LINE Tech Plus, a company under LINE Corporation, and the operator of LINE's blockchain-related business, has announced the establishment of the Finschia Foundation, a non-profit organization headquartered in Abu Dhabi, United Arab Emirates, to operate the 3rd generation Mainnet blockchain network, Finschia, and the LINK (LN) crypto asset.

In addition to the 3rd generation Mainnet blockchain and LINK, the Finschia Foundation also plans to gradually transition its operational system to a decentralized consortium structure, aiming to create a transparent token economy while ensuring stable operations in collaboration with members overseeing blockchain usage and numerous other partners.

The Finschia Foundation is part of LINE's Token Economy 2.0 strategy, which also plans to implement the Finschia Governance system, designed to strengthen the Finschia ecosystem. Previously, LINE announced a “zero reserve” policy, meaning no pre-minted token reserves.

The Finschia Foundation aims to create a sustainable token model for Web3 users worldwide with the mission “Blockchain for All,” establishing a blockchain platform where everyone can participate through features like on-chain governance to assist users in making decisions about creating value for LINK and programmable contracts. Additionally, it will provide privileges to users who create value for LINK or utilize the Finschia ecosystem.

LINE's 2nd generation Mainnet blockchain, named Daphne, will be migrated to Finschia to enable the standardization of both types of tokens on Finschia, including the issuance and management of LINK and FT/NFT (fungible/non-fungible tokens).

Woojook Kim, CEO of LINE Tech Plus, stated: “The establishment of the Finschia Foundation marks a significant milestone for LINK Blockchain as we move towards a public Mainnet. With the Finschia Foundation, we will drive a systematic and stable token economy to support the expansion into the Web3 ecosystem.” The Finschia Foundation has also released a new report detailing the company's roadmap and policies for operating the Finschia ecosystem, which can be read on the official company website (finschia.network/whitepaper).