Klaytn - Finschia blockchain integration project to launch... Asia's top crypto ecosystem challenges.
According to DigitalToday, the Klaytn Foundation, which manages the ecosystem of the layer 1 blockchain platform Klaytn, and the Finschia Foundation, a blockchain and web 3.0 business operator developed by LINE Tech Plus, are promoting a project to launch a new mainnet through the integration of the two blockchain ecosystems. To this end, the two foundations will submit a proposal for an ecosystem integration plan to their respective governance members on the 15th, and collect opinions through a vote by the 2nd of February.
According to both parties, the project aims to create a more competitive blockchain ecosystem by integrating the capabilities of Klaytn and Finsia. The two foundations will work together to fully integrate the technologies, services and business networks they have developed under a common goal. They will also work with various partners who have contributed to the development of each mainnet and the expansion of the ecosystem, to establish themselves as representative mainnets in Asia and popularize blockchain services.
Klaytn and Finsia will share their strengths and seek to develop into a unified mainnet system through complementarity. The unification of the two projects is expected to promote various innovations, such as leveraging the largest (250 million) potential digital wallet users in Asia, inheriting and linking web 3.0 assets based on Kakao and Line mobile messengers, and securing about 420 web 3 services and more than 45 governance operation members, which will enable them to explore business expansion opportunities as an effective blockchain ecosystem. After the mainnet integration, Klaytn Foundation will continue to focus on RWA (Real World Asset) tokenization, web3 gaming and DeFi project-centric ecosystem expansion, and strengthen partnerships with global blockchain partners, including Japan and Southeast Asia.
If the proposal passes the governance member vote, the two foundations will continue to work on mainnet integration, while also focusing on the following priorities for 2024: building infrastructure to meet institutional demand; strengthening large-scale DeFi infrastructure and launching native stablecoins; promoting new web3 services with artificial intelligence (AI) technology; working with web2.0 partners on large-scale web3 technology convergence projects; onboarding global IP projects; fostering a community of holders, developers, and partners in Asia; and creating a more sustainable token economy powered by the new integrated Klaytn and Fincia mainnet. For the unified token economy, we are merging our two blockchain utility tokens, KLAY and FNSA, to create a new ecosystem utility token. Within the second quarter of this year, existing KLAY and FNSA holders will be able to convert all of their digital assets into the new token.
A total of 24% of the total KLAY and FNSA utility token issuance will be burned and a zero reserve tokenomics will be implemented. As for the funds that have been operated for foundation activities and ecosystem revitalization, they will continue to exist in the form of eco-funds and infrastructure funds, but will be operated transparently through the official mainnet information portal website as they are now. The inflation rate maintained by each mainnet will be adjusted downward and a layer 3 burn model will be established to create a more efficient tokenomics. The governance of Klaytn and Fincia will be unified under a single Proof of Stake (PoS) governance. The new governance will enhance user and community delegation capabilities and expand the number of governance members to up to 100.
The permissionless node validation system promoted by the Klaytn Foundation will also remain unchanged, creating a transparent, trusted and open ecosystem. For the unified mainnet, we will strive to build a network environment compatible with both Ethereum and Cosmos based on both companies' technologies in the long term. The two foundations will host local and global town halls on the 19th to share the news of the ecosystem integration and answer questions. Specific information about these events will be shared with the official Klaytn and Finsia Foundation holder communities, as well as on social media and Medium at a later date.
