LINE Blockchain Monthly Newsletter: November 2022
How have you been over the past month? I’m guessing that you have spent time worrying about the recent termination of our exchange service as well as a bunch of unwelcoming industry news. LINE Blockchain has decided to choose to go in a better direction, and this has resulted in a focus on technology so that our mainnet becomes more widely known and ultimately create LINE’s own metaverse. We would like to be able to look at this project from a number of different aspects so that the existing holder-oriented community can be at the center of everyone interested in LINE Blockchain technology, including the developers.
We hope you have a good rest of the year and hope you enjoy using LINE Blockchain.
⎮ Highlights & Main News
Termination of the BITFRONT Service
BITFRONT, which was established with the goal of enabling all users to safely store digital assets and freely make transactions, has recently decided to terminate the BITFRONT service to maintain an optimal LINE Blockchain ecosystem in a rapidly changing industrial environment. Note that the closing of BITFRONT is in no way related to certain exchanges that have been in the news and the face accusations of misconduct. New registrations and credit card payments have been suspended since November 28th, and please read the notice below to learn the schedules and detailed procedures from December. The decision to terminate the service was made after careful consideration of the stability and business liquidity surrounding the management of numerous people’s valuable assets. LINE Blockchain will continue to make better choices and concentrate in the future.
◼︎ Related notice: BITFRONT to Close
LINK — Global Listing of Huobi
LINK (LN) was listed on Huobi Global, the world’s 6th-largest global virtual asset exchange by trading volume, with more than 500 virtual assets being traded. We intend to expand the LINK liquidity and strengthen the ecosystem through listing on the same cryptocurrency market as Bitcoin and Tether.
◼︎ Related notice: Announcement on LINK’s Listing on Huobi Global
DOSI Launches a Consumer-to-Consumer (C2C) Transaction Service
The Global NFT Platform DOSI is building a comprehensive marketplace with NFT trading between users to strengthen the DOSI ecosystem. It also introduces a wider range of NFT experiences to the public by adding Ethereum payments and the benefit of NFT-based membership with the “DOSI Citizen” NFT. The NFT-only wallet “DOSI Wallet,” which was released in beta in September, has seen the creation of more than 100,000 wallets in 100 countries. We plan to accelerate the popularization of NFTs thanks to this positive global user response.
◼︎ Related article: LINE NEXT Launches C2C Marketplace on Global NFT Platform DOSI
GAME DOSI Brand Page Opens
Under the slogan “Gamers First, Web3 Next,” the first branding page of LINE NEXT’s Web3 game platform GAME DOSI, which aims to be a game and user-oriented next-generation game platform, has been unveiled. Almost ready for its official launch, GAME DOSI aims to provide easy development and operation solutions to blockchain-based Web3 game developers as an all-in-one platform.
◼︎ Related article: Take a First Look at Web3 Gaming Platform GAME DOSI
◼︎ Visit GAME DOSI: https://game.dosi.world
LINE NFT Implements a Sales Partner System
LINE NFT, a comprehensive NFT marketplace in Japan, has established a sales partner system to actively recruit Web3-related business partners. This is to expand the Web3 business of leading partners and IPs as well as to provide new experiences to more users through NFT issuance and sales. The first three companies selected through this system are SoftBank, SP EXPERT’S in providing digital sales promotion solutions, and CDG in providing marketing solutions.
◼︎ Related article: NFT総合マーケットプレイス「LINE NFT」、 セールスパートナー制度を開始
LINE and Yahoo Japan Run Technology Conference “Tech-Verse”
LINE and Yahoo Japan co-hosted the two-day online technology conference Tech-Verse 2022 where nine different topics were covered, including data/AI, server-side, mobile app, and infrastructure. As a global blockchain platform, NFT services such as AVA, ACRZ, and GAME DOSI, NFT exchanges such as DOSI and the LINE NFT, wallets, the virtual asset LINK, and other related products/platforms were introduced.
