According to the official announcement of the Japanese communications giant LINE on August 31 , LINE announced the launch of the company’s first digital token “LINK” and the blockchain “LINK Chain”.
According to the official statement, the technical development of both “LINK” and “LINK Chain” is done by LINE Corporation, while LINK is not sold through the initial token distribution (ICO) , whereas it is sold through reward system at LINE. It is distributed within the platform, such as Dapp (decentralized application) participating in the LINE ecosystem, such as social, gaming and other services in the ecosystem. After that users will received LINK as a reward.
LINE has more than 200 million active users, which will be a major adoption to blockchain and cryptocurrency potential market.
The SAR previously reported that LINE has launched its cryptocurrency exchange “Bitbox” in July, and LINK’s first launch will be distributed to current registered users on the platform, while LINK can also enjoy Telnet at Bitbox. Discounts and other related promotional offers will be shown.
The firm specified in the announcement that BITBOX is currently not a licensed exchange platform in Japan by Financial Services Agency. As such, residents in the firm’s home country are only able to receive what’s called a LINK Point for the time being, which will be exchangeable for the full crypto asset once BITBOX becomes licensed in Japan.
LINE launches its own blockchain, Dapp service development as the core
At the same time, the official website LINK.network also released a white paper, which indicates that LINE hopes to build its own blockchain platform, which will be a circulation token in the ecosystem, which can be used as payment, exchange, reward or incentive.
According to Line, the genesis block (the first block in any blockchain) of its LINK Chain network was mined on August 23.
The blockchain currently serves as the basis of the LINK cryptocurrency, but Line wants to build several dApps on it over the course of an year.
According to LINK’s roadmap, two new dApps will be launched in September, and another ten should be up and running by March 2019. Line will also encourage and support others to build dApps over its network, as part of its plan to become a leading “digital reward platform.”
Line claims that its extensive experience in building platform infrastructure and large scale-out networks means that it can easily overcome some of the biggest challenges with blockchain such as scalability issues and wait-time in processing the transactions. But the company’s white paper is devoid of any technical details, and we don’t know how Line plans to achieve such a feat, while the entire industry is struggling to do so.
Nevertheless, Line seems to be very excited about venturing deeper into the digital assets space. Earlier this month, it also announced a $10 million cryptocurrency-exclusive venture fund.
LINE officially stated in the press release that LINE has expertise in platform infrastructure and “large-scale expansion of the network”, indicating its ability to provide blockchain networks with stability and low latency.
LINE emphasizes that the platform is designed to encourage people to participate in the LINE ecosystem. According to the white paper, LINK tokens will be a means of rewarding users and motivating developers within the ecosystem .
In the past seven years, LINE has been able to grow and serve the world because of our users. Now through LINK, we hope to build a user-friendly reward system and give back to our users.
LINE Chief Executive Takeshi Idezawa said.
Through LINK, we hope to continue to develop a user-based platform to reward and share value growth by introducing easy-to-use dApps for people’s daily lives.
LINK will issue 1 billion pieces, of which 800 million will be awarded “free distribution” through contributors.
According to the official press release, 800 million of the 1 billion issued LINKs will be freely distributed through various reward mechanisms of the platform, of which LINE will reserve 20% – 200 million tokens, the smallest unit to be divided into thousands and the unit is called “Cony”.
At the same time, the scope of application of LINK has also been announced:
- Content: Payments for music, movies, and the web
- Business: Payments, discounts and returns on products/services
- Social: Wire transfer between in-app payment systems and individuals
- Games: In-game trading and character improvement
- Exchange: Paying fees, fee discounts and cryptocurrency transactions at BITBOX
The move has already made LINE a blueprint for the blockchain and token economy. LINE hopes to introduce to more than 200 million active users into token economy through blockchain, tokens and exchanges. It will be a very important process in the market.
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