Detecting extrasolar terrestrial planets orbiting main-sequence stars is of great interest and importance. Current ground-based methods are only capable of detecting objects about the size or mass of Jupiter or larger. The difficulties encountered with direct imaging of Earth-size planets from space are expected to be resolved in the next twenty years. Spacebased photometry of planetary transits is currently the only viable method for detection of terrestrial planets (30-600 times less massive than Jupiter). This method searches the extended solar neighborhood, providing a statistically large sample and the detailed characteristics of each individual case. A robust concept has been developed and proposed as a Discovery-class mission. Its capabilities and strengths are presented.