The event has closed, and all sessions are available to watch in Korean, English, and Japanese: https://tech-verse.me/ko
◼︎ Related article: LINE and Yahoo! JAPAN Team Up for First Ever ‘Tech-Verse’: Event Recap
2022 G-Star, GAME DOSI Field Sketch
From the 17th to the 20th of last month, the international game exhibition G-Star 2022 was held at BEXCO in Busan. As this was the first G-Star in 3 years due to COVID-19, 987 companies from 43 countries around the world participated with over 184,000 people attending during the 4 days.
Inside and outside BEXCO, countless enthusiastic gamers gathered. Various experiences and events were held including cosplayers outdoors, and GAME DOSI was there to experience all of G-Star’s colorful attractions.
“G-Star’s back after 3 years! It was a huge event with tickets selling out early! I was in Busan from Thursday to Saturday, and there was a huge crowd of people—you could tell why this is called the largest game conference in Korea from the ticket exchange line. With a bit of a struggle, I was finally able to enter and enjoy the conference. Due to time constraints, I wasn’t able to present, but it was obvious that numerous game companies had done the most they could as this was the first offline event in a while. Another memorable thing was the outdoor M2E (Move to Earn) project booth. The concept of Web3 used to be new, but now that more and more apps are using Web3, it seems to be gradually becoming more prevalent and a part of our lives. The development of the Web3 market will be infinite in the future.” (by GAME DOSI)
In celebration of G-Star 2022, the GAME DOSI Team also set up a booth at NAVER Square, located near the event venue. Unlike general B2B booths, a space specifically for GAME DOSI was prepared, which allowed us to hold immersive meetings with a number of different developers.
Upon entering NAVER Square, guests were greeted by GAME DOSI advertisements.
The GAME DOSI booth was so popular that more than 100 companies visited it. In particular, both domestic Korean developers as well as large IT companies and game developers from countries such as the United States, China, Taiwan, and Japan visited and found opportunities for collaboration. The GAME DOSI Team had time to introduce the differentiated strengths of GAME DOSI to domestic and international developers and share aspects that could be supported at the platform level for two days.
“During G-Star, we had meetings with numerous domestic and international developers. Many were concerned about the unfavorable market situation, but we still had the common consensus that Web3 is the key to the future. Perhaps that is why many of the opinions included the idea that good partners are required and it can’t be done alone. They seemed to think a partner like LINE, which has high global awareness and easy communication channels, could be a good alternative. They especially were interested in the GAME DOSI’s popularization strategy and the hybrid strategy targeting Web2 users at the same time; it really seemed to resonate with them. We’re looking forward to more collaborations in the future.” (by GAME DOSI)
Various souvenirs such as DOSI hoodies, stickers, and LINE fountain pens were given to the developers who attended the meeting. I still remember one of the partners putting the DOSI stickers on his laptop!
The GAME DOSI Team held meetings with several developers simultaneously to talk to as many people as possible. We will contact those who were unable to have a meeting so that we can have a separate meeting in the near future.
The time we had in G-Star was very valuable as we had meetings with various developers interested in GAME DOSI, introduced GAME DOSI’s vision and plans, and held a Q&A. When the meetings with the developers were over, Kiwoong Han, who leads the GAME DOSI Team, shared his thoughts.
“The GAME DOSI Team made several choices while getting GAME DOSI ready for release, and at the center of those choices has always been our customers — the game developers and gamers. We can’t wait to create fun games and reach more gamers; this has been our goal, and it’s what has allowed us to create miracles. Now, we are about to go on a bigger voyage to meet countless global gamers. It was an honor to be able to meet the great partners who will be on this long journey at G-Star, and we can’t wait to show you what we’ve in the future. Please look forward to it.”
We’re looking forward to meeting gamers at BTC during the next G-Star!
LINE Blockchain Interview: Hongsup So, the lead of Mainnet Dev
LINE Blockchain’s third-generation mainnet – Finschia
■ Hello, Hongsup. Could you please introduce yourself?
