Japanese social media network LINE announced on Friday the launch of its first digital token, LINK, and its first blockchain network, LINK Chain. According to LINE, both token and network were built independently by the social platform and LINK Chain is described as a service-oriented blockchain network that enables dApps to be directly applied to the LINE messaging platform.
LINE also revealed that unlike other cryptocurrencies or digital tokens, LINK will not make an Initial Coin Offering (ICO), but instead utilizes a reward system that gives users the digital currency as compensation for using certain services within the LINE ecosystem. The network explained:
“For example, a user who has joined and participated in one of the decentralized app (dApp) services related to LINK can receive LINK as incentive. That LINK can then be used as payments or rewards within the dApp services that will launch soon, and for service categories like contents, commerce, social, gaming, exchange and more within the LINE ecosystem.”
LINE then stated it plans to register LINK exclusively on its global digital asset exchange BITBOX in September, where the new cryptocurrency will be distributed to users. The new platform will allow users to able to acquire LINK and trade LINK with other digital assets. It will also provide exclusive benefits to LINK holders, which includes payments or discounts on trading fees, and many promotional events. LINE CEO, Takeshi Idezawa, went on to add:
“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.”