Blockchain Press Releases
Klaytn and Finschia Jointly Propose a Chain Merge to Create Asia’s Leading Blockchain Ecosystem
- Klaytn Foundation and Finschia Foundation have submitted a proposal to merge the two blockchains to create Asia’s Web3 technological and ecosystem powerhouse.
- If passed, the merger will see the unification of South Korea’s leading blockchain with Japan’s leading blockchain, to form a unified ecosystem comprising over 420 DApps and 250 million wallets integrated with Kakaotalk and LINE, two popular messaging platforms in Asia.
- The proposed new blockchain will be compatible with both EVM and CosmWasm, inheriting the strengths of both Klaytn and Finschia.
- The proposal also details the replacement of KLAY and FNSA with a new native coin that features improved tokenomics and no ecosystem reserve. Holders of KLAY and FNSA will be able to swap for the new blockchain’s native coin upon issuance.
SINGAPORE, Jan. 16, 2024 /PRNewswire/ — Klaytn Foundation, established to build and decentralize the ecosystem of South Korea’s leading Layer 1 blockchain Klaytn, has teamed up with Finschia Foundation, the operator of the Finschia blockchain developed by LINE Tech Plus, to propose the merger of the two existing blockchains into a new mainnet. The two blockchain foundations will submit the integration proposal to their respective governance members today to open up the proposal for discussion, and voting will take place from 26 January till 2 February 2024.
The proposal aims to create a new industry leader with a technologically superior blockchain that supports both EVM and CosmWasm, as well as one of the largest ecosystems of DApps and users in Asia. The two foundations will also merge into one organization, combining their technology, services, and business networks which include Kakao, LINE, and many other strategic partners.
The creation of Asia’s largest Web3 ecosystem
The proposed merging of Klaytn and Finschia, the de-facto Web3 leaders in South Korea and Japan respectively, will create Asia’s largest Web3 ecosystem with a massive user base of over 250 million1 digital wallets interacting with more than 420 DApps. The new mainnet will inherit Klaytn’s integration with Kakaotalk and Finschia’s integration with LINE—both leading messaging platforms used across Asia—bringing a user-friendly, integrated Web3 experience straight into the phones of hundreds of millions of users.
Post-merge, the unified foundation will continue to pursue ecosystem expansion in the RWA tokenization, GameFi and DeFi verticals through collaborations with Japanese, South Korean, and Southeast Asian partners, while continuing to develop messenger-based Web3 services and the digital commerce platform. With access to every Kakaotalk and LINE user, the new public blockchain will also act as a springboard for Asia’s IT and entertainment enterprises. Last but not least, the merger will also create the largest Web3 business network in Asia.
Should the proposal pass both Klaytn and Finschia’s governance voting processes, the two foundations will immediately begin work on the chain merge, as well as the following business initiatives:
- Infrastructure development to enhance accessibility for institutional investors
- Strengthening of the DeFi infrastructure and launch of a native stablecoin
- Discovery and onboarding of AI-based DApps
- Enhancing the onboarding infrastructure for Web2 companies to bring their digital items, memberships, ticketing platforms and more on-chain
- Onboarding of top-tier Japanese gaming companies and Web3 projects featuring global IP
- Cultivating of communities of holders, developers, and partners in each Asian country
Improved tokenomics focused on sustainable value creation
With the chain merge, KLAY and FNSA, the native coins of the two blockchains, will be replaced by a new native coin which will be issued based on the combined total amount of KLAY and FNSA. Holders of KLAY and FNSA will be able to swap for the new native coin upon issuance.
Drawing on the combined experience of both foundations, the proposed tokenomics for this new native coin will focus heavily on delivering sustainable value creation. This will be achieved via a lower base inflation rate and a 3-layer burning model designed to drive the coin towards deflation as network activity increases.
Additionally, 24% of the new coins issued—equivalent to the bulk of non-circulating KLAY—will be immediately burned to implement Zero Reserve Tokenomics, providing holders with greater certainty. Instead of operating off of reserves, the new foundation will operate transparently via an ecosystem fund and an infrastructure fund that are continuously replenished via block rewards.
Enhanced governance, decentralization, and interoperability
Klaytn’s and Finschia’s governance members will also be merged, creating Asia’s largest decentralized Web3 governance structure comprising 45 leading global enterprises with the capacity to expand up to 100 governance members. Permissionless validation is also planned for the new blockchain, allowing anyone to participate as a network validator, enhancing openness and security.
