Line launches cryptocurrency Link
Japan-based Line Corporation has launched its first digital token, Link, and its first blockchain network, Link Chain, both of which it built independently.
Line CEO Takeshi Idezawa says it wants to offers “rewards and shares added value through the introduction of easy-to-use decentralised apps (dApps) for people’s daily lives”.
In an unusual move, Link will not make an initial coin offering (ICO) but offer a reward system that gives users Link as compensation for using certain services within the Line ecosystem.
For example, a user who has joined and participated in one of the dApp services can receive Link as incentive.
That Link can then be used as payments or rewards within the dApp services that will launch soon, and for service categories like contents, commerce, social, gaming and exchange.
Line states that it plans to register Link exclusively on its digital asset exchange Bitbox in September, where the new cryptocurrency will be distributed to users.
Along with the dApps, Bitbox will be where users are able to acquire and trade Link with other digital assets.
Link operates using Link Chain, a blockchain network (mainnet) that was built following the launch of the Genesis Block on 23 August. Link Chain enables dApps to be directly applied to the Line messaging platform.
A total of one billion Link will be gradually issued, according to how this ecosystem develops. Of that amount, 800 million will be allocated for user rewards, while 200 million will be managed by Line Tech Plus, the issuer of Line, as a reserve.
Line is a Japanese subsidiary of the South Korean internet search firm Naver Corporation. Its Line messaging app was launched in June 2011.