Hello. I am Hongsup So, and I’m in charge of the development of the LINE Blockchain mainnet on the Mainnet Dev team. My Mainnet Dev team develops blockchain mainnet and other various technologies. I joined when the Blockchain Lab was created in May 2018.
Over the past 4 years, we have been helping LINE Blockchain mainnet to develop as much as possible by developing from the 1st-generation chain Alder to the current chain, Finschia.
**Mainnet is an independent blockchain running its own network with its own technology and protocol.
■ Since the blockchain mainnet development is such a big project, it must not have been easy to develop it only with internal employees. How is the development environment of the LINE NEXT Mainnet Dev team?
I’m sure all of you know that all LINE developers are competent (laughter). With so many outstanding people on the team, I am also learning a lot while working. I believe we keep up our solid teamwork as we learn from each other. Also, since the team is composed of members from various countries such as Korea and Japan, another advantage is that we work in a more global sense.
As much as the mainnet is significant in the blockchain, a lot of collaboration is required with other teams. The Planning Team comes up with cool plans, the DevOps (Operations) Team installs nodes, the QA (Quality Engineering) Team does the testing, and so on. Just like this, everyone is doing his or her job so well in each position. I believe that’s how we have a sufficient environment to create and operate the mainnet.
**Node is a device-stakeholder pair that participates un running the protocol software of a decentralized network.
■ Finschia is the 3.0 version of the LINE Blockchain Mainnet. Is there a reason for building a new mainnet?
In the beginning, we launched the icon-type Alder Chain and Bamboo Chain. However, the issue was that the language itself was slow because it was Python-based. We spent a long time researching to find a chain that could accommodate all the features we wanted while fixing these shortcomings. I even thought about creating our own blockchain from scratch, but we eventually decided it would be better to use an existing chain. So, we brought in the Cosmos Chain, which has the basic functions of a blockchain, and forked it to develop the Ebony Chain and the Finschia Chain.
The Cosmos Chain works best when it comes to incorporating LINE’s technology and creating new functions that we need. It is easy to manage and has high language efficiency. Moreover, since it is a well-known chain in the market, it is easy for other projects to enter the LINE blockchain ecosystem.
**Blockchain fork is a technical phenomenon that occurs when a blockchain splits into two separate branches
■ Alder, Bamboo, Ebony, Finschia… The chain names sound a bit unfamiliar.
The LINE Blockchain was developed in the order of Alder > Bamboo > Cashew > Daphne > Ebony > Finschia. Excluding the testnet Cashew and Ebony, there are a total of 4 mainnets. The chain names may sound unfamiliar, but they are all named after trees. We wanted the name of the mainnet to contain the meaning of healthy growth in the ecosystem. Since it is a mainnet, I wanted to give it a name that had a fundamental sense. From there, I was inspired by nature, and started thinking about tree names starting with the letter A, followed by B, C, and D. Among the five chains, Cashew is a testnet built on the same line as the Bamboo Chain, and Ebony is a testnet launched in the second half of this year just before the release of Finschia.
**Testnet is a test network designed to experience the different improvements in the blockchain without causing harm to the usual network (mainnet).
■ Have there been any noticeable changes since the Testnet launch of Ebony?
There is not much of a functional difference between Ebony and Finschia. Since the key is for the Validator to manage the keys properly, we distributed the processing via a system that allows multiple people to be the key holders.
We have optimized the security and stability by taking several measures to create an environment where internal manipulation and abuse are not possible. Although it is a testnet, the Ebony launch was a very big and significant event for us as we did not release a mainnet for the past two years.
**Validator is a network node that helps process and validates transaction blocks to the blockchain.
■ What strengths does Finschia have over other mainnet chains?
Finschia is a chain that has well integrated the ability to work with LINE Messenger and other services. It was able to add LINE’s unique strengths to the blockchain services, so it is advantageous when it comes to bringing 200 million LINE users into the blockchain service.
