LINE Tech Plus, a subsidiary of LINE Corporation and manager of crypto and blockchain-related businesses, announced that it has launched “Finschia,” a blockchain mainnet that the company calls third-generation, to help developers more easily manage their programs 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 its crypto LINK, crypto asset trading services, a wallet, and an NFT marketplace.
The mainnet currently supports only 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 mainnet marks another step toward realizing the company’s grand plan to make decentralized services accessible to all. In addition, with this launch LINE establishes itself as a direct competitor to Ethereum in the development of dApps.
Finschia has added numerous 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, whereby 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 dApps with the full node on Finschia or LINE Blockchain Developers.
Through Finschia, developers can collaborate with LINE services and use LINE’s know-how to develop user-friendly blockchain services.
Youngsu Ko, CEO of LINE NEXT, said:
“We are pleased to introduce Finschia, where we can cooperate 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 crypto asset LINK.”
In addition, LINE plans to merge the current mainnet, called Daphne, with Finschia, unifying the blockchain mainnet where all blockchain services operate.
LINE plans to launch in the coming days DOSI Vault, a non-custodial wallet dedicated to the LINK crypto asset. With full control of 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 extend its token economy by inviting users who are not yet familiar with the blockchain to take advantage of easy-to-use 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.