Hanryu Bank announces launch of blockchain mainnet 'FandomChain' in August

SEOUL, South Korea, July 30, 2021 /PRNewswire/ -- Hanryu Bank announced that the mainnet of its self-developed blockchain project, FandomChain, will be launched on August 16th.

The main purpose of FandomChain mainnet is to operate stable blockchain nodes and build a token economy for users and fans around the world who enjoy and consume K-culture. For more than 100 million K-culture fans around the world, FandomChain guarantees fast processing speed, performance, and scalability, and focuses on building the conditions to operate stable nodes.

The main feature of the FandomChain mainnet is to support the transaction of 2,000 TPS(throughput per second), which is much higher than Ethereum (23 TPS) or Bitcoin (7 TPS). In addition, the average time between block creation and transaction confirmation is 3 seconds, which is faster than Ethereum (about 15 seconds) or Bitcoin (about 10 minutes).

Among the various consensus algorithm methods, PoSV (Proof of Stake Voting) is adopted to support fairness with a stable node ecosystem centered on master node operation and round-robin manner voting. It supports all Ethereum smart contracts by applying the public Ethereum virtual machine (EVM, Ethereum Virtual Machine) development environment.

Scalability, which is pointed out as the biggest problem as a latecomer among the mainnet, is to be solved through its own bridge service. To solve this problem, Hanryu Bank will support a bridge to be swapped between Ethereum and BinanceChain.

Hanryu Bank also announced that the mainnet will also provide a digital transformer consulting service so that start-ups who want to issue tokens through the FandomChain mainnet can easily issue their own tokens and transform their business into blockchains. A specific roadmap schedule for the service will be newly announced along with the launch of the mainnet.

Hanryu Bank said, "Many people in the same industry recommended an ERC20 token, which is easy to issue and develop to list on exchanges, but We built our own mainnet with the sole purpose for the develop-centered and reputable project even if it costs much time and budget." "So now, It is possible to issue NFT and we can expect scalability by the bridge and income from the network transaction fee, which is the basic profit structure of the blockchain mainnet."

He continued, "After the launch of the mainnet, we plan to release a new roadmap for FNS Bank wallet, a Dex Wallet that can be linked with Metamask, and NFT (non-fungible token) services, so please look forward to it."

Meanwhile, the first service using FandomChain will be the Hanyru fandom network platform FANTOO, which has been actively conducting its business in 175 countries with supporting fan club creation, social karaoke, real-time translation, messenger, and live broadcasting.

Media Kit

Hanryu Bank Co., Ltd., established in 2018 to disseminate K-culture, presents new directions such as finance, media, and AI to Hallyu culture, which is only defined as entertainment. Hanryu Bank operates the legacy media Hanryu Times and the IT platform FNS.

The first blockchain project 'FANDOM CHAIN' is a public blockchain will be launched (planned) in August 2021 and has built its own mainnet. Based on this, Hanryu Bank plans to strengthen and expand the blockchain to IT platform business fields, such as supporting the development and linkage of Dapp with FNS Bank, a blockchain-based dex wallet, token issuance support, NFT (Non-Fungible Token) support, and various services.

SOURCE Hanryu Bank

Related Links

http://www.hanryubank.co.kr