LINE Rolls Out Finschia Blockchain Mainnet
LINE Tech Plus, an associate firm of LINE Corporation and administrator of cryptocurrency and blockchain-focused enterprises, has revealed the introduction of “Finschia,” a blockchain mainnet that the firm refers to as third-generation, to assist programmers in managing their programmes and supporting smart contracts. For the last four years , LINE has been expanding its blockchain network by launching services including its cryptocurrency LINK, digital asset trading services, a wallet, and an NFT marketplace.
Presently, the mainnet only serves the LINK token, however other crypto tokens and functionality will be added in the future. Now that the mainnet is operational, LINE is officially a decentralised social networking and payment system.
The introduction of the mainnet is an additional milestone in the company’s ambitious aim to transform decentralised services available to everyone. F urthermore, with its debut, LINE becomes a direct rival to Ethereum in the advancement of decentralised applications. Finschia has implemented significant enhancements to capabilities, performance, and stability. It employs Ostracon, its native consensus algorithm, which augments the Cosmos consensus method with VRF (Verifiable Random Function).
With these enhancements, Finschia’s trading performance is 400 times quicker and expenses are reduced by 98% relative to Ethereum. More over , Finschia has included contribution-linked awards, allowing users and programmers to get prizes depending on their contribution to the growth of the blockchain environment.
With the debut, LINE plans to extend the network to programmers, irrespective of their expertise with blockchain services, and offer them with an ecosystem in which they can quickly construct dApps using the complete node on Finschia or LINE Blockchain Developers. Finschia enables programmers to work with LINE services and leverage LINE’s expertise to create consumer-friendly blockchain solutions.
Youngsu Ko, CEO of LINE NEXT, stated, “We are thrilled to unveil Finschia, a platform where we can collaborate with other programmers to harness the potential of our blockchain platform.” We anticipate developing a fresh blockchain environment and extending LINE’s token economy driven by LINK.”
LINE also intends to connect the existing mainnet, known as Daphne, with Finschia, integrating the blockchain mainnet where all blockchain applications function. LINE aims to release DOSI Vault, a non-custodial wallet for the LINK cryptocurrency, in the days ahead. With complete control over their wallets, customers will be able to handle LINK more quickly, securely, and with cheaper gas costs.
Leveraging on Finschia and DOSI Vault, LINE wants to expand its token system by enabling customers unfamiliar with blockchain technology to take benefit of stable and secure services that are simple for using. The system will be built on an open, decentralized network that will facilitate the effective exchange of currencies as well as other assets. On the network, programmers will also be able to construct decentralized apps (dApps).