Line, the Japanese-based messaging app that started in 2011, has launched own cryptocurrency called Link that will be available for in-app uses this September, a few days after launching a blockchain called LINK Chain.
Link cryptocurency will serve as a token for a reward system within the company's blockchain and users can acquire LINK as incentive for using these dApp services. The Link token can then be used as payments or rewards within the dApp services that will be hosted on the recently launched blockchain LINK Chain. For instance, they can use Link as a payment or rewards within the dApp services in categories such as contents, commerce, social, gaming, exchange and more within the LINE ecosystem.
The new digital asset will be registered and distributed on the company's global digital asset exchange BITBOX this September. The cryptocurrency allows trading of different altcoin pairs and also works for mobile devices. It also works as a wallet for altcoins and charges transaction fee of 0.1% for both makers and takers.
Users can then acquire Link and trade it with other digital assets on this platform/exchange. Link holders will also be able to get promotions, discounts on trading fees and payments among other events on the exchange. It will also be used for commercial applications such as payment for products/services, discount benefits and pay back. In social applications, the cryptocurrency can be used for in-app payment systems and wire transfers between individuals.
Other uses include in-game trading and character improvements as well as payment for music and videos and webtoons, and payment for products/services, discount benefits, and payback.
There also will be no ICO for token issuance that will see a total of 800 million tokens distributed. The smallest unit is called cony (1,000,000 cony = 1 LINK)
However, Japan resident users can only receive rewards for activities in dApp services as Link Points and not Link crypto due to regulatory limitations in the country.
The company built the blockchain network after launching of Genesis Block on August 23. The blockchain will allow integration of blockchain dApps and services on the messaging app. These points cannot be deposited, withdrawn, transferred, traded or exchanged at cryptocurrency exchanges, including BITBOX, until there is authorization.
Currently Line allows users to exchange texts, images, video and audio, and conduct free VoIP conversations and video conferences. It has an estimated global reach of 700 million people and operates mainly in Thailand, Indonesia and parts of Europe as well as Japan.