Technically, it is based on the Cosmos Chain, and it maintains the strengths of the Cosmos Chain. Each function is gathered in a module format so that the necessary function can be created. However, there is no engine like EVM in the Cosmos Chain. This could make it a bit like the anti-Cosmos Chain, but we have installed CosmWasm. Through CosmWasm, not only its functions but also other services can be developed and deployed, and smart contracts are also available. CosmWasm is more stable and has much better performance than EVM. It is a little harder to learn than EVM, but it is secure and reliable.
**EVM (Ethereum Virtual Machine) is a virtual processing engine or a software platform working as a decentralized computer to distribute the smart contract.
**CosmWasm is a module that can execute web assembly-based bytecode on top of the Cosmos SDK.
**Smart Contract is an automatic, self-executing contract.
■ The settlement algorithm of the Finschia Chain uses an independently developed Ostracon based on the Cosmos Tendermindt. What is the difference between Tendermindt and Ostracon?
Ostracon is a settlement algorithm created to correct the weakness of Tendermindt-BFT. Tendermindt has something called a Round-robin so that the next block producer is selected in advance and the next block producer can also be predicted in advance. If the block producer is not changed, it could become an attack point. To prevent this, a shield needs to be installed to disperse the attack by putting up a guard. Ostracon technically solves this problem by randomly selecting the block producers through VRF (Verifiable Random Function). The biggest strength of Ostracon is that it enhances security by making the block producers unpredictable.
Of course, neither Ostracon nor any development method can defend against 100% of attacks. We predict the attack points and their likelihood according to the number of validators or nodes and block situations that could paralyze the system through DDoS attacks. We also respond to the way we use general gas fees. Other solutions include throttling. We might still get attacks due to unexpected variables, but at least we have countermeasures for all known problems.
**VRF(Verifiable Random Function) is a function that generates randomness in the blockchain.
**throttling is an act of restricting the execution of the same data or a large amount of data.
■ Are there gas fees on the Finschia Chain?
The level of fee rates and charging are set by the team in charge of designing the token economy, so I don’t think I can talk about this part. Speaking from the developer’s point of view, gas fees are usually used for stable network operation and response. In fact, the biggest reason for the gas fee is to deal with attacks such as DDoS. Currently, the LINE Blockchain is still a private chain, so it can control and block all of these attacks in the front end. So even if it is used without the gas fee, it won’t be that big of a problem. However, for the Development Team, it is important to prepare for future changes in the business environment. Therefore, we have already developed a function that can set and charge gas fees. It can be applied at any time; it’s just a matter of choice.
■ Is switching from a private chain to a public chain a matter of choice?
In the past, Alder or Bamboo Chains were developed with a focus on the public. Even then, we developed and patented an interchain function to link with various other chains. The Cosmos Chain we are using now also has the IBC protocol for interchain. Simply put, even if we operate as a private chain, we are basically using a chain with public functions. Therefore, the structure is set so that it can naturally switch to a public chain by unbolting the limited functions.
**IBC (Inter Blockchain Communication) is a protocol that allows independent chains to communicate with each other.
■ What are the development plans after the mainnet launch?
In terms of the platform, we are trying to build a metaverse based on the Finschia Mainnet, so we believe that the development of LINE Play’s Alpha Cruise and LINE NEXT’s GAME DOSI will proceed quickly. In other words, you will be able to hear lots of good news even after the release of the Finschia Chain.
In terms of development, we are trying to focus a lot more on developing through smart contracts. In particular, we are thinking about how to make WASM easier to use. This is because WASM uses the Rust language, so there are entry barriers for developers who used EVM as they need to learn a new language. That’s why we’re trying to prepare a lot of tutorials, education sites, and easy-to-develop tools.
**WASM(WebAssembly) is a portable binary-code format and a corresponding text format for executable programs as well as software interfaces for facilitating interactions between such programs and their host environment.
■ That means various dApp services can enter through WASM.
