cryptonomist
LINE Tech Plus, a subsidiary of LINE Corporation and a leader in crypto and blockchain businesses, announced the launch of Finschia, a blockchain network that the company calls the third generation, to help developers manage their apps more easily and support smart applications. agreements
Finschia Blockchain: Here, the main network of LINE
LINE has been developing its blockchain ecosystem since 2018, introducing services such as cryptoLINK, crypto assets trading services, wallet and NFT market.
Mainnet currently only supports the LINK token, but more tokens and features will be introduced in the future. Mainnet is now live and LINE has officially become a decentralized platform for social media and payment services. The launch of the
Mainnet is another step to realize the company's grand plan for the availability of decentralized services. In addition, with this release, LINE is positioned as a direct competitor to Ethereum in the development of dApps.
Finschia added many features to improve functionality, speed and stability. It uses its own consensus algorithm, Ostracon, which adds a Verifiable Random Function (VRF) to the Cosmos consensus algorithm.
With these improvements, Finschia is 400 times faster in trading and reduces costs by 98% compared to Ethereum. In addition, Finschia has introduced contribution rewards for users and developers who are rewarded for their contributions to the expansion of the blockchain ecosystem.
At launch, LINE plans to open the network to developers, regardless of their experience with blockchain services, and provide them with an environment where they can easily develop full-node dApps from Finschia or LINE Blockchain Developers.
Through Finschia, developers can collaborate with LINE services and use LINE knowledge to develop user blockchain services.
LINE NEXT CEO Youngsu Ko said:
"We are happy to introduce Finschia, where we can collaborate with other developers to unlock the potential of our blockchain network," said LINE NEXT CEO Youngsu Ko.
We look forward to creating a new blockchain ecosystem and expanding LINE LINK's crypto-resource-based token economy."
In addition, LINE plans to connect the existing Daphne network with Finschia, connecting the blockchain network where all blockchain services will operate.
LINE plans to launch DOSI Vault in the coming days, which is free from loss of freedom wallet dedicated to the LINK cryptocurrency. With full wallet control, users can manage LINK faster, safer and easier with lower gas fees. Based on Finschia and DOSI Vault, LINE plans to expand its token economy by inviting users who are not yet familiar with blockchain to use easy-to-use, stable and secure services.
The platform is based on an open, decentralized system that allows users to exchange currencies and other assets quickly and efficiently. It also offers developers the ability to build decentralized applications (dApps) on the platform.
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Source : cryptonomist
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