Finschia governance model evolves; Softbank and LINE participate

Finschia joins consortium

The Finschia Foundation, the operating entity of the third-generation blockchain mainnet “Finschia”, announced on the 13th that it will convert the Finschia governance model to a consortium type.

At the same time, the initial members who will jointly operate Finschia under the new governance system were also revealed. The consortium, which includes companies such as Softbank, LINE NEXT, and LINE Xenesis, aims to operate the public blockchain stage.

Finschia is an open network launched in December 2022 by “LINE TECH PLUS PTE. Its operations have since been transferred to the Finschia Foundation, which was established in Abu Dhabi as part of a “token economy 2.0” strategy utilizing the crypto asset FINSCHIA (FNSA).

Initial companies participating in the new governance system “Governance 2.0” include Softbank, LINE NEXT Inc., which operates the NFT platform “DOSI”, and leading companies in various fields, including A41, which participates in multiple blockchains as a verifier. name. In addition to the initial members announced this time, the Finschia Foundation has indicated a policy of continuously recruiting new partners who can grow together.

connection:LINE NEXT to develop Web3 game “GAME DOSI” using SEGA’s popular IP

Crypto Asset FINSCHIA

According to a white paper published in April 2023, companies participating in Finschia governance own a certain amount of FNSA, the base currency of Finschia, and operate nodes. It has the right to make governance decisions according to the amount of stake, and is expected to contribute to the ecosystem. Its scope ranges from blockchain management and updating, dispute resolution, establishment of rules for adding new members, etc.

The utility of the crypto asset FINSCHIA (FNSA) is expected to include rewards for block generation and verification, fee payments, and staking rewards in order to ensure stable operation of the Finschia network. In addition, currencies other than FNSA can be used to pay the dApps network fee (gas fee).

Finschia, which plans to issue a maximum of 1 billion tokens, adopts a “zero reserve policy” that does not issue in advance in accordance with a fair and transparent token economy. Introduced the principle of “reward for contribution” and distributed FNSA as a reward according to the degree of contribution. The distribution is done by the distribution algorithm built into the chain, with the ratio of network contribution reward (50%), service contribution reward (30%), and reserve (20%).

The introduction of consortium governance means the transition to stage 2 of the roadmap. Stage 3 aims to make the blockchain system even more decentralized, allowing any user or validator to participate in the network.

connection:LINE FRIENDS and Publisher of Popular NFT “Azuki” Partner to Develop New IP Business

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