Klaytn and Finschia Blockchain Networks to Merge, Set to Create Asia's Largest Web3 Ecosystem
Summary:
South Korean-based Klaytn blockchain and Abu Dhabi-based Finschia blockchain are planning a merger after receiving an overwhelming agreement from their governing bodies, with 90% and 95% of members voting in favor respectively. Dubbed "Project Dragon," the joint venture aims to create an integrated mainnet to become Asia’s largest Web3 ecosystem. A redesigned proposal introduced on Feb. 5 facilitated the successful agreement, resulting in plans for a united foundation based in Abu Dhabi and the creation of a new coin to replace existing KLAY and FNSA tokens. The new network will be compatible with Ethereum and Cosmos platforms, aiming for a vast Asian user base with over 250 million Web3 users.
Klaytn and Finschia blockchain networks have received an overwhelming agreement from their governing bodies to combine their operations. The joint venture aims to inaugurate a consolidated mainnet which they believe will transform into the largest Web3 ecosystem across Asia. Specifically, 90% of Klaytn's governance members, who are based in South Korea, approved this merger, while 95% of Finschia's stakeholders in Abu Dhabi backed the move. This majority vote will set in motion a collaborative task force to integrate the blockchain networks and their foundational bodies in the second quarter of this year, under what is being designated as Project Dragon.
The decision to merge surfaced in January, but was initially dismissed by 99% in the first voting session held within the same month. Nevertheless, a revision of the proposal saw the light on February 5. The new joint foundation will be situated in Abu Dhabi and will incorporate an evenly distributed board of directors from both existing networks.
The augmented network forecasts an expansive ecosystem influence, grasping LINE and Kakao Web3 assets. This has a potential to establish a user base of over 250 million Web3 users in Asia, backed by 420+ DApps, 45+ governing partners, and 450+ Web3 resources. The governing body includes heavyweights like Kakao, Binance, and Quantstamp from Klaytn’s side and SoftBank alongside CertiK from Finschia.
The brand-new blockchain will be interoperable with both Ethereum and Cosmos platforms. The current KLAY and FNSA tokens will be superseded by a distinct new token. Quoting Klaytn regarding its forthcoming trajectory: “The foundation endeavors to enhance infrastructure development to boost accessibility for institutional investors, promote collaborations with various partners, and pioneer the introduction of native stable coins to revolutionize Asia's blockchain industry.”
Klaytn was launched by Kakao, a South Korean internet and messaging company, in 2019, with LG among the early adopters. Similarly, Finschia has its roots in Line, a Japanese social media company established in 2018. Initially known as the Link blockchain, it later rebranded to Line in 2020 and finally took on the name Finschia in April 2023 when it formed its foundation in Abu Dhabi. It also signaled plans to gradually alter its governance system into a consortium structure for decentralization around that time.
Published At
2/15/2024 10:29:15 PM
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