Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
Twitter CEO and Bitcoin enthusiast Jack Dorsey have set up his bitcoin node to validate the bitcoin network’s transactions. Dorsey shared an image on Twitter that showed the node in the synchronization phase alongside the quote “Running #bitcoin.”
— jack⚡️ (@jack) February 5, 2021
To complete the synchronization with the Bitcoin blockchain, Dorsey will have to download the chain’s entire history. Bitcoin blockchain has a total block size of around 325GB, and synchronization could take weeks to complete depending on the internet speed and computing power.
Dorsey further revealed that he was running the node using an M1 Macbook chip, the latest Laptop manufacturer Apple processor. Once the synchronization is completed, Dorsey’s computer will process bitcoin transactions and record them in encrypted data blocks.
Bitcoin nodes are an essential aspect of the bitcoin network as more nodes increase the blockchain’s security. Also, unlike bitcoin miners that get rewarded for solving cryptographic problems, node hosts are not awarded tokens. Instead, they help to increase the overall network security.
The number of bitcoin node hosts also fluctuates regularly and was as high as 11,000 some weeks back. As of the time of publication, the total number of bitcoin nodes is between 7,533, according to data from Bitnodes.io.
Dorsey Remains Committed To Bitcoin
Jack Dorsey is regarded highly within the crypto community for his consistent appraisal of bitcoin and other cryptocurrencies. He is known to be quite enthusiastic about cryptocurrencies and believes that bitcoin has a significant role in traditional finance.
Alongside Telsa CEO Elon Musk, Dorsey is one of the biggest supporters of Bitcoin in the tech industry. He has also continued to use his companies, Twitter and Square, to promote cryptocurrencies and bitcoin. Square was one of the first traditional finance payment firms to integrate bitcoin services on its CashApp platform.
Last December, Dorsey also announced that Twitter has a dedicated team for developing a decentralized standard for social media. This latest development continues his love affair with the leading cryptocurrency.