LINE Xenesis and Crypto.com Unite Efforts to Explore Global Blockchain Business Opportunities

The Klaytn Foundation and Finschia Foundation have jointly submitted a governance proposal to launch a new mainnet created by merging their respective blockchain ecosystems. The proposals have been submitted for open discussion, with voting scheduled for Jan. 26 to Feb. 2, according to an official announcement on Wednesday (KST).Photo by Shubham's Web3 on UnsplashThe main objective of this initiative is to create Asia’s largest Web3 ecosystem by combining key features of both blockchains. To do so, the two foundations plan to share their technologies, services and business networks and fortify connections between their partners like their mother companies Kakao and LINE, who have contributed to their development and expansion. “We are excited to be taking the first step toward unlocking the enormous synergy of merging the public blockchains started by Kakao and LINE, which are both leading IT companies in Asia,” the two foundations said. “We will give our best to make this merge an opportunity to innovate and lead the Asian blockchain industry in both technology and adoption.” An unprecedented mainnet ecosystemThe merger will bring together Klaytn and Finschia’s networks in different Asian countries, like Klaytn’s leverage in South Korea, Singapore and Vietnam, and Finschia’s service network in Japan, Taiwan, Thailand and Abu Dhabi. Once the combined ecosystem is launched, it will offer over 420 decentralized apps (dApps) and services, 45 governance partners and some 450 Web3 resources, becoming a mammoth Web3 network capable of swaying the trajectory of the Asian market. In addition, the blockchain will be connected with both Kakao and LINE messengers – two well-known messenger apps in Asia – opening up access to a vast continental user base of over 250 million people. The integration is also expected to catalyze the creation of new Web3 infrastructure in Asia, boosting scalability and liquidity. Future business plansThe joint foundation is specifically set to undertake projects in areas like RWA tokenization, GameFi, DeFi verticals, messenger-based Web3 services and digital commerce through partnerships with Japanese, South Korean and Southeast Asian firms. By leveraging its access to Kakaotalk and LINE users, the new public blockchain has the potential to be a springboard for IT and entertainment enterprises in Asia. Improved tokenomicsWhat may especially interest shareholders and users alike is a new native token that will be issued on the merged network, replacing the foundations’ respective tokens KLAY and FNSA. Holders of KLAY and FNSA will be able to swap their tokens for the new one. The proposed tokenomics system for the new token emphasizes sustainable value creation. This includes a lower base inflation rate and a 3-layer burning model created to encourage deflation as activity on the network increases. 24% of newly issued tokens will also be burned immediately as a trustworthy Zero Reserve Tokenomics measure. This will all be supported via an ecosystem fund and infrastructure fund that are constantly replenished via block rewards, rather than relying on reserves.Enhanced governance and interoperabilityKlaytn and Finschia also plan to bring together their experiences in practicing good governance to build a  permissionless node validation system to put the spotlight on users and the community, promoting transparency, trust and openness. To support the seamless migration and interoperability of existing dApps and services on Klaytn and Finschia, the merged chain will support the smart contract platforms EVM and CosmWasm. Ethereum and Cosmos builders will thus be able to gain access to the network. The foundations are set to host an upcoming event called Klaytn Community Town Hall on Friday to introduce the proposal and facilitate open dialogue and feedback.

KONKRIT NFT Platform Offers Exclusive Reservation Tickets for Hyundai Card’s Cultural FestivalModern Lion, an NFT marketplace operator in South Korea, recently announced that its NFT trading platform KONKRIT has the exclusive privilege of offering reservation tickets to the upcoming Davinci Motel festival. This cultural event is organized by Hyundai Card, the nation’s renowned credit card company.Distinguished artists and speakersScheduled from September 15 to 17 in Itaewon, Seoul, the Davinci Motel festival will feature performances by distinguished Korean artists. Among them are K-pop singer Lee Hyo-ri, crossover vocal ensemble LA POEM, violinist Park Soe-ye, and pianist Kim Hong-gi.Additionally, attendees will have the chance to engage with NFT artist Tom Sachs as he shares insights pertaining to his artworks. Meanwhile, former LPGA golfer Annika Sorenstam will give tips on hitting the sweet spot and former anchor and current TV personality Jeon Hyun-moo will offer intriguing perspectives on his life’s journey.NFTs as ticketsReservation tickets are available for purchase in the form of NFT on the KONKRIT app. The utilization of blockchain technology within this system serves to address persistent problems associated with concert ticketing, such as ticketing bots, unauthorized resales, and illicit secondary markets.Modern Lion allows customers to use a credit card to buy NFT tickets, reducing purchase barriers and facilitating easier access to the show.Lee Ji-hun, Managing Director at Modern Lion, noted that the company has leveraged blockchain technology to tackle ticketing issues and ensure a seamless experience for customers throughout the entire journey of the event, from ticket purchasing to performance enjoyment. Lee underscored Modern Lion’s dedication to enhancing user satisfaction by integrating Web3 technology into the KONKRIT app.

Report by Xangle and Tiger Research Explores Indonesia’s Web3 PotentialIn partnership with South Korean crypto data platform Xangle, Web3 consulting firm Tiger Research has released a report focusing on the Web3 market in Indonesia. This collaborative project also featured contributions from Jakarta-based blockchain game provider Avarik Saga and Hong Kong-headquartered metaverse company Animoca Brands.In the process of crafting this paper, teams from Tiger Research, Xangle, Avarik Saga, and Animoca Brands spent a week in Indonesia, conducting interviews with local experts.Photo by Nick Agus Arya on UnsplashPositive factorsThe report assesses Indonesia’s Web3 market as having significant potential. It highlights factors such as the country’s status as the world’s fourth-largest population, a youthful demographic with a median age of 30, political stability, and favorable policies towards Web3 technologies. The Indonesian government has adopted a favorable approach to the Web3 industry, providing a range of incentives to boost the growth of the Web3 gaming sector. Additionally, they have taken the initiative to establish a dedicated committee for the blockchain sector within the Indonesia Financial Services Authority (OJK).Crypto exchanges driving growthAs per the report, the Indonesian market is primarily propelled by cryptocurrency exchanges, with over 30 exchanges currently in operation. These exchanges serve a customer base of approximately 10 million individuals, which accounts for around 4% of the country’s population. This is comparable to the number of investors on the Indonesia stock exchange.Several challengesMeanwhile, the paper also highlighted several areas where the world’s largest archipelagic state faces challenges. One of these challenges is its non-fungible token (NFT) market, which has seen a consistent decline in recent months, hitting an all-time low. It was found that most individuals prefer global NFT marketplaces over local ones. Furthermore, concerning the development of the Web3 ecosystem, the shortage of blockchain developers has prompted startups to seek development services overseas.