At the ongoing Consensus conference in Singapore, Japanese messaging firm, LINE has revealed it’s looking to launch its distributed ledger technology-based ecosystem called Linear Network.
Link tokens will power Linear Network and developers will be able to create their decentralized applications on the platform and get rewarded with Link tokens, reported Finance Magnates on September 30, 2018.
Blockchain Powered Linear Ecosystem
In a bid to make it easier for developers to create highly functional dApps, Tokyo-based based messaging app creators, Line Corp. is looking to launch own DLT ecosystem called Linear Network, which will be powered by Link tokens.
Established in March 2011, Line currently has nearly 200 million monthly users with a vast array of subsidiaries.
At the end of August 2018, the firm announced the launch of its distributed ledger, Link Chain to allow seamless integration of decentralized apps.
Line has made it clear that it would not follow the controversial initial coin offerings route (ICO) to issue its Link altcoin.
Instead, coders who use the network to develop their dApps, as well as all users of their numerous services including video calls, VOIP and more, will be rewarded with the tokens.
As previously reported by Blockchain Reporter, Link token was launched in late August 2018 by the Line team, and it was made exclusive to the BITBOX cryptocurrency exchange.
The Link token is the native cryptocurrency currency of the Line ecosystem, created to function as a means of rewarding users of its various product offerings.
Holders can trade the coins on the BITBOX exchange just like other digital assets such as bitcoin, ethereum, and others.
Launched in July 2018, BITBOX offers users crypto-to-crypto exchange services and currently supports established digital currencies like bitcoin, ether and some more. The platform charges users a 0.1 percent trading fee.
In addition to being a crypto trading venue, BITBOX is also a venture fund, and it’s funding the Linear Network.
Line Focused on making dApps Very User-friendly
Since announcing its cryptocurrency ambition earlier in January 2018, Line Corp. has been firing on all cylinders, in a bid to become a distributed ledger technology heavyweight.
In August 2018, reports emerged that Line had launched a blockchain investment fund, Unblock Ventures, via its subsidiaries Unblock Corporation and LVS Corporation.
With the Linear Network expected to go live in December 2018, the firm is now looking to develop a vast array of dApps that could be used for payments and other daily processes, in a frictionless way.
Line has made it clear that the decentralized apps will use the ‘leaf chain’ system but will also be able to interact with other dApps on its blockchain.