Japanese messaging facility provider Line has disclosed 5 innovative decentralized applications (DApps) and a novel Japan-focused cryptocurrency. The strategy was described in a press release Friday, September 28.
LINE’s messaging facility is believed to be used by over 214 million active clients, with 30 million in Japan as of now utilizing its mobile disbursement facility, Line Pay.
Line has today publicized that its latest sequence of DApps will concentrate on a variety of services such as “prediction, Q&A,” along with reviews of goods, foodstuff and locations.
LINE’s overseas crypto currency Link has already been circulated via dealings on the firm’s own worldwide cryptocurrency exchange “BITBOX” which was launched in the beginning of September, and will also be distributed through rewards to the users of dApp and other facilities offered by the Line ecosystem.
Today’s pronouncement observes that Link is not accessible in the American or Japanese markets. Line has hence introduced a unique coin, dubbed “LINK Point,” that is restricted to residents of Japan.
LINK Point will be distributed as an incentive to clients of LINE’s novel DApps, and cannot be exchanged on the BITBOX cryptocurrency exchange, due to national regulatory limitations. As earlier detailed, BITBOX has not yet received an operating license from Japan’s financial regulator, the Financial Services Agency (FSA).
LINK Point can in any case be utilized for DApp services, or it can be exchanged for “LINE Point” tokens which can be converted for buying LINE’s facilities, as portion of Line Pay. Today’s media release describes the value of one Line Point as one yen.
Overall, one billion Link Point and Link are to be issued, of which 800 million are to be regularly dispersed to clients of the Line token ecosystem. The company will hold 200 million as a reserve.
Both tokens will form portion of LINE’s innovative token financial system, which is primarily based on own blockchain network, Link Chain. Line says the venture plans to “flatten the relationship structure between users and service providers,” in an attempt to cheer “mutual growth.”
Line’s genesis block was generated August 2. Line described the mainnet as a “service-oriented” blockchain network that would empower dApps to be straightaway integrated to LINE’s messaging platform. Line Plus, the mobile platform subsidiary of the company, also introduced a blockchain associate, dubbed Unblock, in South Korea this April.