LINE Establishes Finschia Foundation to Run 3rd-Gen Blockchain Mainnet & Crypto Asset LINK
SEONGNAM, South Korea – April 17, 2023 – LINE Tech Plus, a subsidiary of LINE Corporation and operator of LINE’s blockchain-related businesses, today announced the establishment of the Finschia Foundation, a non-profit organization based in Abu Dhabi, United Arab Emirates, to operate third-generation blockchain network “Finschia” and crypto-asset LINK (LN).
In addition to operating LINE’s third-generation blockchain mainnet and LINK, the Finschia Foundation plans to gradually transfer its governance system to a consortium structure for decentralization. The aim is to build a transparent token economy and at the same time ensure stable operation of Finschia in cooperation with board members and several partners.
The Finschia Foundation was established as part of LINE’s Token Economy 2.0 strategy announced last year. It also plans to introduce Finschia Governance, a structure designed to strengthen the Finschia ecosystem. In connection with Token Economy 2.0, LINE previously announced a “zero reserve” policy where no reserve of pre-minted tokens.
The Finschia Foundation aims to achieve a sustainable token model for Web3 users worldwide under LINE Blockchain’s mission of “Blockchain for All.” The Finschia Foundation will create a blockchain platform where anyone can participate through features such as on-chain governance to allow the community to make decisions, LINK staking and programmable contracts. Contribution rewards are also available to users who stake LINK or contribute to the Finschia ecosystem.
LINE Blockchain’s existing second generation blockchain mainnet, “Daphne”, will be migrated to Finschia. The integration will make both types of token standards available on Finschia, including the issuance and management of LINK and FT/NFT (Fungible/Non-Fungible Tokens).
“The establishment of Finschia Foundation is an important milestone for LINE Blockchain to move towards a public mainnet,” said Woosuk Kim, CEO of LINE Tech Plus. “With the Finschia Foundation, we will continue to operate a stable and systematic token economy for the expansion of our Web3 ecosystem.”
The Finschia Foundation also released a new white paper on the plans and guidelines for operating the new Finschia ecosystem. Details can be found on the official website (finschia.network/whitepaper).
About LINE Corporation
Based in Japan, LINE is dedicated to the mission of “Closing the Distance”, bringing together information, services and people. The LINE messaging app launched in June 2011 and has since grown into a diverse, global ecosystem that includes AI technology, fintech and more. LINE joined Z Holdings Group, one of the largest Internet service groups in Japan, following the completion of a business integration in March 2021.
