9 months ago
64 ARTICLE AD
KLAY (Klaytn) and FNSA (Finschia) tokens are slated for redevelopment and will be replaced by a new, merged token.
The Klaytn and Finschia blockchain foundations recently reached a consensus to approve a merger of their respective networks. Details from the proposal indicate that the new blockchain will be initially compatible with Ethereum (all EVM chains) and Cosmos (CosmWasm). KLAY (Klaytn) and FNSA (Finschia) tokens are slated for redevelopment and will be replaced by a new, merged token, although this has yet to be named.
Over 90% of Klaytn governance members passed the new merger proposal, with Finschia members supporting it at a 95% vote, despite the initial rejection of an earlier proposal published on January 19. According to the two foundations, they are now forming and transitioning their chains through an initiative called “Project Dragon,” with plans to complete the transition within Q2 this year.
Klaytn is a public blockchain platform developed by Ground X, the blockchain subsidiary of Kakao Corporation, a major South Korean internet company. Finschia, on the other hand, is based in Abu Dhabi and is also a public blockchain. Finschia is similar to Klaytn in that it was originally developed as LINE Blockchain by LINE Corporation, a global messaging app company established in Japan. Kakao Corporation operates another messaging app, KakaoTalk.
According to the new version of the merger proposal, the integrated foundation will be based in Abu Dhabi and is slated to feature an equal number of directors from each network. Major partners providing governance input include Kakao, Binance, and Quantstamp on the Klaytn side, with SoftBank and CertiK supporting Finschia.
The new ecosystem formed by the merger will leverage partnerships with messaging services LINE and Kakao, with a combined reach of over 250 million potential Web3 users across Asia.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
