Announcing the successful upgrade of Finschia mainnet 2.0

Hello, this is the Finschia Foundation.

The Finschia mainnet 2.0 was successfully upgraded on October 31, 2023, starting with 59,938,000 block height. Services that were temporarily suspended during the upgrade have now been fully restored. The exact timing for resuming deposits and withdrawals on exchanges may vary, so please refer to each exchange’s official announcement for more details.

Purpose of the Finschia mainnet 2.0

Software v2 upgrade

• To increase the technical maturity of the Finschia chain
• To expand governance transparency and ensure network stability

Policy v1 upgrade

• To enact new policies to clarify key chain policies on accessibility and scalability of Finschia development
• To systematically manage Finschia operations alongside Finschia Governance and improve network-wide stability

This upgrade is the fourth milestone — the “Transition to a consortium system” — of the Finschia Foundation for the transition to the public chain.

• First Milestone: Launch of the Finschia Foundation (done)
• Second Milestone: Activation of the Token Economy 2.0 (done)
• Third Milestone: Integration of Daphne and Finschia mainnet (done)
• Fourth Milestone: Transition to a consortium system (done)

❖ cf.) Finschia: The New Paradigm of Connecting Web3

Changes after the Finschia mainnet 2.0 upgrade

I. Software v2

Finschia core pillar (finschia-sdk, Ostracon) updates:

• Cosmos-SDK upgraded to v0.45.10
• Tendermint upgraded to v0.34.24

Governance adjustment:

• Transfer of FoundationTax parameter management from Foundation(x/foundation) to On-chain governance(x/gov)

Enhanced functionality:

• Replaced libsodium VRF library with curve25519-voi for improved Ostraon’s Verified Random Function (VRF)

Infrastructure upgrade:

• Adoption of Go 1.20

Bug fixes:

• Resolution of issues impacting the total supply of Fungible Token(FT) in x/collection

II. Policy v1

Enforcement of node endpoint management policy level 1

• Level 1: This level places the highest priority on the stability and security of Finschia after conversion to the consortium. FGMs can operate nodes on another network, but all nodes must be managed with the access control list (ACL) by default. However, FGMs can operate application nodes at their discretion, with open endpoints to support access and use by chain users.

Enforcement of minimum gas price management policy level 1

• Level 1: In the early stage of the consortium, prioritizing the mutual growth of participants in the Finschia ecosystem and securing a competitive edge at the protocol level is crucial. Therefore, the gas fee at level 1 is standardized to ensure convenient development and an exceptional user experience with a free or nearly free fee structure.

Enforcement of software and policy upgrade process management

❖ More details about the software 2.0 upgrade can be found here in the proposal.

❖ More details about the Finschia policy 1.0 can be found here in the proposal.

Finschia, managed by 13 Finschia Governance Members (FGM) operating stable nodes, now provides a secure and transparent on-chain governance framework that cultivates an environment conducive to service development. This initiative has also laid the groundwork for builders seeking to create services atop the Finschia chain, fostering creative freedom. We remain steadfast in our commitment to support each member’s growth and drive ecosystem expansion within a stable and unencumbered framework.

Furthermore, we are in the process of launching a public application node in November, which will provide an enhanced development environment. This facility will facilitate swift and effortless testing and deployment of services. As we complete the Finschia 2.0 upgrade, we will progressively unveil endpoints, commencing from Ebony to Finschia.

Finschia is dedicated to actively supporting the inclusion of services that can contribute to various domains, ensuring mutual growth with our ecosystem partners. We eagerly anticipate your valuable contributions to this project and invite you to join us during this phase of rapid expansion.

We are the blockchain for all.

Finschia Foundation

Disclaimer: The FNSA staking and swapping activities available on the blockchain mainnet “Finschia” are not regulated and are not provided under the Finschia Foundation license.