The public blockchain Klaytn under the South Korean internet giant Kakao and ...

Janak9955

According to a report by the Associated Press, the Klaytn Foundation, the institution behind the blockchain Klaytn developed by the South Korean internet giant Kakao, has announced a collaboration with Finschia Foundation, the operator of the blockchain developed by the Japanese social giant LINE called Finschia. The proposal suggests merging the two existing blockchains into a new mainnet. The foundations of both blockchains will submit the integration proposal to their respective governance members today for open discussion, and voting will take place from January 26 to February 2, 2024. The aim of the proposal is to create a new industry leader with a technologically advanced blockchain supporting EVM and CosmWasm, along with one of the largest DApp and user ecosystems in Asia. The two foundations will also merge into one organization, combining their technology, services, and business networks, including Kakao, LINE, and many other strategic partners. After the merger, the unified foundation will continue ecosystem expansion in the areas of RWA tokenization, GameFi, and DeFi through collaboration with partners in Japan, South Korea, and Southeast Asia, while also continuing the development of Web3 services and digital commerce platforms based on instant messaging. With the merger of the chains, the native coins KLAY and FNSA from the two blockchains will be replaced by a new native token, which will be issued based on the total supply of KLAY and FNSA. Holders of KLAY and FNSA will be able to exchange them for the new native token after issuance. The proposed token economics for this new native token, drawing on the combined experience of both foundations, will focus on providing sustainable value creation. This will be achieved through a lower base inflation rate and a three-tier burning model designed to drive the token towards deflation as network activity increases. In addition, 24% of the newly issued tokens (equivalent to most of the non-circulating KLAY) will be immediately burned to implement a zero-reserve token economy. The new foundation will operate transparently without relying on reserve funds, utilizing ecosystem funds and infrastructure funds while continually replenishing funds through block rewards.

Shri333

This company is the first time I've heard of.

Ritu13

Having capability makes a difference, anyway.