Blockchain platforms Finschia from LINE and Klaytn from Kakao, which belong to the two major communication platforms, announced today on the X platform the integration of their main networks to accelerate the widespread application and development of Web3 technology in Asia. This governance proposal will begin voting on January 26 and last for one week.
(Prior summary:
LINE’s third-generation blockchain mainnet “Finschia” is officially launched! Will promote non-custodial wallet DOSI Vault)
(Background supplement:
Klaytn Interview | ICO breaks $300 million, behind the scenes of Kakao, Korea’s largest social media investing in blockchain development)
Social platforms and mobile communication have entered the blockchain field to expand their ecosystems with their huge existing user bases, becoming an obvious trend in the industry, such as LINE’s “Finschia,” Telegram’s “TON,” and Kakao’s “Klaytn” (Korea’s largest social media).
Today, Finschia and Klaytn announced on X the proposal to integrate their mainnets, jointly creating the largest Web3 ecosystem in Asia and further accelerating the widespread application of Web3 in Asia.
This governance proposal will start voting at 1 pm on January 26 and the voting period will last for one week until February 2.
The goal is to build an ecosystem with over 250 million users.
The joint proposal states that the Asian market currently accounts for 34% of the global GDP and 77% of cryptocurrency trading volume, but the Asian blockchain market value only accounts for 5%. This reflects the decentralization and untapped potential of the field.
The merged blockchain will integrate the Web3 assets of LINE and Kakao, the two major communication platforms, to create a massive ecosystem covering over 250 million user touchpoints. This not only combines the influence of Finschia in Japan, Taiwan, Thailand, and Abu Dhabi, but also integrates the strong networks of Klaytn in South Korea, Singapore, and Vietnam.
Through the integration of these two blockchains, seamless interoperability between Finschia’s NFT, payment, and AI services and Klaytn’s DeFi and gaming services will be achieved. In addition, the proposal states:
Issuance of new token PDT
The proposal announces the launch of a new integrated token (tentatively named PDT), and users holding FNSA and KLAY will have the opportunity to exchange for this new token.
This merger proposes a brand new token economic model, stating:
In terms of technology, the merged blockchain will combine Ethereum (EVM) and Cosmos (CosmWasm) technologies to form a network that is both compatible and highly efficient.
If this proposal is approved on February 2, the plan is to establish a new merged foundation in the second quarter, initiate a new token exchange process, complete governance integration, and launch a series of new business initiatives for the merged mainnet.
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