■Finschia provides a network 400 times faster in trading speed and reduces costs by 98% compared to Ethereum
■ A milestone for the LINE Blockchain Ecosystem to realize the true value of Web3
■Plans to launch a non-custodial wallet called ‘DOSI Vault’ for the crypto asset LINK in the coming days
SEONGNAM, South Korea – December 23, 2022 – LINE Tech Plus, a subsidiary of LINE Corporation and operator of LINE's crypto asset and blockchain-related businesses, announced today that LINE has launched “Finschia,” its 3rd generation blockchain mainnet, to provide an open network to public.
LINE developed its own blockchain mainnet in 2018 and built a blockchain ecosystem through introducing services like its crypto asset LINK, crypto asset trading services, a crypto asset wallet and an NFT marketplace. Now, with the new blockchain mainnet Finschia, LINE aims to become a more robust blockchain ecosystem with advanced functionality and stability. This is the first milestone in the LINE blockchain ecosystem to realize the true value of Web3 that anyone can easily and freely produce, trade, and earn rewards.
Named after the tropical tree, Finschia has added numerous features to improve functionality, speed, and stability. Using Ostracon, its own consensus algorithm, which adds VRF (Verifiable Random Function) to the Cosmos consensus algorithm. With its 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 what they have contributed to expanding the blockchain ecosystem.
With the launch, LINE plans to open the network to developers regardless of their experience in blockchain services and will 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’s services and utilize LINE’s knowhow to develop user-friendly blockchain services. Details on Finschia can be found on the LINE Blockchain Website (https://blockchain.line.me/).
“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.”
Furthermore, LINE plans to combine the current mainnet, called Daphne, with Finschia, unifying the blockchain mainnet where all blockchain services operate. Also, LINE intends to launch DOSI Vault, a non-custodial wallet dedicated to the crypto asset LINK in the coming days. With full control of the wallet, users will be able to manage LINK faster, safely, and easily with lower gas fees. Based on Finschia and DOSI Vault, LINE aims to extend its token economy by inviting users who are not yet familiar to blockchain through easy-to-use services with stability and safety.
■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 since then has grown into a diverse, global ecosystem that includes AI technology, fintech and more. LINE joined the Z Holdings Group, one of the largest internet service groups in Japan, following the completion of a business integration in March 2021.