As we reach the halfway point of the year, we send our warmest greetings to all of you.
The Finschia team is in full swing, preparing for the exciting future ahead. We are delighted to announce the forthcoming inaugural members of Finschia Governance, the driving force behind our ecosystem. With a solid foundation rooted in blockchain principles, we look forward to forging ahead to build the world’s leading Web3 ecosystem. As we embark on this transformative journey, we humbly ask for your unwavering support and active engagement.
⎮Headlines
2023.06
- ✓ [Global NFT] GAME DOSI to Release Its First Web3 Game ‘Frame Arms Girl: Dream Stadium’
- ✓ [Global NFT] Global NFT Platform Launches Beta Version of DOSI Land
- ✓ [Global NFT] Announcing Web3 mass adoption at METACON 2023
⎮ Finschia is going green, where on the path of ESG?
What is blockchain power consumption?
The power consumption of running a blockchain network and issuing tokens specifically refers to the amount of electrical energy required to run the actual blockchain network and compute operations such as token transactions and mining. Cryptocurrencies such as Bitcoin, Bitcoin Cash, and Litecoin rely on a consensus mechanism called Proof-of-Work (PoW) to validate transactions and maintain high security, which requires significant computational power and a massive amount of CPU power running to solve the calculations.
What are the direct and indirect impacts of blockchain power consumption?
- Environmental aspects: Bitcoin and other PoW cryptocurrencies have raised a number of environmental concerns due to their excessive CPU usage. This is because the energy-intensive mining process relies heavily on electricity, resulting in excessive carbon emissions and directly contributing to the effects of climate change.
- Network scalability aspects of blockchain technology: As network activity increases, so does the number of participants, leading to more block generation, which in turn complicates the chain’s computation, meaning more computation is required to solve complex operations, leading to high power consumption.
What’s the solution to this inherent problem?
There are Proof-of-Stake (PoS) methods and various consensus algorithms that require significantly less energy. In fact, many blockchain network operators are moving to PoS and are also looking to utilize renewable energy to reduce carbon emissions. Cosmos-based Finschia, which uses Delegated Proof-of-Stake (DPoS), is also helping to lead the way in green blockchain.
❖ Ostracon is a combination of Tendermint and VRF, while Tendermint is a consensus mechanism that combines Byzantine Fault Tolerance (BFT) and PoS.
How does Cosmos’ DPoS-oriented Finschia differ from the existing LINE Blockchain?
The difference in power consumed between PoS and PoW is over 99%.
- PoS: 8e⁶kWh/tx (equal to lighting LED bulb for 10 seconds)
- PoW: 60kWh per minting 1 NFT (7.5 million times wasted than PoS)
❖ Sourced by Bitcoin Energy Consumption Index by Digiconomist
How does Finschia work to minimize power consumption?
Finschia is based on Ostracon, which is a combination of BFT and VRF algorithms that go beyond the PoS. Due to the way the network is implemented, it is necessary to continuously make efforts to make power usage more efficient in order to maintain low power and build an eco-friendly blockchain environment. Therefore, we pay attention to compatibility and stability so that the Finschia network can run smoothly even on low-power devices.
As of 2023/7/9
- 1 validator: 924.3756kWh
- 8 validators: 7400.00kWh
❖ Finschia power consumption measures the total power of the system running the node, not the algorithm.
What challenges will Finschia continue to face in the future?
Finschia, encompassing all its products, services, and platforms like DOSI, AVA, and AlphaCrewz, is actively involved in Sustainable Development Goals (SDG) and Environmental, Social, and Governance (ESG) initiatives. In Japan, we are dedicated to promoting ESG activities and will ensure transparent and accurate disclosure of Finschia’s power consumption, supported by relevant evidence. Moreover, we are committed to enhancing the stability and scalability of our network to facilitate numerous blockchain activities without necessitating additional energy consumption. (> Read Eco-friendly LINE Blockchain offers blockchain with low power consumption)
⎮ Interview: Finschia community manager
Please introduce yourself.
Hello. I’m Admin, and I’m in charge of operating and managing the Finschia community.
Have you ever bought any DOSI NFTs?
I’ve bought a lot of NFTs, including DOSI Citizen, LG Twins, Catbotica, AlphaCrewz, and BeerGang. I’m sure I’m probably one of the most prolific buyers of DOSI NFTs among the LINE NEXT members (laughs). I’ve bought so many. Really a lot.
I’ve heard that the staff involved in the Finschia project are restricted from trading FNSA. How do you feel about this restriction, such as not being able to buy NFTs on DOSI with FNSA?
It’s a bit unfortunate that when I buy NFTs with NAVER Pay or ETH, I get less DON rewards than when I pay with FNSA. I think FNSA is too easy to use and the payment process is too fast, so it’s a disadvantage for us when buying popular NFTs. There have been times when I’ve failed to buy NFTs on DOSI because they were sold out before I even got to the payment screen; this means that the interface of the DOSI app is too fast and the payment compatibility with FNSA is too good. Still, I’m sure I’m not alone and that many other people like me feel the same way. Putting all these inconveniences behind me, I hope that the way internal employees buy and trade FNSA will be made more flexible by pre-reporting to the management or something.