Additionally, with support for both EVM and CosmWasm, the merged blockchain will be accessible to both Ethereum and Cosmos builders, leveraging the technological advantages of each while enabling greater interoperability between the two ecosystems.
“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,” said Klaytn Foundation and Finschia Foundation. “We will give our best to make this merge an opportunity to innovate and lead the Asian blockchain industry in both technology and adoption.”
To address questions regarding this proposal, representatives from the two foundations will be speaking at the upcoming Klaytn Community Town Hall scheduled on Friday, 19 January 2024. More information on this Town Hall will be shared on the official community and social platforms of Klaytn and Finschia Foundation.
|
1. The wallet user base is a figure that sums up the Monthly Active Users (MAU) in major Asian countries for Kakao and LINE, the initial developers of the two blockchains. |
About Finschia Foundation
The Finschia Foundation is an independent non-profit organization, based in Abu Dhabi, UAE, established in March 2023 to expand public blockchain and Web3 technologies. Inheriting the philosophy of LINE Blockchain’s “Blockchain for All”, the Foundation operates its third-generation public blockchain mainnet Finschia and crypto asset FINSCHIA (FNSA), and aims to achieve a sustainable token model with Web3 users around the world.
About Klaytn Foundation
Klaytn Foundation was established in 2020 to expand the ecosystem of Klaytn, a global Layer 1 blockchain platform, and has since been actively collaborating with its Governance Council members worldwide. Klaytn Foundation facilitates the adoption and development of new technologies to ensure that Klaytn fulfills its role as an open, trusted, and sustainable blockchain platform for developers and users alike. It also facilitates decision-making to ensure that the ecosystem continues to expand optimally in the rapidly changing blockchain landscape. In line with its long-term Governance Roadmap, Klaytn Foundation plans to fully implement the Decentralization Phase of the Klaytn blockchain in 2023 and beyond.
Photo – https://mma.prnewswire.com/media/2318384/Klaytn_Finschia_Jointly_Propose_a_Chain_Merge_Create_Asia_s_Leading.jpg
Logo – https://mma.prnewswire.com/media/2309465/Klaytn_final_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/klaytn-and-finschia-jointly-propose-a-chain-merge-to-create-asias-leading-blockchain-ecosystem-302035356.html
Blockchain Press Releases
HTX Ventures: Bitcoin Scripting Advances Unlock Potential for Secure and Scalable BTCFI
SINGAPORE, Sept. 12, 2024 /PRNewswire/ — HTX Ventures, the global investment division of HTX, today released its latest research analysing Bitcoin’s potential and challenges in the field of Bitcoin decentralized finance (BTCFI). The report, titled Exploring the BTCFI Rabbit Hole from the Perspective of Bitcoin’s Programmability, aims to help readers understand the BTCFI sector better, by exploring the evolutionary path of Bitcoin programming, delving into how Bitcoin programming can support various BTCFI applications, showcasing the current real-world BTCFI implementation scenarios, and explaining the underlying logic of BTCFI’s future growth and adoption.
HTX Ventures has been contributing to BTCFI for a long time. As stated in its 2024 Half-Year Investment Report, BTCFI is highlighted as one of HTX Ventures’ six key investment directions in 2024. Some of HTX Ventures’ portfolio companies in the BTCFI sector include Babylon, BounceBit, COREx, and more.
The new report once again shows HTX Ventures’ interest in BTCFI. It begins with the foundations of the Bitcoin contracts, which were laid fourteen years ago by Satoshi. Understanding the basics of Bitcoin programming involves several concepts, including Transaction Outputs (TXO), Unspent Transaction Output (UTXO), scriptSig, and Opcodes. “Bitcoin script programming is about programming money and enabling a specific amount of money to respond to particular input data. By designing the scriptPubKey, opcodes, and the interaction process between users, we can offer cryptographic guarantees for the key state transitions of Bitcoin contracts, ensuring the contracts’ proper execution,” the report points out.
There are some mechanisms to be used to enable the implementation of different types of transactions, including MultiSig, Timelocks, Hashlocks, Flow Control, and SIGHASH. The report explains, “the basic model of Bitcoin programming is where UTXO locking scripts specify verification conditions, unlocking scripts provide data, and opcodes in locking scripts indicate the verification program. The funds can be spent once the verification program is passed.”
There are some core limitations, however, such as only a few verification programs being available, Bitcoin scripts having no computational power, and UTXO unlocking conditions being completely independent.
