The Finschia blockchain mainnet has been launched by LINE.

LINE Tech Plus, a LINE Corporation subsidiary that manages crypto and blockchain-related businesses, announced the launch of “Finschia,” a third-generation blockchain mainnet designed to help developers manage their programs and support smart contracts.

Finschia blockchain: LINE’s mainnet is now available.
Since 2018, LINE has been expanding its blockchain ecosystem by introducing services such as its crypto LINK, crypto asset trading services, a wallet, and an NFT marketplace.

The LINK token is currently supported on the mainnet, but more tokens and features will be added in the future. With the launch of the mainnet, LINE has officially transitioned into a decentralized platform that provides social media and payment services.

The launch of the mainnet represents another step toward realizing the company’s grand vision of making decentralized services available to everyone. LINE also establishes itself as a direct competitor to Ethereum in the development of dApps with this launch.

Finschia has improved functionality, speed, and stability by adding numerous features. It employs Ostracon, its own consensus algorithm, which augments Cosmos’ consensus algorithm with VRF (Verifiable Random Function).

With these enhancements, Finschia is 400 times faster in trading speed and 98% cheaper than Ethereum. Furthermore, Finschia has introduced contribution-based rewards, which allow users and developers to be rewarded for their contributions to the expansion of the blockchain ecosystem.

With the launch, LINE intends to open the network to developers of all levels of experience in blockchain services, and to provide an environment in which they can easily develop dApps using the full node on Finschia or LINE Blockchain Developers.

Finschia allows developers to collaborate with LINE services and leverage LINE’s expertise to create user-friendly blockchain services.

LINE NEXT CEO Youngsu Ko stated:

“We are excited to introduce Finschia, a platform where we can collaborate with other developers to unlock the potential of our blockchain network,” said Youngsu Ko, CEO of LINE NEXT.

We are excited to build a new blockchain ecosystem and expand LINE’s token economy based on the crypto asset LINK.”

Furthermore, LINE intends to merge the current mainnet, Daphne, with Finschia, thereby unifying the blockchain mainnet on which all blockchain services operate.

LINE intends to launch DOSI Vault, a non-custodial wallet dedicated to the LINK crypto asset, in the coming days. Users will be able to manage LINK faster, safer, and easier with full control of the wallet and lower gas fees.

Building on Finschia and DOSI Vault, LINE intends to expand its token economy by inviting users who are unfamiliar with the blockchain to take advantage of simple, stable, and secure services.

The platform will be built on an open, decentralized system that will allow users to quickly and efficiently exchange currencies and other assets. It will also allow developers to build decentralized applications (dApps) on the platform.