![[NEWS] LINE establishes non-profit organization "Finsia Foundation" to expand Web 3.0 business](/_next/image?url=https%3A%2F%2Fimages.microcms-assets.io%2Fassets%2F7819a9cf917e4bcd862bfa2ff5f14d24%2F46a15bc197ae414f958747585be13a2e%2Flinefi1-main.png&w=3840&q=75)
On the 17th, LINE announced that it had established the non-profit organization "Finschia Foundation" on the 31st of last month through its group company LTP (LINE TECH PLUS PTE. LTD.) in order to further expand its global Web 3.0 business.
According to the press release, the Finschia Foundation was established as part of the "Token Economy 2.0" strategy announced by LTP in December of last year.
The foundation will operate the blockchain mainnet "Finschia" and the cryptocurrency LINK (LN), and will introduce "Finschia Governance" to expand the Finschia Ecosystem and convert the existing governance structure to a consortium type.
In addition, the foundation stated that it will work with governance participants and partner companies to stably operate Finschia and build a transparent token economy with the aim of making it a public chain.
Token Economy 2.0 announced by LTP introduces a contribution-based reward system in which users and developers who contribute to the expansion of the blockchain ecosystem can receive rewards. This will allow all users to freely create and trade value and receive rewards for their actions, Finschia explains.
80% of newly issued LINK will be distributed as "network contribution rewards" from LINK staking, which directly drives the demand for LINK and the growth of services, and "service contribution rewards" related to LINK payments. The remaining 20% will be distributed as a reserve for the purpose of developing the mainnet and revitalizing the ecosystem.
Finschia uses its own consensus algorithm, Ostracon, which provides a network with transaction speeds 400 times faster than Ethereum and reduces network usage fees by 98%.
Finschia also plans to integrate with Daphne, the second-generation blockchain mainnet released by LTP, which will enable it to provide a variety of blockchain services, such as the issuance and management of LINK, FTs, and NFTs.
In the announcement, LTP CEO Kim Woo-suk commented, "The establishment of the Finschia Foundation is an important step towards making LINE Blockchain a public mainnet. Through the Finschia Foundation, we will continue to operate a stable and transparent token economy to strengthen the Web3 ecosystem."
References:Press release、Token Economics 2.0 materials
Image: LINE press release