Unlike the computation-based Ethereum contracts, Bitcoin contracts are verification-based, which has brought many challenges in developing BTCFI products. Despite the difficulties, “over the ten years of developing Bitcoin contracts, the ingenious use of cryptographic algorithms and signatures has significantly enhanced privacy, efficiency, and decentralization, making BTCFI products possible,” the report states, and starts introducing Bitcoin programming milestones. Innovative tools, such as the Discreet Log Contract (DLC), Partially Signed Bitcoin Transactions (PSBT), and MuSig2 bring new solutions to the problems in Bitcoin programming, driving the development of BTCFI.
The Taproot upgrade activated in November 2021 was revolutionary for the Bitcoin ecosystem, allowing Bitcoin to hold in custody large-scale smart contracts with tens of thousands of signatories while concealing all participants and maintaining the size of a single-signature transaction. This makes more complex on-chain BTCFI operations possible and significantly improves privacy and transaction efficiency.
Such technological innovations pave the way for BTCFI’s further development. Then in January 2023, Ordinals were proposed, which aimed to assign each sat a unique identifier and attribute, so as to transform it into a unique NFT. The creation and trading of Bitcoin NFTs were realized, not only expanding the uses of Bitcoin but also allowing users to directly create and trade digital assets on the Bitcoin blockchain. This led to the introduction of BRC-20, a token system for on-chain recording and off-chain processing that uses JSON data’s ordinal inscriptions to deploy token contracts, mint tokens, and transfer them.
The naissance of Ordinals and BRC-20 created trading demand and blue-chip assets for BTCFI. More importantly, they offered many BTCFI projects new ideas based on indexer programming that enhanced Bitcoin’s contract capabilities.
Bitcoin’s programmability has come a long way and made great progress, forming a thriving BTCFI ecosystem with more and more application scenarios of BTCFI arising. The report lastly lists some notable BTCFI implementations, including BTC staking provider Babylon, asset issuance platforms Unisat and Magic Eden, lending protocol Liquidium, BTCFI scaling solution Fractal Bitcoin, and more.
The emergence of BTCFI applications indicates that its market potential is becoming evident. With Bitcoin becoming more and more mainstream, the market demand for BTCFI use cases will also increase, fostering a new financial ecosystem centered around Bitcoin. “The formation of this ecosystem will propel Bitcoin further beyond the ‘digital gold’ narrative, establishing it as an indispensable decentralized financial infrastructure in the global economic system,” the report concludes.
To read the full report, please visit: https://square.htx.com/htx-ventures-exploring-the-btcfi-rabbit-hole-from-the-perspective-of-bitcoins-programmability/
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With more than a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.
HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active FOF (Fund of Funds) funds, HTX Ventures invests in 30 top global funds and collaborates with leading blockchain funds such as Polychain, Dragonfly, Bankless, Gitcoin, Figment, Nomad, Animoca, and Hack VC to jointly build a blockchain ecosystem. Visit us here.
Feel free to contact us for investment and collaboration at [email protected]
Photo – https://mma.prnewswire.com/media/2504324/image_838145_58339345.jpg
Logo – https://mma.prnewswire.com/media/2391903/image_ID__Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/htx-ventures-bitcoin-scripting-advances-unlock-potential-for-secure-and-scalable-btcfi-302246924.html
Blockchain Press Releases
HTX Announces Strategic Partnership with IBEX to Jointly Promote Global Bitcoin and Lightning Network Applications
SINGAPORE, Sept. 12, 2024 /PRNewswire/ — HTX, a global leading platform for digital assets, recently announced a strategic partnership with IBEX, a Fintech at the forefront of Bitcoin Lightning Network innovation that leverages the Bitcoin and Lightning Network protocols to offer global settlement solutions. Through the deep integration of Lightning Network technology, this collaboration aims to enhance the payments efficiency, reduce transaction costs on the HTX platform, explore emerging markets together and provide users with more diverse financial services.
IBEX Has Become a Key Advocate in Bitcoin Transactions
As a company dedicated to providing fintech solutions on the Bitcoin Lightning Network, IBEX focuses on reshaping the global payment ecosystem with its innovative crossborder instant settlement capabilities. Founded in 2018, IBEX aims to offer fast, secure, and low-cost settlement solutions through the technological advantages of the Bitcoin Lightning Network. Its platform provides modular API, helping enterprises easily integrate Bitcoin and Lightning Network functions to connect to the global financial network.
