Terra’s Mirror protocol warns community against governance attack

The cryptocurrency community is largely unregulated and decentralized, which makes it difficult for them to build consensus. The best that most cryptocurrency companies can hope for are the people within their own product’s communities – but when these groups turn against each other, they cannot be trusted as trustworthy entities with no ulterior motives.
Terra has a solution in its Mirror Protocol where Terra will monitor social media on behalf of users who want to express support or dissent. Users then have access to raw data so they’re not just seeing what others say about them without having any control over how those messages spread through the network.,

The “staking mirror protocol” is a way to protect the network from governance attacks. It allows users to vote on proposals and get rewards for doing so.

Terra, a public blockchain network, has validated a fraud attempt via an official governance vote on Mirror, an in-house synthetic assets protocol. 

According to Mirror, the attacker set up a public vote on Mirror’s official website, proposing a community pool freezing in the event of a hoax.

A NEW MIRROR POLL HAS BEEN ADDED! ALERT: SCAM ALERT: Poll 211 is sending 25,000,000 MIR to itself… #vote on the number 212: https://t.co/FH6RqTbJ2j #terra $MIR $LUNA

December 25, 2021 — Mirror Polls (@mirror polls)

The scammer offers an improvement of safer community governance rules in case of a hack in Poll ID: 211, titled “Freeze the community pool in case of fraud.” 25 million MIR tokens (valued $24.1 million at the time of writing) will be given to the hacker’s address if the poll receives a favorable majority.

Terra’s Mirror protocol warns community against governance attackPoll 211 voting results. mirrorprotocol.app is the source of this information.

As seen in the picture above, Mirror’s proactive approach to warning the community has resulted in a significant rise in the number of ‘No’ votes, verifying the funds’ security. According to WuBlockchain, the attacker launched Proposal 185, posing as a call for collaboration with Solana, in order to steal the community fund pool of 25 million MIR tokens.

The attacker’s poll will be up for public vote until January 1st. The Mirror team, on the other hand, established Poll 212 to warn foolish investors:

“Poll 211 is sending itself 25,000,000 MIR. VOTE NO on any question that involves the disbursement of community funding.”

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The “mirror protocol explained” is a method of communication that allows for two parties to communicate with each other without the need of an intermediary. The “Terra’s Mirror Protocol” warns the community against governance attacks.

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