Messaging Giant LINE Launches Its Own Crypto: LINK

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Messaging Giant LINE Launches Its Own Crypto: LINK

LINE Corp., located in Tokyo, is a prominent creator of mobile apps such as the popular LINE Messenger. The company has announced the introduction of its first digital currency, LINK, as well as its first blockchain network, LINK Chain. According to CoinDesk, the launch makes LINE one of the first publicly listed corporations to establish a customized blockchain mainnet with its own coin. The blockchain and its trading platform were created by LINE Tech Plus PTE, a new Singapore-based subsidiary firm. (Also see: How Does Line Work and Earn Money?)

The LINK Chain’s genesis block was successfully produced on August 23, kicking off the long-term process of eventually creating a total of 1 billion LINK coins. The Genesis block is the first block mined on a blockchain. The corporation intends to issue 800 million tokens to public users, with the remainder held as a reserve.

The LINK Chain network allows for decentralized applications (dApps).With the mainnet currently in place, the business anticipates launching two initial dApps in September, with the number steadily expanding to roughly ten by the first quarter of 2019.

A LINE representative told CoinDesk, citing the necessity to facilitate seamless transactions, “A service-oriented blockchain network requires rapid confirmation time. Thus, the LINK Chain consensus method delegates proof-of-stake (PoS) consensus (mechanism) and realistic Byzantine fault tolerance.”

dApp-based Platform takes non-ICO Route

The token distribution will not take place in the typical manner of an initial coin offering (ICO).Instead, LINE will distribute tokens as a reward to users of the LINK Chain network’s dApps. This is anticipated to encourage user involvement, therefore maintaining the blockchain network flexible, functional, and popular. The tokens will also be accessible beginning in September on the Singapore-based BITBOXexchange, LINE’s recently formed cryptocurrency exchange that began operations last month. Because BITBOX has yet to get a license from Japan’s Financial Services Agency (FSA), local residents will earn LINK Points until the crypto exchange obtains the requisite authorization. LINK Points, on the other hand, have certain limitations. At cryptocurrency exchanges, they cannot be deposited, withdrawn, transferred, traded, or swapped. While utilizing LINK tokens, BITBOX customers will also be eligible to unique privileges like as payments or savings on trading costs and various promotional events.

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Because the tokens will be used as a method of payment inside the LINE ecosystem, users may earn them by selling products or services or exchanging them on the LINE network in a variety of categories such as contents, commerce, social, gaming, and exchange. (See also: Major Corporations Consider Launching Their Own Cryptocurrency.)

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and neither Investopedia nor the author suggest that you do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.

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