Its core advantages include:
- Instant settlement: IBEX’s Lightning settlement system allows global transactions to be completed within seconds, significantly reducing the confirmation time compared with tradfi and defi transactions. For this reason, it is particularly suitable for scenarios requiring instant payments, such as online shopping and international remittances.
- Low transaction fees: Through the Lightning Network, IBEX can substantially lower transaction costs, thus avoiding the high fees associated with traditional blockchain networks. This saves costs for both merchants and consumers.
- High security: IBEX employs advanced encryption technology and multi-factor authentication measures in its system to ensure transaction security and protect user data.
IBEX pays utmost attention to security, reliability, and compliance, offering one-stop solutions for companies operating under various legal frameworks. As the Lightning Network continues to evolve, IBEX has become a key partner for crossborder settlement solutions.
Lightning Network Integration: A New Upgrade for the HTX Platform
As part of the partnership, HTX will integrate IBEX’s Lightning Network technology into its platform, which has entered the testing phase. The Lightning Network is a second-layer protocol designed for Bitcoin, aiming to increase the speed and scalability of Bitcoin transactions. Through this integration, users on the HTX platform will enjoy faster transaction confirmations and lower fees, so user experience and platform competitiveness will be remarkably enhanced.
Apart from technical collaboration, HTX and IBEX will jointly explore various application scenarios, including payments, transfers, and settlements. They also plan to offer deposit/withdrawal services for IBEX on the HTX platform. Both parties will gradually expand into other business areas, thus deepening and broadening their collaboration.
Both parties will also work closely in brand building, social media, campaigns, and marketing. In the future, HTX and IBEX will co-host various marketing campaigns, such as AMA events, press conferences, and other promotional activities to increase brand awareness and attract more users. The two parties will support each other in their respective advantageous markets, thus expanding their market influence globally.
Forge Powerful Alliance to Jointly Explore Emerging Markets
HTX and IBEX will jointly expand global markets, especially the Asian Latin American, and African markets which promise great potential. HTX will leverage its market penetration in these regions and combine it with IBEX’s Lightning settlement system so as to popularize cryptocurrency payments among local merchants and consumers. This will benefit both merchants and consumers with more convenient payment solutions and lower transaction costs.
Strategically, this collaboration between HTX and IBEX will focus on the application of the Lightning Network within HTX and its ecosystem. IBEX will support HTX in exploring the potential of the Latin American and African markets, particularly in areas like deposit/withdrawal channels, local exchange partners, and Opinion Leaders. In addition, HTX will assist IBEX in brand and business expansion in the Asian market, further increasing its global influence.
An HTX spokesperson stated, “Through this strategic partnership, HTX and IBEX will jointly promote the application and popularization of Bitcoin and Lightning Network technology worldwide, providing users with more efficient, secure, and convenient digital asset trading services.”
Ry Sterling, Head of New Markets, EMEA for IBEX also said “The partnership between HTX and IBEX is the first step to connecting the Global South and Asia via the Lightning Network. We look forward to expanding HTX’s LN features as well as opening channels to new markets and to local IBEX LN partners across Asia, Latin America and Africa.”
About IBEX
IBEX offers fintech solutions on the Bitcoin Lightning Network, focusing on real-time global settlement, scalability and regulatory compliance. Their platform provides modular APIs for integrating Bitcoin and Lightning functionalities, allowing businesses to connect to a global financial network. They emphasize security, reliability, and regulatory features, making their services suitable for companies operating under various legal frameworks. The site also highlights the growing adoption and capacity of the Lightning Network, reflecting its increasing role in Bitcoin transactions.
For more details, visit IBEX
About HTX
Founded in 2013, HTX has evolved over a decade from a simple cryptocurrency exchange to a comprehensive blockchain business ecosystem. This expansion covers a wide range of services including digital asset trading, financial derivatives, wallets, research, investments, incubation, and more. As a world-leading portal to Web 3.0, HTX is committed to a growth strategy focused on global expansion, ecological prosperity, wealth effect, and safety and compliance. This approach enables us to offer comprehensive, safe, and reliable services and value to virtual currency enthusiasts around the world, reinforcing our position as a global gateway to Web3.
