He is the founder of Terra, the crypto which went from 60 billion to zero. The failure of the project caused thousands of savers to lose money

If there is anyone that has really been talked about in the crypto world in these months that is Do Kwon. Or rather, there has been a lot of talk about his project. So today we find out who this Korean entrepreneur and software developer is. The father of the Terra project, born in 2020, has suddenly collapsed.

There are many experiences that Kwon has had before arriving at his most important project. He knows how to deal with difficulties. I am confident that he can overcome this market crash as well.

There is a gift that successful people have thanks to this they can overcome even the most extreme difficulty. It is a gift that Elon Musk also has but Jobs had it too.

Read on and I’ll explain it well to you in detail.

First I want to delve into Kwon’s life …

HE WAS IMMEDIATELY THROWING PROJECTS ON THE CRYPTO

Do Kwon was born and raised in South Korea. His father, like many others, had a business and hoped that one day his son would join the same job dedicating himself to the family.

But life is not that simple.

From an early age, he realizes that school is not for him. His grades are poor and this worries his parents a lot. They are beginning to think that perhaps their son will never do an honest job as they would like.

Do tries to improve but the results do not come, so after graduating, he decides to enroll at university. He chooses to study computer science thinking that in the future it will be very useful for the family.

He attended Stanford University and graduated in 2016. Subsequently, he worked for both Apple and Microsoft, accumulating experience for about six months in total, before returning to his native country, South Korea, to begin his individual journey.

First, with Basis Cash, a system based on Ethereum, he had his first experience in the world of cryptocurrencies.

Then with Terra, Do Kwon was able to become one of the most well-known personalities in the international crypto landscape.

Terraform Labs, with UST, and with LUNA he has become very popular, albeit with a partially negative meaning, with the most recent news stories.

TERRAFORM LABS

Terraform Labs is a company based in San Francisco with base operations in Asia, operating in the cryptocurrency and blockchain sector.

Established in 2018, the company was born in the mind of Do Kwon, a software developer, and blockchain project designer.

Thanks to his work, his competence, and his experience, he was able to put together a highly trained team to best support his project.

The Terraform Labs team is made up of experienced professionals in various sectors, from finance to information technology, from legislation to public relations.

Together they created a very ambitious project that aimed to change the world of cryptocurrencies.

The project involved the creation of two cryptocurrencies, called Earth and Moon.

The former was to be used for day-to-day transactions, while the latter was to be used for long-term investments.

In addition, the project also involved the creation of a platform called the Terraform Network, which was to be used for cryptocurrency exchange and financial transactions.

Do Kwon and his team worked very hard to set up the project and were able to raise funds of around $25 million through a series of ICOs (Initial Coin Offerings).

Everything seemed to be going well, unfortunately, things did not go as planned.

The project practically failed. Many people who had staked money on those cryptocurrencies – hundreds and thousands of savers – found themselves with little or nothing in their hands.

Many accused Do Kwon of being a scammer and taking advantage of their naivety.

Do Kwon defended himself by explaining that although the project failed he always acted in the interest of the investors and that he never intended to scam them.

Some have also accused Terraform Labs of using the investor’s money for personal purposes and not for the development of the project.

Do Kwon denied these allegations stating that all the money raised was used solely for the development of the project.

Despite his explanations, Do Kwon still managed to make a name for himself in the world of cryptocurrencies. A name that has now been discredited.

That he will be able to restore credit importance and trust in investors and Crypto sympathizers.

SWITCH OFF YOUR FEARS BUT STAY HUMBLE AND MENTALLY OPEN

Here’s what it is to the two cryptocurrencies behind this project’s success:

– The first, TerraUSD, whose value should be fixed (stablecoin) and always equal to one dollar, is worth at the time of writing 0.01824 dollars. Basically nothing.

– The second, Luna, went from the highs of $ 20 last April to $0.000083 these days. Still nothing.

In short, nothing is left of the 60 billion total maximum value of the two digital currencies.

But when you are thinking about what you dream of achieving you are not afraid of your fears and failures. So is Do Kwon who already has Terra 2.0 in mind.

Terra 2.0 focuses on price stability and caters to real-world businesses. Above all, it aims to use the power of the internet to change the way people view money.

Do Kwon’s new project is Terraform Stablecoin System (TSS), a cryptocurrency system that offers itself as an alternative to traditional payment methods, such as credit cards, checks, and bank transfers.

However, while there are obviously lessons to be learned in economics, there are also human lessons for Kwon to learn. In particular humility, caution, and open-mindedness.

Humility: despite being an enormously talented person, as evidenced by the success of his first project, Do must be aware that he cannot do it all by himself. He must surround himself with competent people and trust them.

Caution: You will need to be much more cautious in managing your money and making economic decisions. It cannot take the risk of losing more money from inexperienced and naive investors.

Open-mindedness: must be open to criticism and opinions of others. He will have to listen to advice and consider criticism.

Only if Do Kwon is able to learn these lessons will he be able to succeed in his new project and regain investor confidence.

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