The Japanese giant of messaging social LINE launched its cryptocurrency and internal blockchain, according to an announcement published today, August 31st.
LINE revealed that the genesis block of its new main LINK chain was generated in August 23. The company describes the main network as a service-oriented "blockchain" network that will allow direct application of decentralized apps. (dApps) to the messaging platform of LINE.
The company plans to release a total of 1 billion LINK tokens to users of its platform, saying it will retain 20% – or 200 million tokens – as a business reserve. Tokens will be used as means of payment for a range of LINE services.
According to the announcement, the new tokens will be issued by a Singapore-based subsidiary called LINE Tech Plus PTE, which LINE has established at the beginning of this spring.
In place of an Initial Coin Offering (ICO), the new tokens will be distributed through a rewards system that compensates users with LINK whenever they use certain services within the LINE ecosystem. For example, the company states that LINK will be allocated to incentivize the use of dApp services that will soon be launched by LINE. The LINE white token paper indicates that the first two dApps will be launched by September, with more than 10 released by the first quarter of 2019.
In addition to receiving tokens as incentives, international users will be able to exchange LINK on LINE has recently launched the exchange of BITBOX cryptocurrency for trading starting in September. The announcement notes that since BITBOX has not yet received an official operating license from the Japanese Financial Services Agency (FSA), home users will initially not be able to use BITBOX as a means of exchanging and acquiring tokens.
Cointelegraph LINE has announced the creation of a 10 million dollar venture block fund at the beginning of this month, with the aim of enhancing the development and adoption of cryptocurrencies and blockchain technology.