Line & Kakao's merged blockchain 'Kaia” launches its mainnet

Kaia was born from the desire to make blockchain technology easily and safely accessible to everyone. This innovative platform was formed by integrating two blockchains: “Finschia,” developed by LINE, and “Klaytn,” developed by Kakao.

Tokyo FinTech

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On August 29, 2024, “Finschia,” the successor to LINE’s independently developed “LINE Blockchain,” and “Klaytn,” developed by Kakao’s subsidiary Ground X, have been integrated into a new blockchain called “Kaia.”

With this integration, the Finschia DLT Foundation and Klaytn Foundation, which operated each blockchain, have merged to form the Kaia DLT Foundation, which will operate the post-integration blockchain “Kaia.” Companies that participated in the governance of both blockchains have also been integrated into Kaia’s governance, launching with a new structure along with the Kaia mainnet.

For customers holding Finschia (FNSA) on the cryptocurrency exchange “LINE BITMAX,” no special procedures are required as Finschia (FNSA) will automatically migrate to Kaia (KLAY) (at a migration rate of 148.079656 FNSA per 1 KLAY; please check the official Kaia page for details).

What is “Kaia,” pioneering the future of blockchain?

Kaia was born from the desire to make blockchain technology easily and safely accessible to everyone.

This innovative platform was formed by integrating two blockchains: “Finschia,” developed by LINE, and “Klaytn,” developed by Kakao.

It aims to realize a world (Web3) where users can own information and conduct economic activities without depending on specific platforms.

As Web3 is still an emerging market, numerous blockchains and products continue to emerge. However, Web3 services that can be used casually and safely in people’s everyday lives do not yet exist in the world.

Many Web3 services that have emerged so far have tended to favor investors over users, leading to the formation of speculative markets.

As the term “Web3” has taken on a life of its own, and unsustainable speculative services have continued to be provided, the Web3 market has lost user trust, and many Web3 services have disappeared.

Against this background, Kaia envisions providing sustainable Web3 services that anyone can enjoy casually and safely without knowing about blockchain, looking beyond the initial speculative market to services with real demand.

Background of Finschia and Klaytn integration

The blockchains “Finschia” and “Klaytn” each had powerful infrastructure and products.

By inheriting the messenger-based Web3 assets cultivated by the communication apps “LINE” and “KakaoTalk” to the blockchain “Kaia,” it gains potential access to over 250 million Asian users, increasing to over 420 types of dApps and more than 45 governance partners.

With the integration, Kaia is set to become a new industry leader realizing Asia’s largest ecosystem of decentralized applications and users.

Transition from private chain to public chain

In 2018, the “LINE Blockchain” independently developed by LINE started as a private chain with limited administrators, and the cryptocurrency “LINK” was issued.

At that time, there were various business risks in Japan, where regulations were strict, to expand business as a public chain that anyone could freely participate in, and the status of cryptocurrencies was not established. A private chain was chosen to make it easy to use for general users and developers.

However, private chains have aspects that prevent true decentralization, reliance on a single company for reliability, and rapid development seen in public chains.

To appropriately penetrate blockchain technology into society through the communication app “LINE,” which has many users, it was necessary to proceed with business and development while complying with regulations, and overall progress was limited compared to other chains.

Therefore, in 2023, “Finschia,” the successor to “LINE Blockchain,” was released, beginning the journey from private chain to consortium chain, and then to public chain.

By establishing a foundation and building a governance structure, dependence on a single company was eliminated, and the base cryptocurrency “LINK” was rebranded to “Finschia (FNSA).”

And in August 2024, the blockchains “Finschia” and “Klaytn” were integrated into “Kaia.”

With their respective base cryptocurrencies “Finschia (FNSA)” and “Klaytn (KLAY)” also migrating to the cryptocurrency “Kaia (KLAY),” it will gain high competitiveness in the Asian and global markets as a public chain.

The future of Kaia

Kaia upholds three identities, building a decentralized, transparent system based on open source with public interest in mind.

Kaia aims to promote the development of blockchain-based projects by providing developers with essential toolkits, SDKs, and IDEs, creating an environment where implementation is easy.

Furthermore, it aims to provide a mechanism for Web2 users of communication apps like “LINE” and “KakaoTalk” to easily connect to Web

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