One of the popular Japan-based messaging app LINE has recently launched its own cryptocurrency LINK and a blockchain network which works in association with it know as LINK Chain.
As per the official announcement made by LINE Corp, the newly released cryptocurrency is made available on its crypto exchange site BITBOX ineffective from September. Although the messaging app and blockchain network LINK Chain were developed independently, they are designed to work in association with each other. This is made possible in such a way that the blockchain will enable the company’s dApps to work on top of the LINE messaging platform.
How to use LINK Cryptocurrency?
Traditionally, most of the cryptocurrency in this ecosystem have come into existence through its crowdfunding process alias ICO launch. But LINE has planned to release its digital tokens in a different way, through a method of reward system. As quoted on its blog, users can use LINK as compensation for using certain services within the LINE ecosystem. In a sense, they can obtain these tokens as incentives in return for participation in any one of the LINE’s decentralized application services.
As per statements made by LINE Corp CEO Takeshi Idezawa during the launch,
“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.”
Furthermore, the company emphasized the importance of LINE chain which is directly deployed on its messaging platform. The main advantage of this blockchain network lies in its minimal wait period for executing blocks involved in it, which adds to its stability as well. With this viewpoint, the company encourages and is open to supporting various other dApp services outside of LINE’s platform and become a leading digital blockchain company.
Talking on statistics, there are a total of 1 billion LINK digital tokens to be issued and among which 800 million will be made available to the public, the rest 200 million tokens are to be taken care by LINE Corp as a reserve.
So readers, what do you think of this new cryptocurrency by LINE? Share your thoughts in below comment section.
