What is Finschia (the FNSA token)? Representative of LINE Corp. in the blockchain field.

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14 Jan 2024

Finschia (the FNSA token) brings the ability to connect to the Web3 market and blockchain technology to everyone.

What is Finschia (the FNSA token)?

Finschia, originally known as LINK (LN token), was built by the globally renowned messaging app LINE. Recognizing the potential for expanding its ecosystem in the Web3 and blockchain markets, LINK was transformed into Finschia in 2020 with a new utility token and management called FNSA.

The project focuses on users as the central point of development, continuously upgrading, expanding the network, and increasing system compatibility with various operating systems and browsers. The platform offers features to facilitate convenient transaction deployment for investors, allowing complete freedom in token storage with no third-party interference. Finschia realizes the vision of "blockchain for everyone" by creating a user-friendly environment, an advanced infrastructure, and publishing guides suitable for newcomers to the cryptocurrency market.

From December 2023, developers will have full authority to develop personal decentralized applications (dApps) as the platform transitions to a public network. On January 5th, the FNSA token was officially listed on Bitget.

The project launches the "Finschia Creator Initiative" program starting on January 14th. The event aims to encourage Finschia enthusiasts to create articles and products related to the platform, offering opportunities to receive attractive rewards and incentives

Finschia's Objectives

Establishing a Sustainable Token Model: The project implements an inflation mechanism in the protocol to ensure the fairness and transparency of the platform's economy. FNSA tokens are allocated as rewards for contributors: network (50%), services (30%), and reserves (20%). The principles of the token 2.0 economy will start with a reserve amount of 0 to encourage investors to participate in supporting service development.

Building a Community-Centric Ecosystem: To promote the public blockchain system, Finschia deploys Governance Mechanism 2.0. Members have the right to vote to decide on the enforcement of various platform activities. Finschia places the community at the center, regularly listening to and upgrading the project based on user feedback to create a sustainable token model.

Building a Web3 Blockchain and Attracting Over 1 Billion Users: The project creates an ideal environment for Web2 projects to seamlessly transition to Web3 through blockchain technology. The platform aims to achieve the milestone of 1 billion users in the near future

Operational Approach

Finschia operates by integrating Web3 features such as decentralization and security while ensuring transparency and a user-friendly experience with Web2. The project uses Ostracon and CosmWasm to optimize performance and scalability. Ostracon provides a consensus mechanism and is the final step to reduce forking in the blockchain network. VRF is implemented to randomly select block producers, protecting the network from system errors and hackers.

Finschia utilizes the WebAssembly virtual machine to enhance security and performance for the platform. This allows the development team to write, deploy, and update smart contracts in multiple programming languages, supporting token standards and bridging between different blockchains.

The modular system helps the project adapt flexibly to user requirements and market trends. Finschia's SDK is a powerful mechanism for developing blockchain applications with efficient transaction processing and smart contract support. The SDK provides flexibility to developers through running nodes via Daemon, interacting with a command-line interface, and offering finschia-proxy to filter transactions.

Ecosystem

Finschia attracts numerous partners to participate in project development and actively engages in the ecosystem, such as A41, AhnLab Blockchain Company, Bacano Go!, Bithumb, Bittrex, BugHole Inc.

Use cases of FNSA token

Payment: The FNSA token is used for payment for a variety of services and products, including music, video, webtoons, discounts, and other promotional programs.