The Finschia Foundation, the Abu Dhabi-based non-profit organization that is the independent successor to LINE Blockchain’s mainnet and digital asset operations, has completed the transition of the second-generation blockchain mainnet, “Daphne”, to the third-generation public mainnet, “Finschia.” It also changed the name of the native crypto asset LINK (LN) to FINSCHIA (FNSA).
The Finschia Foundation (“the Foundation”) was established in March by LINE’s blockchain business subsidiary LINE Tech Plus to expand its Web3 business and to achieve a sustainable token model for Web3 users around the world.
The mainnet upgrade, which was completed on May 25, was conducted to establish a consortium structure — where leading companies in a variety of industries will participate as members and make direct decisions on major policies for the Finschia ecosystem. The new structure, Finschia Governance 2.0, will be introduced later this year when the Foundation will transfer key decision-making power to governance members to build a fair and transparent token economy.
The integrated mainnet now offers the issuance and management services of both FINSCHIA (FNSA) and FTs/NFTs (Fungible/Non-Fungible Tokens). The IBC (Inter-Blockchain Communication) technology that enables data transportation between different blockchain ecosystems, was also introduced to help external developers securely onboard the Finschia ecosystem.
Data from the 2nd generation mainnet Daphne has been integrated into Finschia so that the amount of crypto assets and staking history held by the existing Finschia will remain the same. Users will be rewarded for their contributions to the existing Finschia ecosystem in a fair and transparent manner in accordance with the Token Economy 2.0 policy.
Along with the mainnet integration, the Finschia Foundation also renamed its crypto asset LINK (LN) to FINSCHIA (FNSA). By renaming both the existing mainnet to Finschia and the crypto asset to FINSCHIA, the Foundation aims to build a public blockchain platform that can be easily used by partners and users not only with LINE, but also from various fields.
“The new blockchain mainnet will be able to provide a more stable and transparent blockchain platform,” said Youngsu Ko, Chairman of the Finschia Foundation Council. “Our goal is to grow into an ecosystem centered on the popularization of Web3 under the new name ‘Finschia’.”
Moreover, following the Foundation’s announcement of the service contribution reward policy for users who enhance the value of the Finschia ecosystem in April, the global NFT platform DOSI was introduced as the first service contributor on May 24. Any user who contributes to Finschia by making payments and transactions with FINSCHIA (FNSA) can register as a contributor and will be rewarded based on their contribution.
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