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Terra's native cryptocurrency, LUNA, is based on a Proof of Stake (PoS) blockchain infrastructure created with Tendermint. It is an open-source, public blockchain system that allows users to construct their own stablecoins linked to a variety of foreign fiat currencies, including as the US dollar (USD), Korean won (KRT), and euro (EUT). These stablecoins are not backed by fiat currencies, but instead rely on arbitrage activities of users and Terra's LUNA token to sustain their value.Daniel Shin and Do Kwon created Terra in January 2018. The initiative was intended as a method for the two to accelerate the adoption of blockchain technology and cryptocurrencies by focusing on price stability and usability.