Finschia 2024: A Public Blockchain, Expanded dApps and More
Greetings from the Finschia Foundation.
Today, we are pleased to announce that LINE NEXT Corporation — the LINE subsidiary dedicated to developing and expanding the Web3 ecosystem and the developer of Finschia — has secured a KRW180 billion (USD140 million) investment from Crescendo Equity Partners, a private equity firm sponsored by PayPal co-founder Peter Thiel. (>read press release)
In addition, within December, Finschia will release its mainnet endpoints to general developers, marking the official transition to a public network and allowing anyone to develop dApp services on Finschia without permission.
For an update on our business status and where we are headed after going public, please read on.
What is Finschia?
Finschia was initially launched by LINE in 2018 as a blockchain project, then evolved into the independent entity Finschia as part of an overall change to the Web3 ecosystem (see the Finschia official website for details of our journey). And it was more than just a name change. (read more in Why we rebranded to Finschia?)
Distinguished by three key strengths — zero reserves, integration with LINE and optimized for popularization — Finschia is aiming to establish a blockchain tailored for real-world businesses and applications, with a vision to cultivate an ecosystem spanning over a billion users.
1. Zero reserves and contribution-based incentive policy
FINSCHIA (FNSA) has been transparently issued without pre-issuance reserves or *ICOs, which addresses a common problem in the traditional token economy. This communicates that FNSA’s avoidance of ICOs prevents large quantities from entering the market and causing value dilution. This distinction enhances FNSA’s investment value and attractiveness in the market, setting it apart from tokens with indiscriminate circulation. Furthermore, Finschia provides network contribution rewards to validators and holders who contributed to the network through staking and delegation. Finschia allocates 80% of the tokens issued to those who contribute to the service and network, thereby creating a positive cyclical structure. (>Finschia White Paper: Token Economy)
*ICO(Initial Coin Offering): The process of attracting investment for a new cryptocurrency project by releasing a comprehensive document, such as whitepaper.
2. Connected with LINE and business-oriented
We offer a wallet service integrated with the LINE platform, ensuring accessibility to a vast global user base. DOSI’s digital goods, represented by Finschia’s NFT platform, support cash payments through services like NAVER Pay and LINE Pay. Additionally, they are seamlessly linked to various applications such as LINE Profile and LINE Stamp.
3. Distinguished technology for popularization
Finschia is 98% cheaper than Ethereum, 400 times faster, and offers *finality identical to its block generation time). It also offers CosmWasm and a variety of development languages, and supports interchangers and the Ethereum Virtual Machine (EVM), ensuring that the network is stable even when large applications are onboarded.
*finality: The assurance or guarantee that transactions cannot be altered, reversed, or canceled after they are completed.
*CosmWasm: A secure, interoperable, multi-chain-operated smart contract platform
Finschia ecosystem before going public
Finschia’s collaboration with various partners, including significant support from Crescendo, SoftBank, LINE NEXT, and CertiK, even before the public network transition, has propelled Finschia to become a Web3 ecosystem leader. In Korea, top-tier companies such as CJ ENM, Shinsegae, and YG Plus are actively participating in the Finschia ecosystem, further expanding the usability of FNSA. (Explore our Finschia Ecosystem). Among them, DOSI, the core dApp of Finschia, as a global NFT platform, has achieved the significant milestone of attracting 5.6 million users and facilitating over 530,000 NFT transactions.
Notably, Finschia has secured 6.5 million FNSA wallets and achieved remarkable success as a global NFT platform through DOSI, with 4.8 million users, 21 million NFTs minted, 240,000 active trading users, and 870,000 trading counts. This has led to the establishment of the №1 NFT ecosystem in Asia. Heading into the public network launch, Finschia had a market capitalization of approximately KRW240 million (USD194 million), with 61% locked on the network. Finschia is currently listed on only five centralized exchanges (CEX) in a private endpoint environment, and we plan to pursue additional exchange listings to build a robust DEX ecosystem.
About the public release of Finschia
Once Finschia endpoints (application nodes) are released in late December 2023, developers will be able to freely create dApps based on Finschia and integrate businesses without requiring permission. This implies that users from external chains can directly establish and integrate user nodes through application nodes or *broadcast transactions (Tx) and retrieve data directly from application nodes without managing user nodes. The endpoints of Ebony, Finschia’s testnet, have already been released, and please find detailed information in the Finschia Docs (browse here in the guide).
*Broadcasting: A method of disseminating information, such as transactions (Tx) or blocks, to all nodes simultaneously. This ensures that all nodes possess identical information, maintaining synchronization across the blockchain network.
2024 Finschia Direction
1/ Enterprise integration: A collaborative initiative with LINE’s Web3 business
LINE NEXT announced it secured an investment of KRW 180 billion (USD 140 million) and a bold foray into the enterprise sector in the Asian market. Finschia is committed to actively backing LINE NEXT’s NFT platform initiatives and products, with a strategic plan to expand the Finschia ecosystem and capitalize on growing demand as LINE’s Web3 business flourishes.
2/ Strategic dApp sector selection: Forming eco-funds to drive growth
Finschia focuses on key areas for dApp discovery: enhancing DeFi, social, X2E, and stable coin-based payments. We envision these four sectors as the cornerstone of the next wave of Web3 popularization. In line with this vision, we aim to establish an eco-fund in collaboration with Finschia Governance and our strategic partners. Our objective is to discover new dApps with potential, facilitate their integration into Finschia, and implement strategies to support the developer community. This includes the organization of global hackathons across major Asian countries, including Japan, Korea, Taiwan, and Thailand.
3/ Liquidity security and listing expansion: CEX and DEX
Finschia is set to raise funds with an emphasis on securing liquidity and enhancing listings. FNSA is currently available on only five exchanges, but more listings will be promoted starting from December. With the forthcoming opening of endpoints for exchanges to autonomously list, FNSA trading support can be facilitated without the need for consensus. For detailed information, please visit the official Finschia website.
4/ Harnessing Permissionless Smart Contracts
Finschia utilizes the CosmWasm virtual machine (VM) to enhance blockchain functionality without the necessity for mainnet upgrades or restarts. The VM accommodates WebAssembly (WASM) formatted contracts, ensuring a secure and high-performance execution environment. These contracts can be written in various languages, such as Rust, eliminating the need for a dedicated contract-specific language. In permissionless smart contracts, contracts can be deployed and operated quickly without the need for complex approval processes. The distinct separation of the “store” and “instantiate” process eradicates redundant storage costs, while Finschia’s low gas costs significantly reduce entry barriers for dApp developers. This streamlined approach empowers developers of all backgrounds to effortlessly extend and innovate blockchain functionality.
5/ Advancing network interoperability: strengthening connections for seamless integration
Transitioning to a public blockchain, Finschia gains access to and leverages the tools, libraries, and services offered by the Cosmos ecosystem. Additionally, we aim to fortify interoperability with diverse Cosmos-based blockchains by implementing IBC (Inter Blockchain Communication), a Cosmos-SDK feature that facilitates the creation of an ‘Internet of Blockchains.’ Furthermore, we are actively exploring options to support EVM-based blockchains and contracts, expanding our network’s connectivity and compatibility.
As we conclude our 2023 journey with mainnet integration and the shift to a public blockchain, Finschia looks beyond LINE Blockchain, effectively bridging Web2 and Web3. We thank you in advance for your continued engagement in our exciting journey in 2024.
We are the blockchain for all.
Finschia Foundation
▶︎ Finschia general inquiries: finschia.io/contact
▶︎ Developer inquiries: dev@finschia.org
▶︎ Business/Partnership inquiries: contact@finschia.org
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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.
