The gigantic messaging LINE has become one of the first companies listed on the stock exchange to have launched a proprietary blockchain mainnet with its cryptocurrency.
Revealed in an announcement Friday, the company stated that the genesis block of its LINK chain was produced on August 23rd. The messaging giant now aims to gradually release a total of 1 billion LINK tokens in the network, of which 800 million will be distributed to public users while the rest will be considered a corporate reserve.
Rather than adopting an initial coin offering model, LINE will issue tokens as an incentive for users participating in its decentralized applications (dapps) built on the LINK Chain network. According to the LINE white paper, a deadline for the implementation of two first launches is due in September, with over 10 coming out by the first quarter of 2019.
The LINK token will be added to the recently launched BITBOX from the LINE exchange of cryptocurrency for trading in September, as an alternative way for users to acquire the cryptographic resource, the added version. Tokens can be further used as a means of payment within the existing LINE ecosystem.
The company specified in the announcement that BITBOX is not currently a trading platform authorized in Japan by the Financial Services Agency. In this way, residents in the country of origin of the company may receive the so-called LINK point for the time being, which will be exchangeable with the full crypto asset once BITBOX is authorized in Japan.
Intrigante, LINE, a Japanese company, launched the blockchain and its exchange platform through a new branch created in April in Singapore called LINE Tech Plus PTE.
The launch marks the company's last move in an effort to integrate the blockchain into its existing business ecosystem.
In August, LINE also announced an initiative to launch a $ 10 million token fund to promote the development of the blockchain and cryptocurrency ecosystem.
Image of the LINE app through Shutterstock