SEONGNAM, South Korea – April 17, 2023 – LINE Tech Plus, a subsidiary of LINE Corporation and operator of LINE’s blockchain-related businesses, announced today the establishment of the Finschia Foundation, a non-profit organization based in Abu Dhabi, United Arab Emirates, for operating its third-generation blockchain mainnet “Finschia” and crypto asset LINK (LN).
In addition to operating LINE’s third-generation blockchain mainnet and LINK, the Finschia Foundation plans to gradually transition its governance system into a consortium structure for decentralization. The goal is to build a transparent token economy while ensuring the stable operations of Finschia in association with governance members and several partners.
The Finschia Foundation was established as part of LINE’s Token Economy 2.0 strategy announced last year. It also plans to introduce Finschia Governance, a structure designed to strengthen the Finschia ecosystem. In conjunction with Token Economy 2.0, LINE previously announced a “zero reserve” policy in which no reserve of pre-minted tokens.
The Finschia Foundation aims to achieve a sustainable token model for Web3 users around the world under LINE Blockchain’s mission of “Blockchain for All.” The Finschia Foundation will create a blockchain platform in which anyone can participate through features such as on-chain governance to allow the community to make decisions, LINK staking, and programmable contracts. Contribution rewards are also available for users who stake LINK or contribute to the Finschia ecosystem.
LINE Blockchain’s existing second-generation blockchain mainnet, “Daphne,” will be migrated into Finschia. The integration will make both types of token standards available on Finschia, including the issuance and management of LINK and FT/NFT (Fungible/Non-Fungible Tokens).
“Establishing the Finschia Foundation is an important milestone for LINE Blockchain to move towards a public mainnet,” said Woosuk Kim, CEO of LINE Tech Plus. “With the Finschia Foundation, we will continue to operate a stable and systematic token economy for the expansion of our Web3 ecosystem.”
The Finschia Foundation also issued a new white paper about its plans and policies for operating the new Finschia ecosystem. Details can be found on the official website (finschia.network/whitepaper).
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.
