Japanese social electronic communication big LINE is gears up to launch its own cryptocurrency referred to as Link.
A report in the local newspaper said that a complete of one billion tokens are issued to users, out of that 800 million are distributed to public users as payment for a spread of Line services whereas two hundred million are unbroken with the corporate as a reserve.
As per the announcement, the new tokens are being issued via a brand new subsidiary established in Singapore within the month of April referred to as Line technical Plus PTE.
As per the Line token economy white book, the corporate is aiming to rollout the initial 2 decentralized applications (dapps) within the month of September with over ten to be discharged by the first quarter of 2019.
“The incentive system has been designed to unfold adoption of the cryptocurrency and also the range of services and apps that support it,” Line CEO Takeshi Idezawa said.
The corporate specified as per the announcement that through Bitbox exchange, Line users will trade Link with alternative cryptocurrencies as of September however Link won’t be offered for users in Japan as Bitbox is presently not a authorized exchange platform by monetary Services Agency in Japan.
Link won’t have an Initial Coin providing (ICO) unlike alternative crypto currencies and digital tokens instead can have a rewards system that will compensate the users with LINK ecosystem.
This new launch aims to spice up the event, development and adoption of cryptocurrencies and blockchain technology.