In 2018, Terra was co-founded by Daniel Shin. Before developing Terra, Shin co-founded Ticket Monster, known as TMON (South Korean e-commerce platform). Then he co-based Fast Track Asia, a startup incubator working with entrepreneurs to build entirely operating companies.
Throughout conversations between co-founders, Daniel Shin and Do Kwon, the concept of Terra started as a solution for instant and massive usage of the cryptocurrency and blockchain infrastructure being constructed around them. Price stability and adoption have been influential in preparing the primary steps towards the vast adoption of cryptocurrency and blockchain infrastructure.
Daniel Shin, together with his experience in building one of the most effective e-commerce systems in Asia, laid out the present troubles we face in payment networks that can’t solve via just incremental upgrades.
On May 8th, 2022, UST lost its fixation on the dollar, erasing billions of dollars from Terra’s ecosystem and dragging the cryptocurrency market down.
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