As early as January this year, there was news of the merger between Klaytn and Finschia. A few days ago, there was new progress in the merger. The new mainnet Kaia is scheduled to be fully launched at the end of June. It will initially be launched on the existing Klaytn network, combining the technical advantages of Finschia and Klaytn. For Klaytn holders, there is no need for a separate token exchange in this process, but Finschia's FNSA holders will need to convert their tokens to new KAIA tokens. This conversion will be carried out through the newly established Kaia portal and will be launched at the same time as the launch of the Kaia chain.
The new mainnet Kaia is not just a technological upgrade, its new native token KAIA represents a brand new beginning. The symbol "&" of this token not only symbolizes the combination of Klaytn and Finschia, but also a commitment to partners and the community, aiming to bring together developers, enterprises, users and traders in a unified ecosystem.
The two platforms behind Kaia - Klaytn and Finschia - proposed the KGP-25 proposal at the end of January this year, aiming to create the largest Web3 ecosystem in Asia. This proposal was confirmed by voting on February 15. Kaia will not only inherit the integration advantages of Klaytn and KakaoTalk, but will also integrate the technologies of Finschia and Line, both of which are leading instant messaging platforms in Asia. In addition, the new mainnet will also promote the expansion of the ecosystem in the fields of real asset tokenization (RWA), GameFi and DeFi with partners in Japan, South Korea and Southeast Asia.
With the launch of the new Kaia chain, we will continue to pay attention to how this blockchain merger demonstrates its competitiveness on the global Web3 stage and how it affects the market performance of related tokens. As of June 3, the prices of $FNSA and $KLAY have shown a positive market reaction, recording weekly gains of 23.31% and 21.24% respectively. All this indicates that Kaia will not only be an important development in Asian blockchain technology, but may also become the focus of attention of the global blockchain community.
A public chain with a touching vision, Kaia project overview:
Kaia was born out of a desire to make blockchain technology accessible and accessible to everyone, regardless of background or experience. This vision is led by its core values - community, sustainability, and simplicity - which serve as our guiding stars in our journey to foster partnerships, deeply engage the community, and drive blockchain adoption.
Kaia is committed to creating an inclusive environment where every individual can connect, collaborate and contribute in the Kaia ecosystem. In this way, Kaia is not just a technology platform, but a community shaped by active participants.
Kaia is committed to sustainability in the development of its products and services, ensuring that our innovations not only meet current needs but also leave a positive impact for the future. This long-term mindset is what differentiates Kaia from other blockchain projects.
Kaia ensures that all activities in its ecosystem are clear, efficient, and effective. Simplicity is reflected not only in the intuitiveness of the user interface, but also in the ability to make it easy for everyone to access and utilize the services Kaia provides.
Kaia uses a stylized “&” symbol as its brand and token logo, symbolizing the combination of Klaytn and Finschia, and the emphasis on partners and community. This symbol not only represents connection, but also represents the possibility of inspiring creativity and growth.
Kaia is named with great meaning. It not only hints at the union of Klaytn and Finschia, but also comes from the Greek word for "and" (και), emphasizing our belief in the power of connection in Web3. In addition, Kaia phonetically echoes "Gaia" (the ancient Greek goddess of the earth and the mother of all life), which is not only a tribute to the brand heritage of Klaytn and Finschia, but also a symbol of growth and interconnection.
Klaytn project introduction and development roadmap interpretation:
Klaytn is a blockchain platform launched by GroundX, a subsidiary of South Korean Internet giant Kakao, which aims to promote the widespread adoption of blockchain technology through its high performance, scalability and reliability. Klaytn, which adopts the Proof of Stake (PoS) consensus mechanism, not only speeds up transaction speed and confirmation time, but also maintains the efficient operation of the system.
Klaytn is designed to combine the advantages of public and private blockchains to provide an environment that is both efficient and secure. This unique combination allows Klaytn to support a large number of transactions and users while keeping processing time and costs low, which is particularly critical for commercial applications that need to handle high-frequency, large-scale transactions. In addition, Klaytn also supports smart contracts, enabling developers to build a variety of decentralized applications (dApps), commonly known as BApps (blockchain applications), on the platform to meet the needs of different industries and application scenarios.
Klaytn is committed to providing an easily accessible, user-friendly development environment that makes it easy for even newcomers to blockchain technology to build and deploy blockchain applications. Through a web service-like platform, Klaytn simplifies the process of creating new blockchain environments and reduces the technical burden on developers. This design concept is particularly attractive to developers who are transitioning from centralized applications to decentralized applications because it lowers the barrier to entry and accelerates the realization of innovative applications.