That’s right. Eventually, various dApp services will be onboarded on top of the Finschia Chain. At this time, the dApp will not be categorized as DeFi, game, and payment. That’s because Finschia contains a VM, allowing to use of all services running on the existing EVM. Currently, it is specialized in LINE NFT and DOSI, but in the future, the requirements of GAME DOSI will be actively reflected. Other things done in EVM could all be implemented using WASM.
■ The reason we interviewed you was to introduce the new mainnet of the LINE Blockchain to developers and the public. What can people to do to learn more about the LINE Blockchain Mainnet?
LINE holds a tech conference called LINE DEVELOPER DAY every year. This year, we returned as Tech-Verse, a global technology conference hosted by LINE and Yahoo Japan, with Z Holdings Corporation companies participating to share more news about the corporations. The event targeted developers, but it was a good opportunity to share our path with everyone in the company.
Through last year’s DevDay2021 and this year’s Tech-Verse, we introduced our improvements and key features. In this year’s Tech-Verse, smart contracts and security were the main presentation topics. Among them, Dynamic Link: How to Use LINE’s Smart Contract is a CosmWasm, which has improved all of the security problems that existed in EVM (Ethereum Virtual Machine) and has dealt with LINE’s unique function called Dynamic Link, which has fixed the inconvenience in usability. In EVM, while it is easy to call between smart contract A and smart contract B, there have also been hacking cases due to the infinite recursion feature.
CosmWasm fundamentally blocked this by using an event-driven method, but this caused the development to have difficulties in usability. LINE introduced and explained a dynamic link capable of direct calls that improved the development and usability of CosmWasm. Additionally, although not announced by our team, there is also a How to Find Bugs in CosmWasm’s Smart Contract that was created through collaboration. Until now, there has been no tool that analyzes problems via static/dynamic analysis of CosmWasm’s Smart Contract code. You can think of this as LINE working on various parts to develop more secure smart contracts to use on the chain. Our presentations can be found on the Tech-Verse website. We would appreciate it if you would learn what we are working on through these videos.
■ What kind of chain do you want Finschia to become in the future?
The change we want is to make more services use our blockchain so that it becomes a true Web3 Chain. It is to make users feel that they have ownership over their assets while using a good blockchain service.
Since we are developers, of course, we will try to become a major blockchain in terms of technology and usability. Still, we would like to focus more on the service rather than technology.
We would like to emphasize and highlight the idea that good services use the LINE Blockchain and that services can become better by using this blockchain.
■ Do you have anything to add?
Many of you will be unfamiliar with LINE’s blockchain business. It seems like a contradiction that a centralized corporation develops decentralized blockchain technology. Due to this, there were many cases where we were unable to let developers lead blockchain technology. We have also participated in technology conferences such as Tech-Verse, but there were clear limits as it took us more than two months to prepare the presentation materials and practice our pitch.
However, after the release of the Finschia Chain, we are trying to have more opportunities to communicate with developers by arranging sessions where we lightly introduce our technology, and by holding hackathons. We are trying to form a healthy developer community this way.
Therefore, developers, please look forward to the path toward the future of the LINE Blockchain.
⎮ LINK Overview
❖ Data is based on the last day of each month.
■ LN Market Cap: 154.11mn USD
■ LN Price: 24.04 USD
■ Monthly Trading Volume: 3.036bn USD
■ Circulation: 6,410,620 LN
■ Officially Listed Exchanges: BITFRONT, LINE BITMAX, Bithumb, MEXC Global, Gate.io, Huobi Global
Follow LINE Blockchain on Twitter or Facebook for the latest news and updates. A monthly newsletter is issued on the 10th of each month or the following business day in the event of a weekend or holiday. Advance notice will be made through social channels should any delay, omission or other issues occur.
**This newsletter is issued by LINE TECH PLUS (LTP), which operates LINE Blockchain.
**Disclaimer: LINE TECH PLUS informs the business and services related to the LINE Blockchain ecosystem as an operator of LINE Blockchain Mainnet and the LINK issuer. Please note that the business entities differ by service.