LINE launches Finschia blockchain mainnet
LINE Tech Plus, a subsidiary of LINE Corporation and leader of crypto and blockchain-related businesses, announced that it has launched “Finschia”, a blockchain network that the company calls the third generation, to help developers more easily manage their applications and support smart contracts .
Finschia blockchain: here is LINE’s mainnet
LINE has been developing its blockchain ecosystem since 2018 through the introduction of services such as crypto-LINK, crypto-asset trading services, a wallet and an NFT marketplace.
The mainnet currently only supports the LINK token, but more tokens and features will be introduced in the future. With the mainnet now active, LINE has officially become a decentralized platform offering social media and payment services.
The launch of the main network marks a new step towards realizing the company’s big plan to make decentralized services available to everyone. In addition, with this launch, LINE is establishing itself as a direct competitor Ethereum in the development of dApps.
Finschia has added a number of features to improve functionality, speed and stability. It uses Ostracon, its own consensus algorithm, which adds VRF (Verifiable Random Function) to Cosmos’ consensus algorithm.
With these improvements, Finschia is 400 times faster in trading speed and reduces costs by 98% compared to Ethereum. In addition, Finschia has introduced contribution-based rewards, where users and developers can receive rewards based on their contribution to expanding the blockchain ecosystem.
With the launch, LINE intends to open the network to developers, regardless of their experience in blockchain services, and provide them with an environment where they can easily develop full-node dApps on Finschia or LINE Blockchain Developers.
Through Finschia, developers can collaborate with LINE services and use LINE’s knowledge to develop user-friendly blockchain services.
Youngsu KoCEO of LINE NEXT, said:
“We are excited to introduce Finschia, where we can collaborate with other developers to unlock the possibilities of our blockchain network,” said Youngsu Ko, CEO of LINE NEXT.
We look forward to creating a new blockchain ecosystem and expanding LINE’s token economy based on the crypto asset LINK.”
Additionally, LINE plans to merge its current mainnet, called Daphne, with Finschia, unifying the blockchain network where all blockchain services operate.
LINE plans to launch in the coming days the DOSI Vault, a non-custodial wallet dedicated to the LINK crypto-asset. With full control over the wallet, users will be able to manage LINK faster, safer and easier, with lower gas fees.
Building on Finschia and DOSI Vault, LINE plans to expand its token economy by inviting users who are not yet familiar with the blockchain to benefit from user-friendly services with stability and security.
The platform will be based on an open, decentralized system that will allow users to exchange currencies and other assets quickly and efficiently. It will also offer developers the ability to create decentralized applications (dApps) on the platform.