How do you plan to manage the Finschia community in the future?
We’ll be introducing a feature to verify FNSA holders on the Finschia Discord soon, and once that’s in place, we’ll be building a community around FNSA holders. How will we define who they are? We will add the FNSA logo to the right of the holder’s nickname so that they can easily identify themselves as an FNSA holder. We will also create a dedicated channel for holders to communicate with each other in an effective way. From time to time, we will run holder polls to gather opinions on issues that need to be addressed by the community. In addition, we will continue to expand the benefits for holders, such as the whitelisting of DOSI NFTs.
What are Finschia’s marketing plans?
Since rebranding to Finschia, we’ve been discussing the direction of our marketing from the ground up. While the previous LINE Blockchain was more LINE-focused, the third-generation mainnet Finschia is a public blockchain, and we want to raise its brand awareness to the global #1 Web3 blockchain infrastructure. First of all, we will continue to participate in blockchain conferences at home and abroad to promote Finschia, and as we aim to be a leader in the Web3 ecosystem, we will also conduct marketing in the Web3 style. We’ve recently met with Web3-focused marketing agencies, and we’re also researching the methods used by existing Web3 projects. We’ll look at all the different approaches and incorporate them into our marketing in a way that will have the greatest impact.
How do you see DOSI and its community?
DOSI is a key partner in providing an easy and convenient Web3 experience within the Finschia ecosystem and a major user of FNSA. Personally, I think the success of DOSI is very important because it can set a precedent for other app/dApp developers to join the Finschia ecosystem. Just as we introduced the Zero reserve policy last year and set a new benchmark for the token economy in the blockchain industry, I think the performance of DOSI will also set a benchmark for many other app/dApp developers. I’m sure DOSI’s success will greatly encourage other developers and partners who want to join the Finschia ecosystem.
There seems to be lack of information provided by Finschia compared to the DOSI community.
First of all, I would like to point out that there is a difference in the environment between Finschia and DOSI. In the case of DOSI, our partner, we’ve already launched the service and have several projects on board with more expected to come, so it’s easy to communicate with them immediately because every update is news.
However, Finschia is in transition to a public network and we are awaiting the launch of Finschia Governance, so there is limited news to share. Finschia is an infrastructure that is central to all dApps, so we have to be careful about sharing big news. The regulatory environment is currently being established, but internally we are trying to operate with a level of transparency comparable to that of public companies. However, we expect to be able to share more announcements as the number of dApps serviced within the Finschia ecosystem grows.
What are some of the challenges of running a community?
There’s a lot going on under the hood; it’s a really busy place, and the challenge is when we don’t communicate how hard we’re working. I also think that if we can fully explain what we’re doing and what we’re preparing for, it will make a big difference in how the community views Finschia. On the one hand, I think that in the blockchain industry, sensationalism is the norm, so this difference is more visible.
In reality, every project has a different environment, so I think it’s important for me to do what I can right now and solve the problem properly, and I think that’s what I have to overcome in the end. I do get criticized for being in a slow phase, but I don’t think we ever go completely off course because we release things when they’re almost 100% confirmed. I shudder to think that I could have joined another organization and run a community for a morally questionable project (laughs).
What dApps are you most looking forward to in the Finschia ecosystem?
I’m most excited about GAME DOSI! GAME DOSI will introduce a type of Web3 game that has never been seen before, emphasizing “Gamers First,” unlike the existing P2E (Play to Earn) games. The idea of not only owning NFTs or receiving benefits but linking them to real games in a Web3 style so that gamers can have a different kind of fun is very appealing.
I’ve also recently heard that GAME DOSI is collaborating with numerous famous global game companies, so I think there will be a lot of fun and high quality Web3 titles. In addition to the current line-up, there will be a lot of different games, so I expect that game lovers will continue to get exciting news in the future.
I heard that you are also close to the GAME DOSI team. If you had to choose between working late with your boss Woosuk or having a coffee with GAME DOSI leader Kiwoong, which would you choose?
Haha, this is “Would You Rather,” right? I would love to have a cup of hand-drip coffee with Kiwoong and hear his insights on the gaming industry. I’m a bit of a gamer myself (laughs). And after I’m caffeinated, I’ll be off to work late with Woosuk!
❖ This interview has been comprised of questions asked frequently to admin on Finschia Discord.
⎮ FNSA Overview
■ FNSA Market Cap: 207.24mn USD
■ FNSA Price: 29.86 USD
■ Monthly Trading Volume: 17.40mn USD
■ Circulation: 6,939,925.3 LN
■ Officially Listed Exchanges: LINE BITMAX, Bithumb, Gate.io, Huobi Global, Bittrex Global
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**Disclaimer: This newsletter is issued by Finschia Foundation, the operator of Finschia mainnet and the issuer of FNSA. It provides the information about the business and services related to the Finschia ecosystem. Please note that the business entities may vary depending on the service.
