LINE's third-generation blockchain mainnet "Finschia" officially launched! Transaction speed is 400 times faster than Ethereum.

LINE's global cryptocurrency and blockchain subsidiary, LINE Tech Plus, announced today (23) that LINE's third-generation blockchain mainnet "Finschia" has officially launched, providing the public with a new open network.

LINE developed its proprietary blockchain mainnet in 2018, followed by the launch of the cryptocurrency LINK, cryptocurrency trading services, cryptocurrency wallet, and an NFT trading platform, creating a complete blockchain ecosystem. Now, with the high-spec Finschia mainnet featuring advanced functionality and stability, the LINE blockchain ecosystem will be further enhanced. This marks the first key milestone for LINE in realizing the true value of Web3, aiming to enable every user to create, trade, and earn rewards within the ecosystem in a simple and intuitive manner.

Named after a tropical plant, the third-generation blockchain mainnet of LINE, Finschia, boasts several highlights, with comprehensive improvements in functionality, speed, and stability. Its core mechanism combines the Cosmos framework and the consensus algorithm "Ostracon" developed based on the verifiable random function VRF, Verifiable Random Function. Following the upgrade, the transaction speed of Finschia is 400 times faster than Ethereum, costs can be significantly reduced by 98%, and a reward system based on computing contributions is introduced, rewarding users and developers based on their contributions to expanding the blockchain ecosystem.

Upon the launch of Finschia, it will be open to all developers, regardless of their experience in blockchain service development, enabling them to easily design decentralized applications dApps using the full nodes of Finschia or the resources of LINE Blockchain Developers. Furthermore, developers can leverage LINE's services and expertise to create user-friendly blockchain services. For more information, please refer to the LINE Blockchain official website (https://blockchain.line.me/)

CEO Takeshi Idezawa stated, "We are excited to announce the launch of Finschia, which will help us collaborate with other developers to unlock more possibilities for the LINE blockchain network. We look forward to building a new blockchain ecosystem with this, expanding LINE's token economy based on the cryptocurrency LINK."

Moreover, LINE plans to merge its existing mainnet Daphne with Finschia, integrating all blockchain services to operate on the same mainnet. Additionally, LINE is expected to soon launch the non-custodial wallet "DOSI Vault" specifically designed for its cryptocurrency LINK, giving users full control over the wallet, making the management of LINK assets more secure and convenient, with reduced miner fees. Both Finschia and DOSI Vault are easy to operate, stable, and secure, allowing even users unfamiliar with blockchain to use them with confidence, thereby helping LINE expand the scale of its token economy.