LINE, Japanese social messaging giant launched its own cryptocurrency and in-house blockchain, an announcement released on, August 31, 2018, revealed.
LINK chain, a blockchain network (mainnet) was launched on the Genesis Block August 23, which is a “service-oriented” blockchain network that will enable decentralized apps (dApps) to be directly applied to LINE’s messaging platform.
Unlike other cryptocurrencies or digital tokens, LINK will not make an Initial Coin Offering (ICO), but instead utilizes a reward system that gives users LINK as compensation for using certain services within the LINE ecosystem.
Users who have joined and participated in one of the decentralized app (dApp) services related to LINK can receive LINK as incentive.
LINK may be used as payments or rewards within the dApp services which is soon to be launched.
Other engagements on the LINE ecosystem like contents, commerce, social, gaming, and exchange too are included.
In September, LINE plans to register LINK exclusively on its global digital asset exchange BITBOX (www.bitbox.me).
1 billion LINK will be gradually issued, of that amount, 800 million will be allocated for user rewards, while 200 million as a company reserve.