After launching an NFT marketplace, Japanese messaging giant LINE continues its adventure in the field of blockchain technology.
LINE Tech Plus, the blockchain and crypto subsidiary ofmessaging apps LINE, just announced the launch of the mainnet “Fuck”.
In its official press release, LINE evokes a blockchain network 400 times faster in terms of trading speed and 98% cheaper compared to the main Ethereum (ETH) blockchain network.
“LINE developed its own blockchain mainnet in 2018 and built a blockchain ecosystem by introducing services such as its crypto-asset LINK, crypto-asset trading services, crypto-asset wallet and NFT marketplace. .
Now, with the new Finschia blockchain mainnet, LINE aims to become a more robust blockchain ecosystem with enhanced functionality and stability. This is the first step in the LINE blockchain ecosystem to realize the true value of Web3 that anyone can easily and freely produce, trade and earn rewards.
Named after the tropical tree, Finschia has added many features to improve functionality, speed and stability. Using Ostracon, its own consensus algorithm, which adds VRF (verifiable random function) to the Cosmos consensus algorithm.
With its improvements, Finschia is 400 times faster in terms of trading speed and reduces costs by 98% compared to Ethereum. Additionally, Finschia has introduced contribution-based rewards where users and developers can receive rewards based on what they have contributed to building the blockchain ecosystem.
Furthermore, LINE plans to combine the current mainnet, called Daphne, with Finschia, unifying the blockchain mainnet under which all blockchain services operate. ”, reads the LINE announcement.
LINE Xenesis is a product of the LINE TECH PLUS PTE line. srl. Finch
イーサリアムに比べ400倍速い取引速度とネットワーク利用料98％削減を実現しています。
▼プレスリリース詳細https://t.co/Kj4L5gH9ix— LINE株式会社 (@LINECorp_jp) December 27, 2022
Following the launch of this Finschia mainnet, the LINE group also announces the arrival in a few days of a non-custodial crypto wallet called “DOSES depositintended to store the LINK cryptographic asset issued by the LINE blockchain project.
Youngsu Ko, CEO of LINE NEXT, said:
“We are excited to introduce Finschia, where we can collaborate with other developers to unlock the possibilities of our blockchain network.
We look forward to building a new blockchain ecosystem and expanding LINE’s token economy based on the LINK crypto asset. »
Like other blockchains like Avalanche (AVAX) or Polygon (MATIC), LINE also wants to be direct competitor of the Ethereum network in the development of decentralized dApps applications.
After deciding to exit the cryptocurrency exchange business by shutting down BITFRONT last month, Japanese LINE is now focusing on developing its blockchain and NFT business.
Within a half-mast blockchain and crypto industry, the Japanese group LINE therefore continues to develop its blockchain network in the hopes of one day becoming a strong competitor against the sector leader Ethereum (ETH).
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