Klaytn and Finschia blockchains merge to become Asia’s ‘largest Web3 network’
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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.
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