LINE Corporation, the operator of the instant messaging app ‘Line’, has launched its own blockchain network called LINK Chain and an associated cryptocurrency called LINK.
How LINK and LINK Chain work
According to the announcement, the cryptocurrency LINK will operate on the LINK Chain blockchain network, both of which were developed independently by Line. LINK Chain will enable decentralized applications to be used on the LINE instant messaging platform.
LINK will not be issued via an Initial Coin Offering (ICO); instead, it will be distributed via a reward system that will give users the digital token as compensation for using dApps on its LINK Chain network and for using specific content, commerce, social and gaming services offered by LINE.
Speaking on the launch, LINE Corp CEO Takeshi Idezawa had this to say:
“Over the last seven years, LINE was able to grow into a global service because of our users, and now with LINK, we wanted to build a user-friendly reward system that gives back to our users…one that rewards and shares added value through the introduction of easy-to-use dApps for people’s daily lives.”
LINK Cryptocurrency Token Implementation Plan
In total, 1 billion digital tokens will be issued, 800 million of which will be made available to the public, and LINE Tech will be responsible for administering the remaining tokens held in reserve.
LINK will be available to users in September and will be exclusive to Line’s digital asset exchange platform BITBOX. As reported by Unhashed, BITBOX, which began operating in July, already supports Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and 27 other altcoins.
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