SINGAPORE – 17/01/2024 – (SeaPRwire) – In a groundbreaking move, Klaytn Foundation and Finschia Foundation, the pillars behind South Korea’s Klaytn and Japan’s Finschia blockchains, announce their collaborative initiative to merge the two existing blockchains into a cutting-edge mainnet. This proposal, aiming to create Asia’s premier blockchain ecosystem, will be open for discussion and voting from January 26 to February 2, 2024, following its submission to the governance members of both foundations.
Forging a Technological Powerhouse: Klaytn and Finschia Propose a Chain Merge
The joint proposal seeks to birth a new industry leader boasting a technologically advanced blockchain supporting both EVM and CosmWasm. Additionally, it envisions cultivating one of the largest DApp ecosystems in Asia, merging the resources and networks of Klaytn, Finschia, and strategic partners like Kakao and LINE into a unified organization.
Asia’s Largest Web3 Ecosystem in the Making
The envisioned merger of Klaytn and Finschia, already leading Web3 in South Korea and Japan, is set to create Asia’s largest Web3 ecosystem. With over 250 million digital wallets and 420 DApps, the new mainnet will seamlessly integrate with Kakaotalk and LINE, providing a user-friendly Web3 experience to millions.
Post-merge, the united foundation plans to expand into RWA tokenization, GameFi, and DeFi with collaborations across Japanese, South Korean, and Southeast Asian partners. The focus remains on developing messenger-based Web3 services and a digital commerce platform while creating the largest Web3 business network in Asia.
A Vision for Sustainable Value: Enhanced Tokenomics and Governance
Upon the successful merger, KLAY and FNSA, the native coins, will be replaced by a new native coin issued based on their combined total amount. The proposed tokenomics emphasize sustainable value creation, featuring a lower base inflation rate and a 3-layer burning model. The new foundation will operate transparently, focusing on an ecosystem fund and infrastructure fund replenished through block rewards.
The governance structures of Klaytn and Finschia will merge, creating Asia’s largest decentralized Web3 governance structure. The new blockchain aims for permissionless validation, ensuring openness and security. With support for both EVM and CosmWasm, it opens doors for Ethereum and Cosmos builders, fostering interoperability.
“We are excited to unlock the synergy of merging the public blockchains initiated by Kakao and LINE,” state Klaytn Foundation and Finschia Foundation. “This merge is an opportunity to innovate and lead the Asian blockchain industry in both technology and adoption.”
For further details and discussions, representatives from the foundations will participate in the upcoming Klaytn Community Town Hall on Friday, January 19, 2024.
SOURCE Klaytn Foundation
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