Providing a Next Generation Platform like an OS: LINE’s New Challenge
Background of the “LINE TOKEN ECONOMY” Concept
On September 27, LINE Co., Ltd. held a press conference on the “LINE TOKEN ECONOMY Concept.”
President and CEO Takeshi Idezawa (Idezawa), and CSMO Director Atsushi Masuda (Masuda) attended. Izawa talked about LINE’s challenge.
Problems Related to Unfair Compensation for User Contribution
Idezawa talked about the issues concerning the current user contribution-type services.
Currently, users contribute reviews and their own experiences.
Normally, users are compensated for their contributions, but in many cases, the compensation is cheap or nonexistent.
The “LINE Token Economy Concept” was created in an attempt to fix this unfairness.
By using blockchain, the degree of contribution by the user is made transparent, the user can receive fair compensation in the form of a token (points), and LINE can provide good service.
Idezawa mentioned the following at the beginning of the press conference.
“LINE will make it easier for consumers to contribute to the product and will also offer a fair compensation model for its contributions.”
This is LINE’s answer to its current problems. It will be a starting point for a new economy in the future using tokens (points).
LINK Point
In collaboration with ICON, LINE developed its own blockchain and succeeded in developing the LINK chain, which is a native blockchain with an extremely high processing speed.
Service development on the LINK blockchain becomes possible by issuing LINK tokens (LINK points in Japan).
Referring to LINE SCAN allows anyone to confirm transactions on the LINK platform.
The points are converted at the rate of “1 LINK point = 500 LINE points.” LINK tokens can be converted into cash at the foreign exchange BITBOX.
NO TOKEN SALE NO ICO
The total number of LINK tokens will be set at 1 billion LINK. 80% will be given as incentives for things like dApps, while 20% will be kept and reserved.
This token is not sold by ICO and intends to advance projects cultivated by LINE focusing on services and users.
Izawa talked about LINE’s new challenge: “In order to prove the value of LINK, we want to encourage users to actively use it. We would like to offer a next generation platform, similar to an OS.”
After Izawa’s performance, five new services by dApps were introduced, and a location that allowed people to experience them was also set up.
Of the five dApps, two dApps are already available for use, and the remaining three are coming soon.