KLAY is the native cryptocurrency in the Klaytn ecosystem and plays multiple roles in the system. KLAY is used as a payment method in applications built on Klaytn and is also distributed as a reward to developers who contribute to the platform. In addition, KLAY is also a popular choice for cryptocurrency traders and investors who trade to take advantage of market price fluctuations.
Regarding the purchase of KLAY, investors can purchase it on a variety of cryptocurrency exchanges that support the token. Investors need to create an account on these exchanges and purchase KLAY using accepted payment methods after completing the necessary identity verification process. After purchase, KLAY can be stored in a wallet that supports Klaytn technology, including wallets provided by the exchange or specialized hardware wallets such as Trezor or Ledger for enhanced security.
Through these integrated features and innovations, Klaytn has become a major force in the blockchain space not only in Korea, but also globally. As technology continues to advance and the ecosystem matures, Klaytn is laying a solid foundation for the future of blockchain technology, driving wider adoption and technological integration.
Finschia Foundation, rooted in the wealthy country of UAE:
Finschia Foundation, founded in March 2023, is an independent non-profit organization located in Abu Dhabi, UAE. The Foundation is committed to expanding public blockchain and Web3 technologies, inheriting the "Blockchain for All" concept of LINE Blockchain. As the operator of the third-generation public blockchain mainnet Finschia and the crypto asset FINSCHIA (FNSA), the Foundation aims to achieve a sustainable token model with Web3 users around the world.
Finschia's main goal is to become the world's leading blockchain ecosystem, lead the popularization of Web3, and attract more than 1 billion users. As the successor of LINE Blockchain, which has been independently developed and operated since 2019, the Finschia Foundation not only takes over the vision and mission of LINE Blockchain, but also drives the progress of the industry. The platform focuses on the essence of service growth and the growth of token demand, adhering to the principles of Finschia Token Economy 2.0.
FNSA tokens, as the primary currency for transactions on Finschia, also reward individuals who contribute to the growth and development of the network. Through a protocol-based inflation mechanism, Finschia ensures a fair distribution of FNSA tokens, creating a virtuous cycle that promotes adoption and increases the value of the network. Finschia distributes tokens through the protocol, with 50% for network contributions, 30% for service contributions, and 20% as reserves, starting with zero reserves, to incentivize and support the growth of the service.
In order to transition to a consortium system and promote the development of a public blockchain system, Finschia has implemented Governance 2.0, where governance members play a key role in major decisions. The Foundation aims to create a sustainable token model by fostering a community-centric approach involving service providers, contributors, and all participants in the Finschia ecosystem.
Finschia supports many Web2.0 companies, including LINE, helping them seamlessly connect to the Finschia mainnet. Finschia's Web3 blockchain is designed to accommodate direct and indirect on-chain contributions to generate economic value. This strategy not only promotes the popularization of blockchain technology, but also provides a platform for traditional enterprises to transform into digital businesses.
What impact will the merger of the two giants have on the Web3 industry?
With Kaia just around the corner, the Klaytn and Finschia teams are working intensively to ensure maximum competitiveness in terms of technology and ecosystem, with the goal of launching the Kaia mainnet by the end of June 2024. The launch of Kaia not only marks the birth of a new blockchain ecosystem, but also heralds the rise of a network centered on cooperation, innovation, and users. Through its partnership with LINE NEXT and its focus on DeFi, Kaia will simplify the user experience and promote the popularization and application of blockchain technology worldwide.
The launch of Kaia is an important milestone for the Klaytn Foundation and the Finschia Foundation. We look forward to working with users, developers and partners to promote the growth of the Kaia ecosystem and lead the on-chain future in Asia and around the world. With the addition of more DeFi projects and the cooperation of more global blue-chip DeFi projects, Kaia will not only become a leader in the Asian blockchain field, but also demonstrate its influence in the global Web3 field.
With the upcoming establishment of the Kaia DLT Foundation and cooperation with top game companies in multiple Asian countries and Web3 projects with globally renowned IPs, Kaia will create an unprecedented cooperation platform for developers, innovators and users. In addition, the discovery and promotion of AI-based dApps and support for the digital transformation of traditional Web2 companies will make Kaia a bridge connecting traditional enterprises and modern blockchain technology.
The challenges facing Kaia are mainly related to integration, especially in terms of the technical and cultural integration of the two systems. Although there may be some initial technical and operational problems, in the long run, this integration is expected to lead to wider market acceptance and higher system efficiency.
In addition, the optimization of the governance model is also the key to Kaia's success. By expanding the governance structure to 100 leading global companies and implementing permissionless verification, Kaia aims to increase its degree of decentralization and enhance the openness and security of the system. This powerful governance framework will give Kaia an advantage that cannot be underestimated in the global blockchain competition.