Line launches its own cryptocurrency and blockchain network

Line is growing its presence in the grand cryptocurrency universe. One month after the launch of its BITBOX cryptocurrency exchange desk, the Tokyo-based messaging titan launched its own cryptocurrency called "LINK" along with a blockchain network called "LINK Chain".

In an announcement made on his website, Line says there will be no initial coin offer (ICO) for LINK tokens, which will only be available as a reward for the use of decentralized applications (dApps) all & # 39, inside the Line ecosystem. The LINK token will be available on the BITBOX exchange counter in September.

A total of one billion LINK tokens will be issued, of which 800 million will be available as user prizes; Line will keep the remaining 200 million.

However, the cryptocurrency will not be available in its country of origin in Japan due to regulatory compliance issues. Japanese users of the company will instead receive "LINK Points" as a reward.

These tokens can only be spent within the LINK chain ecosystem or exchanged with line points. LINK points can not be deposited, withdrawn, transferred, exchanged or exchanged in cryptocurrency exchange offices.

It is worth noting that BITBOX services are not available in either Japan or the United States. Line has not clarified if LINK tokens will be available in the United States.

According to Line, the genesis block (the first block in each blockchain) of the LINK Chain network was extracted on 23 August.

The blockchain currently serves as a basis for the LINK cryptocurrency, but Line wants to build several dApps on it over the course of a year.

According to the LINK roadmap, two new dApps will be launched in September, and ten more should be up and running by March 2019. Line will encourage and support others to build dApps on its network, as part of its plan to become a "digital reward platform" leader.

Line states that its extensive experience in building platform infrastructure and large-scale external networks means it can easily overcome some of the biggest blockchain challenges such as scalability issues and waiting times in transaction processing. But the white paper of the company is devoid of technical details and we do not know how Line is building such an enterprise, while the entire sector is struggling to do so.

However, Line seems to be very enthusiastic about venturing deeper into the digital resource space. Earlier this month, he also announced a $ 10 million exclusive venture capital fund.

Published 31 August 2018 – 11:18 UTC

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