Japanese Messaging Giant LINE Launches Its Own Cryptocurrency and Blockchain
We’re excited to announce that #LINE has launched its 1st #cryptocurrency "LINK" and its first #blockchain network "LINK Chain." More than just a cryptocurrency, #LINK is at the heart of LINE’s token ecosystem.https://t.co/BBLr4PhIXt#LINEFintech #BITBOX #LINKChain #LINKCrypto pic.twitter.com/t07paoviqu
— LINE Global (@LINE_Global) August 31, 2018
According to the announcement, there will be no ICO for LINK, instead, Line will leverage a reward system that distributes the digital token as compensation for using certain services within the LINE ecosystem. The LINK token will be available exclusively on LINE’s BITBOX exchange in September, where it will provide reduced trading fees and can be used within LINK Chain dApps for payments or rewards.
The LINK Chain is designed to interact with LINE’s established messaging platform and its genesis block was mined on August 23. The company plans to support third-party developers to build out the network’s dApp ecosystem.
In a statement accompanying the announcement, LINE CEO Takeshi Idezawa further detailed how decentralized applications will fit within the LINE platform.
Over the last seven years, LINE was able to grow into a global service because of our users, and now with LINK, we wanted to build a user-friendly reward system that gives back to our users. With LINK, we would like to continue developing as a user participation-based platform, one that rewards and shares added value through the introduction of easy-to-use dApps for people’s daily lives.
LINE plans to distribute a total of 1 billion LINK over time and will be flexible with the development of the ecosystem. LINE notes that 800 million will be allocated for user rewards, while 200 million will be managed by LINE Tech Plus, the group responsible for issuing the token.
The announcement of LINK comes several weeks after LINE launched a $10 million venture capital fund directed at blockchain startups while also listing TRON (TRX) on BITBOX.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.