LINE, the most popular messaging app in Japan, announced yesterday that it has launched its own proprietary blockchain mainnet and cryptocurrency.
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
The genesis block of the new LINK Chain was produced a week ago and the company will now gradually release 800 million of the network’s 1 billion LINK tokens to public users.
Preferring to incentivise current users, LINE have chosen not to run an ICO but reward those who interact with the LINK Chain decentralised applications which should be available later this month.
700 MILLION GLOBAL USERS
Designed for instant communications, LINE currently allows users to exchange texts, images, video and audio, and conduct free VoIP conversations and video conferences.
With an estimated global reach of 700 million people, LINE enjoys a significant presence in Thailand, Indonesia and parts of Europe as well as Japan.
The new LINK token will be available for overseas users from LINE’s newly launched BITBOX cryptocurrency exchange. However, as BITBOX is currently not a licensed exchange platform in Japan, residents there will only able to receive a temporary LINK Point which will be exchangeable for the full crypto asset once BITBOX gains full approval from the Financial Services Agency.
The company envisage their token will be used for a variety of purposes within their own ecosystem including:
- Content: Payment for music, videos, and webtoons
- Commerce: Payment for products/services, discount benefits, and payback
- Social: In-app payment systems and wire transfers between individuals
- Gaming: In-game trading and character improvements
- Exchange: Payment of commissions, fee discounts and cryptocurrency trading at BITBOX