Contact Details
Ruder Finn Asia
[email protected]
Company Website
https://www.htx.com
Photo – https://mma.prnewswire.com/media/2504322/image_838145_58228239.jpg
Logo – https://mma.prnewswire.com/media/2391903/image_ID__Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/htx-announces-strategic-partnership-with-ibex-to-jointly-promote-global-bitcoin-and-lightning-network-applications-302246909.html
Blockchain Press Releases
Nomic Announces Support for Ethereum, Bringing Decentralized BTC to the Biggest DeFi Markets
New expansion to Nomic is the first step to building a decentralized onramp for moving Bitcoin onto new blockchain networks
GRAND CAYMAN, Cayman Islands, Sept. 12, 2024 /PRNewswire/ — The Nomic DAO Foundation announced today the launch of Ethereum support on Nomic’s decentralized custody engine for Bitcoin. This will enable seamless BTC on-and-off-ramping into Ethereum, bringing Bitcoin to the largest ecosystem in decentralized finance (DeFi). Starting with a testnet released today, Nomic will facilitate native Bitcoin deposits and withdrawals on Ethereum, without relying on centralized custodians.
Traditionally, to use BTC on Ethereum, users have had to obtain wrapped bitcoin (WBTC), an ERC-20 token on the Ethereum blockchain that is pegged to real Bitcoin. Each WBTC is backed 1:1 with Bitcoin, which is held in reserve by a centralized custodian. Recently, amid centralization concerns with custodians holding all the keys to the multisig for WBTC worth $9.2 billion, the broader DeFi community has pushed for users to consider new decentralized alternatives.
“Bitcoin is the highest-value crypto asset, and Ethereum is the highest-value DeFi ecosystem. I’m excited to see Nomic bring its products to Ethereum, including the native and decentralized nBTC asset, and seamless one-step BTC deposits,” said Matt Bell, CEO of Turbofish, Nomic’s founders and core contributors. “It’s time to move beyond the current centralized and clunky BTC-on-Ethereum offerings, and start truly bringing Bitcoin into DeFi.”
In addition to bringing Bitcoin into Ethereum through nBTC, this upgrade introduces a new framework for protocols to leverage Nomic’s decentralized custody engine. Previously, to build Bitcoin DeFi solutions, protocol developers had to rely on centralized MPC providers or basic multisig setups to hold BTC, which presented trust and decentralization challenges. Now, with Nomic’s decentralized custody engine, protocols can easily create Bitcoin-backed assets at a lower cost, providing a trust-minimized solution to accelerate Bitcoin DeFi growth on Ethereum and other EVM chains.
This upgrade also paves the way for future bridging to other EVM-based chains, expanding the reach and utility of nBTC across ecosystems that represent more than $46 billion in total value locked (TVL).
To learn more, visit https://www.nomic.io/.
About the Nomic DAO Foundation
The Nomic DAO Foundation is a non-profit dedicated to the growth and integration of the Nomic ecosystem. The Foundation supports the goals and objectives of the Nomic DAO (decentralized autonomous organization), is the initial steward of the Nomic blockchain, and will support and grow the Nomic DAO until it becomes self-sufficient.
View original content:https://www.prnewswire.co.uk/news-releases/nomic-announces-support-for-ethereum-bringing-decentralized-btc-to-the-biggest-defi-markets-302246585.html
-
Blockchain Press Releases2 days agoHTX Announces Strategic Partnership with IBEX to Jointly Promote Global Bitcoin and Lightning Network Applications
-
Blockchain Press Releases3 days agoHTX Ventures and HTX DAO Lead Web3 Investments and Innovation Discussions at Korea Blockchain Week 2024
-
Blockchain Press Releases5 days ago
HTX Pioneering P2P Crypto Trading on Telegram with New Mini App, Enjoy Exclusive Perks and Rewards for a Limited Time.
-
Blockchain Press Releases3 days agoVelo Labs Brings BlackRock’s Tokenized Short-Term Treasury Fund to Southeast Asia
-
Blockchain Press Releases2 days agoHTX Ventures: Bitcoin Scripting Advances Unlock Potential for Secure and Scalable BTCFI
-
Blockchain2 days agoCryptoKnights Wraps Season 1, Securing Over $35 Million in Committed Investments
-
Blockchain1 day agoGermany Alternative Lending Market Business and Investment Opportunities Report 2024: Regulatory Changes, Mergers and Acquisitions, Product Launches and Innovations, Strategic Partnerships
-
Blockchain Press Releases2 days agoNomic Announces Support for Ethereum, Bringing Decentralized BTC to the Biggest DeFi Markets
