Japanese messaging application LINE launches its own cryptocurrency

[Paha87]

According to a report published today, on August 31, the Japanese social media giant LINE launched its own blockchain and cryptocurrency.

LINE reported that the first block of ITS new main LINK network was created on August 23. The company describes the network as "a service-oriented blockchain that will allow the direct integration of decentralized applications (dApps) to the LINE messaging platform."

The company plans to issue a total of 1 billion LINK tokens to users of its platform, saying it will retain 20 percent (200 million tokens) as the company's reserve. Tokens will be used as a means of payment for a number of services provided by LINE.

According to the announcement, the new tokens are issued by a subsidiary company in Singapore called LINE Tech Plus PTE that LINE was founded earlier this spring.

Instead of the initial coin offering (ICO), new tokens will be distributed through a reward system that compensates LINK users ' costs whenever they use certain services in the LINE ecosystem. For example, the company States that LINK will be paid for the use of DApp from the LINE. Whitepaper LINE in the token economy section indicates that the first two decentralized applications to the platform will be launched by September, and that even more than 10 applications will be launched by the first quarter of 2019.

In addition to receiving tokens as an incentive, foreign users are able to use a LINK to trade on the recently launched stock exchange BITBOX LINE. The statement noted that since BITBOX has not yet received an official license from the Japanese financial services Agency (FSA), users in Japan initially, will not be able to use BITBOX as a trading platform for the purchase of tokens.

As previously reported, LINE announced the launch of a $ 10 million venture Fund earlier this month in order to improve the efficiency of the development and implementation of cryptocurrency and blockchain technology.

Link to information resource - https://altstake.io/news/yaponskiy-messendgher-line-zapuskaet-svoyu-kriptovalyutu