LINE Tech Plus, a subsidiary of LINE Corporation and manager of crypto and blockchain-related businesses, announced that it has launched “Finschia,” a blockchain mainnet that the company calls third-generation, to help developers more easily manage their programs and support smart contracts.

Finschia blockchain: here is LINE’s mainnet

LINE has been developing its blockchain ecosystem since 2018 through the introduction of services such as its crypto LINK, crypto asset trading services, a wallet, and an NFT marketplace. 

The mainnet currently supports only the LINK token, but more tokens and features will be introduced in the future. With the mainnet now active, LINE has officially become a decentralized platform offering social media and payment services.

The launch of the mainnet marks another step toward realizing the company’s grand plan to make decentralized services accessible to all. In addition, with this launch LINE establishes itself as a direct competitor to Ethereum in the development of dApps.

Finschia has added numerous features to improve functionality, speed and stability. It uses Ostracon, its own consensus algorithm, which adds VRF (Verifiable Random Function) to Cosmos’ consensus algorithm. 

With these improvements, Finschia is 400 times faster in trading speed and reduces costs by 98% compared to Ethereum. In addition, Finschia has introduced contribution-based rewards, whereby users and developers can receive rewards based on their…