Line’s blockchain initiative
By introducing its own token, Line joins handful of blockchain companies who have created and launched their own crypto currency. The idea to introduce native token came up after the company decided to reward its active users who build and launch dApps on their blockchain network. The company has also avoided raising money through an ICO for its crypto project. Line has instead opted for the reward based system, which will ultimately create a decentralized ecosystem, where new innovations can come up.
CEO of Line Corporation, Takeshi Idezawa commented:
“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 particpation-based platform, one that rewards and shares added value through the introduction of easy-to-use dApps for people’s daily lives.”
BitBox and “Link Chain”
The Link Chain will be listed exclusively on Bitbox, a cryptocurrency exchange. The token will be distributed to users through the exchange. Bitbox will also facilitate trading Link with other crypto assets.
The token will run on “Link Chain”, an enterprise blockchain custom-built by the company. The Genesis Block was launched on August 23. A total of 1 billion Link crypto tokens will be continuously issued, with nearly 800 million cryptos set aside for user rewards. The other 200 million will be held as a reserve by the company, under the Line Tech Plus program.