Blockchain-based tech is emerging each day, as it grows it comes a step closer to become an intrinsic part of the digital and real world.
Joining big names like Yahoo and Standard Chartered amongst others, the Japanese messaging giant, LINE, has recently been treading the blockchain grounds. LINE has just entered the crypto game as it launched its own cryptocurrency, called LINK.
Over the last seven years, LINE was able to grow into a global service because of our users
Said LINE CEO Takeshi Idezawa in the official Linecorp news.
The launch of LINK has made LINE one of the largest and most established companies to develop and issue its own cryptocurrency. However, unlike other digital token and cryptocurrencies, LINK will not be making an Initial Coin Offering (ICO). Instead, it will thrive on an incentivized system. By incorporating a reward system, it will be giving its users LINK as a compensation for using certain services from the LINE’s ecosystem.
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
Idezawa further added.
The rewarded LINK, can in turn be used as payments or even rewards within the decentralized app (dApp) services. The dApp services are set to be launched soon and will cover an array of service categories like contents, commerce, social, gaming, exchange and more.
The messaging giant now aims to gradually issue a total of 1 billion of the network’s LINK tokens, of which 800 million will be distributed to public users while the rest will be held as a company reserve.
The messaging titan has also become one of the first publically traded companies to have launched a propriety blockchain mainnet, BITBOX. It is currently hosting trade in around 30 coins, sans fiat trading for the time being. There are however, no hints as to when will it support local currencies, or even in which country they would be offered.
The new tokens are being issued by a Singapore-based subsidiary called LINE Tech Plus PTE , which was established by LINE, earlier this spring.
Months after announcing it in January, LINE opened their cryptocurrency exchange BITBOX, which is available everywhere except Japan itself and North America. According to the announcement, the blockchain platform has not yet received an official operating license from Japan’s Financial Services Agency (FSA).
FSA officials said:
With the new regulation, Tokyo aims to balance the need to protect investors with the need to support fintech innovations.
The cryptocurrency exchange is to serve as the flagship platform of the company’s new division, the Line Financial Corporation.
LINE now plans to register LINK exclusively on its global digital asset exchange. This plan is to be set in motion in September, and the new cryptocurrency will be distributed to users. The platform will enable the users to acquire and trade LINK with other digital assets. Moreover, it will provide the users with exclusive benefits such as payments or discounts on trading fees and many promotional events.
According to LINE’s white paper, it is now eyeing a deadline in September for the rollout of an initial two dapps, with over 10 to be released by the first quarter of 2019.