Japan’s Popular Messenger LINE Announces Decentralized Apps And A Digital Token

On Friday, September 28, Japanese tech giant LINE Corporation announced the plan to launch five new decentralized applications across different categories of Q&A, predictions, food review, product review, and location review using the power of social media.

The messaging giant plans to start its native digital token LINK to markets outside Japan through its own cryptocurrency exchange BITBOX, starting 16th of October next month. Besides, the company also plans to give LINK tokens as a part of its reward system for its dApp users and other services within the LINE ecosystem.

However, to be noted, the LINK digital token is only available only outside Japan and also excluding the United States. As a result, the company has launched a separate digital token called “LINK Point” exclusively for the domestic Japanese residents.

Also one point to be noted that BITBOX is just a medium of supply for the LINK tokens. The exchange doesn’t allow any sort of trading for the LINK token due to regulatory restrictions in the Japan’s domestic market. Moreover, BITBOX is yet to receive any official license from the Japan’s regulatory body - The Financial Services Agency (FSA).

LINE entire token economy works on the company’s self-developed blockchain network called the LINK Chain. Using the LINK Ecosystem the company aims to develop a bonding with the users of services and promote mutual growth.

Apart from the using the LINK Point tokens in the dApp services of the LINE ecosystem, the company says that “residents in Japan can exchange LINK Points with LINE Points before converting them into JPY at par to make payments at over 94 thousand locations across Japan with LINE Pay, or make purchases in various LINE services.”

The company said that it will issue a total of 1 billion LINK and LINK Point tokens of which 800 million shall be distributed to the users gradually and the remaining 200 million tokens will be held by LINE as reserves.

In order to maintain further transparency in the matter of token issuance, LINE has introduced a new LINE Scan tool. Using Link Scan, users can get an overall idea of the total number of LINK and LINK Point tokens issued or rewarded in for of incentives to the users of LINE dApps.

The company in its blog post notes that “LINK SCAN built with LINK Chain that rapidly processes vast amounts of transactions enables users to read reviews written by peers and dApp service providers. This allows all user transactions to be verified, and ensures reliability and transparency while preventing data manipulation and other misconducts at the same time.”