Today, the Japanese messaging giant, LINE launches its first cryptocurrency to accompany its newly launched blockchain mainnet with its homeland audience, Japan, being given a special version of the token due to regulatory constraints in the country.
The LINK cryptocurrency, as it has been named, will be available for trading to everyone outside Japan while those in Japan will be treated to ‘LINK Point’ “instead of LINK, and LINK Point cannot be traded or exchanged before LINE gets official regulatory authorization and can only be used with LINE Points at this time,” noted today’s press release from LINE.
LINE’s move puts it on the first lane of large firms that have developed and issued their own digital currencies running on their own blockchain.
As is the norm with new blockchain projects, LINE has no intentions of traveling through the Initial Coin Offering route but instead will “utilize a reward system that gives users LINK as compensation for using certain services within the LINE ecosystem.”
To help get the crypto out to be traded, LINK will be available exclusively on BITBOX, a global cryptocurrency exchange run by LINE, from next month.
“BITBOX will be the platform where users are able to acquire LINK and trade LINK with other digital assets. Furthermore, BITBOX will provide exclusive benefits to LINK holders, such as payments or discounts on trading fees and many promotional events,” recorded the press release.
There will be a total of 1 billion LINK coins in supply which LINE has indicated that it will gradually issue depending on ‘how this ecosystem develops.’ Out of the one billion coins, 200 million will be in the company reserves while the remaining 800 million will be for ‘user rewards.’
Apart from buying LINK coins on BITBOX, it will also be possible to earn LINK when a user interacts with decentralized applications (dApps) in categories like social, gaming, exchange, commerce, contents etc, that will be launched soon on the LINK Chain (its in-house blockchain).
As LINE launches its first cryptocurrency, do you think it will set the pace for others like Facebook to launch their own proprietary blockchain and cryptocurrency?
Let us know your thoughts in the comments section below.