the top of the page. Each item on the nab bar has a drop-down menu where you can go to any part of the website in one click. This is essential for new users because they will not spend too much time learning the ropes on the website.
So far, we can tell that Terra.money is accessible in all countries in the world without restriction. Users do not need to use VPN or any special server to access the website.
A valid SSL certificate protects the website's domain. So, users can rest assured that any information submitted to the website cannot be stolen by a hacker or third party sites. And, since users are not prompted to make any purchase on the website, security is the least of concerns on Terra.money.
Despite its popularity and fast adoption among crypto and Defi enthusiasts, the Terra project is still quite fresh, with many youtube comments asking what the project is really about.
Among other things, Terra.Money seeks to close this knowledge gap among developers and potential investors. So, the website has a section dedicated to learning about the Terra, its native coin LUNA and the project's timeline. Here are some Terra.Money features that can help you in that manner
Intro to Terra (Beginner's Guide)
This section covers a complete beginner's guide titled "Discover Terra". In this section, you will find two videos. The first video explains What are Terra stablecoins, highlighting the distinctness of Terra's stablecoins and how their pricing model works. The second video covers how Terra work, focusing on the blockchain network. This section also features other introductory resources like:
- The inner workings of the Terra protocol and how Luna maintains the price of Terra stablecoins.
- Staking and reward systems through a validator.
- How to participate in Terra's governance.
- A glossary of terms related to Terra.
Podcasts and interviews
Podcasts are often the best ways to stay up-to-date in the ever-changing world of blockchain and cryptocurrencies.
Terra.Money utilizes this strategy perfectly by hosting a separate section dedicated to Podcasts and interviews about Terra.
At the time of this writing, there are 11 featured podcasts uploaded on the website and a link to Terabytes, the podcast channel. Although any individual can launch a website to cover news and updates about Terra, the amount of resources on Terra.Money will help it remain an authoritative Terra news source.
If you're interested in learning Terra's technology and purpose, you will find a PDF version of the whitepaper on Terra.Money.
Terra developers use the research forum on Terra.money solely for discussions related to research and governance. The page has different sections for question and answer, Governance and Proposals, technical development and dApps.
Aside from these learning resources, the Discover Terra section also features detailed guides on getting started staking LUNA and everything about Terra Station Wallet.
Large community network
Despite being a fairly known project, Terra has an incredible following on various social channels. But not everyone uses all social media channels, and even if they do, it can be hard to find the official page. On the top right corner of the homepage, Terra.money created a link to the official Terra social media page on Twitter, LinkedIn, Medium, Discord, Reddit, Telegram, and Youtube. That way, you can easily connect with the community on any of the pages you like.
Whether Terra gets featured in the news, a new blog is published, oran update is released, Terra.Money feeds users with updates as soon as they drop.
Key Terra.Money features for developers
Terra is an open-source blockchain protocol. So, like the community members, software developers are invited to contribute to the project's development on Terra.Money, developers will find extensive resources to start building on Terra. The featured resources include the following:
A place to learn how to write smart contracts and integrate web apps. The page covers extensively how to learn CosmWasm smart contracts.
The developer documentation explains how a developer should interact with every aspect of Terra, such as Terra Station, dApps, and Terra Core.
Terra.money links users back to the official GitHub repositories for Terra, where developers can ship code, pull requests and connect with like minds.
Bug Bounty is essentially the page where developers can quickly report a bug in Terra's products: Tera Core, Tera Station (web, desktop, mobile), Anchor, Mirror, etc. So, because there is no customer support to report, the website allows the developers quickly respond to reported vulnerabilities.
Another exciting feature on Terra.money is that users can find the opportunity to work with the Terra team. Because Terra is still growing, Terra.Money hosts several different jobs in communication, Engineering, Ecosystem, Finance and Operations.
Cons of Terra.Money
No language translator programme
Unlike crypto sites such as Ethereum.org, Terra.Money does not have a translator program. This means the site, as well as the Terra project, may be inaccessible for users outside English speaking regions.
Users cannot request a feature
While this is not very common in many crypto sites, we have found that many top-rated sites have this feature. As an open-source network, users may want to suggest an idea that will improve Terra, but that feature is not available on Terra.Money, the official website.
Located in a high-rise country
The website server is located in a high-risk country. The International Banking Federation identifies high-risk countries as highly susceptible to fraud and scam. However, so far, there has been no case of cyber attack or fraud on the website.
Can I make money on Terra.Money?
Terra.money is not a money-making website, but there are opportunities for community members to earn passively. This is called Terra Bounties, and it works in two ways.
The first one is Flipside Crypto Bounties, where you earn LUNA by visualizing blockchain data. The second one is Community Content Bounties, where you can earn UST for creating content around Terra.
Can developers get funding on Terra.Money?
Yes, you can get funding for your project on Terra.Money. As the official website for the Terra project, Terra.Money lists three funding opportunities for developers.
One of them is the Luna Foundation Guard grant dedicated to researching and developing decentralized networks like Terra.
The Terraform capital is another funding opportunity on Terra.Money. This funding is open to anyone building a protocol or decentralized app using UST or the Terra blockchain.
The third funding is the audit reimbursement funding reserved for dApp projects successfully launched on the mainnet. To apply for this funding, you will fill out an audit form on Terra.Money. The audit evaluates the project's technical design and team structure, among other things. A request that passes the audit gets up to $50,000 to support the project.
Frequently asked questions
Who sponsors Terra.Money?
Terra.Money, just like many other assets in the Terra project, is sponsored by the Luna Foundation Guard. The Luna Foundation Guard is a non-profit organization based in Singapore. The foundation was built specifically to support Terra. However, the Luna Guard Foundation also receives cash gifts, recently to the tune of $1.1B from the Terraform labs. So there is more to be known about the foundation's role as a non-profit sponsor.
What is the Terra Ecosystem?
Terra Ecosystem is the collection of all applications being developed on the Terra blockchain. Currently, there are 97 projects in Terra's Ecosystem. They include Web 3.0 projects, Real estate, Insurance, NFTs, gambling, etc.
Terra.Money lists each of the projects, a brief of the project and links to the right sources. This resource is useful if you want to contribute to Terra's growth and see other projects that share similar objectives as Terra.
The ecosystem also includes builder programs like fellowships and hackathons you can participate. These programs are funded by Terra community and corporate sponsors.
Final thoughts: Is Terra.money legit?
We have confirmed that Terra.money is the official website for the Terra project, and it is, in fact, LEGIT. The website is run by the Community and supported by the Terra team.
Considering the pros and cons of the website, it is evident that there are more benefits of using a website than disadvantages. In fact, the concerns about this website are not alarming, and users can be sure it is safe.
Similarly, the website's design and easy to use navigation make it a great place for both new and existing users to learn about Terra quickly. For developers, the website offers a wide array of resources and funding opportunities that can help you contribute to the project or build your project on Terra Blockchain.