Do Kwon, Founder of the beleaguered blockchain platform Terra, plans to revive the network with a new ‘hard fork’ that will help solve the design flaws in the ecosystem. The move comes after market volatility and inherent protocol design flaws wiped out a majority of Terra Luna’s market cap last week.

A hard fork is a radical change to a network's protocol that makes previously invalid blocks and transactions valid, or invalid. A hard fork requires all nodes or users to upgrade to the latest version of the protocol software, according to Investopedia.

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On May 16, Kwon said his company Terraform Labs will put forth a new governance proposal that will fork the Terra Luna blockchain called Terra (token name LUNA). The new and updated chain will not be linked with the UST, a dollar-pegged stablecoin that collapsed last week.

However, the old Terra blockchain will continue to exist with UST even as it switches to Terra Classic (LUNC) token.

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“The Terra chain as it currently exists should be forked into a new chain without algorithmic stablecoins called ‘Terra’ (token Luna - $LUNA), and the old chain be called ‘Terra Classic’ (token Luna Classic - $LUNC). Both chains will coexist,” Kwon said in a series of tweets on May 16.

6/ The Terra chain as it currently exists should be forked into a new chain without algorithmic stablecoins called “Terra” (token Luna - $LUNA), and the old chain be called “Terra Classic” (token Luna Classic - $LUNC). Both chains will coexist.

— Do Kwon