LINE Announces “LINK Ecosystem” Using Blockchain — Two Original Coins to be Issued
On August 31, LINE announced the “LINE Token Economy” concept and the “LINK Ecosystem,” based on the independently developed blockchain network “LINK Chain.” In addition, it released “LINK Point,” a universal coin for domestic use within the LINK Ecosystem, “LINK” to be used overseas, and a white paper regarding LINK.
The LINE Token Economy concept uses LINE’s independently developed blockchain technology and aims to build a co-creation relationship and flatten the relationship between service providers and users. LINK Chain combines blockchain and core networks capable of handling more than 1,000 transactions per second on a single thread with technology used in the platform constructed by LINE.
By using the services of the distributed application “dApp” which will be a part of the LINK ecosystem, as well as by registering/using other LINE services that will participate in the future, users will receive LINK Points and LINK as an incentive, depending on their actions and contribution levels.
The acquired LINK Point can be used in other dApp services or exchanged for “LINE Points.” LINE points can be used for purchases or settlements in LINE Pay or for making purchases and settlements with LINE services at a rate of 1 yen per point. In addition, the company’s cryptocurrency exchange “BITBOX” will begin handling LINK, but Japanese residents will not be permitted to buy, sell, or exchange LINK due to regulations in Japan.
LINK Chain will be able to guarantee the reliability and transparency of the evaluation, and by ensuring there is an appropriate return in response to the user’s contribution, a virtuous cycle will be born where the user’s activities are activated, and the service achieves growth. As a result, a new co-creation relationship is established between users and services, allowing the provision of higher quality services.
The company has noted that with the advent of SNS, users are able to create content, contributing greatly to the development and expansion of the services. However, creating a mechanism that sufficiently returns some form of incentive has been difficult, and currently, not enough has been returned. The LINK Ecosystem using Link Points and LINK was then created by posting dApps based on the LINK Chain.
Furthermore, services by other countries are also scheduled to participate in the LINK Ecosystem. They will be able to adopt a token economy without having to spend time and money developing their own blockchain network or token economies.
