LINE TECH PLUS, a subsidiary of LINE Corporation, announced on March 31 the establishment of the Finschia Foundation, a non-profit organization based in Abu Dhabi, United Arab Emirates.
The move is part of LTP’s “Token Economy 2.0” strategy to expand its global Web3 business and transform its existing governance structure into a consortium model.
The Finschia Foundation will operate the third-generation blockchain mainnet “Finschia” and the crypto asset “LINK.”
It plans to introduce “Finschia Governance” to expand the Finschia ecosystem, working with governance participants and partners to build a transparent token economy while ensuring the stable operation of Finschia.
To implement “Token Economy 2.0”, the Foundation has established new rules for LINK payment rewards and is pursuing a “zero pre-issuance reserve” strategy.
It has also released a white paper detailing plans and policies for the operation of the Finschia ecosystem.
Under LINE Blockchain’s “Blockchain for All” mission, the Finschia Foundation aims to create a sustainable token model with Web3 users worldwide.
The blockchain platform will enable community decision-making through on-chain governance, staking of LINK, and smart contracts.
Users who stake LINK and contribute to the Finschia ecosystem will be rewarded based on the LINK payment reward rules.
In addition, Finschia will integrate the second-generation blockchain mainnet, Daphne, to provide various blockchain services, including issuing and managing LINK and FT/NFT (fungible/non-fungible tokens).
The CEO of LINE TECH PLUS emphasized that establishing the Finschia Foundation is a crucial step in making the LINE blockchain a public domain network and strengthening the Web3 ecosystem through a stable and transparent token economy.