LINE is Launching its Crypto and Blockchain Platform
Line, the messaging application has been increasing its presence in the cryptocurrency industry. After the launch of BITBOX, its successful cryptocurrency exchange in July, Line is now developing its very own cryptocurrency called LINK.
As per the announcement by the company, this new virtual currency and its associated blockchain technology of LINK Chain have helped make Line one of the biggest crypto and blockchain firms in the world.
Both LINK and LINK Chain have been independently created by Line. At this moment, the company is planning to release a total of 1 billion LINK. About 800 million of these will go towards user rewards and 200 million will remain in reserve. The company also plans on launching LINK on its own crypto exchange, BITBOX.
We’re excited to announce that #LINE has launched its 1st #cryptocurrency “LINK” and its first #blockchain network “LINK Chain.” More than just a cryptocurrency, #LINK is at the heart of LINE’s token ecosystem.https://linecorp.com/en/pr/news/global/2018/20 …
#LINEFintech #BITBOX #LINKChain #LINKCrypto
Line CEO Takeshi Idezawa further said in a statement,
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. With Link, we would like to continue developing as a user participation-based platform, one that rewards and shares added value through the introduction of easy-to-use dapps for people’s daily lives.
Furthermore, LINK will not have an Initial Coin Offering, however, those who will use certain services on the LINE network will be given LINK tokens as compensation. An example that was given is of a user who has joined and participated in one of the decentralized apps (dApps) services related to LINK can receive LINK tokens. This LINK amount can be used for payment on the dApp services that will launch soon and for categories such as contents, commerce, social, gaming,exchange and others within the LINE network.
They also stated that in addition to dApps they have other plans as well.
LINE plans to register LINK exclusively on its global digital asset exchange BITBOX (www.bitbox.me) in September, where the new cryptocurrency will be distributed to users. Along with the dApps that will be launched soon, BITBOX will be the platform where users are able to acquire LINK and trade LINK with other digital assets. Furthermore, BITBOX will provide exclusive benefits to LINK holders, such payments or discounts on trading fees and many promotional events.
However, LINE has received some backlash on Twitter for naming its coin LINK, stating that they copied the name.
@LINKNewsOracle tweeted in response to @Line_Global,
Scam coins. LINK is a unique code for CHAINLINK. You are the name of the stolen people. Shameless.
Since other messaging apps like Facebook and WhatsApp already pose a big enough threat to LINE, providing incentive through LINK tokens could potentially be a successful and lucrative method. This is possible only if it has enough use cases for users to be interested in it. Some development will be made if LINK completely replaces LINE’s in-app purchase systems, but in the long run, even that alone is not enough.
Regardless, if LINK is successful, LINE will be making another development in both its reach and the industry’s progress in cryptocurrency and blockchain.