Introducing Lina Network and the LINA token
Remember crypto in 2017? It was the year of the ICO boom where hundreds of projects appeared on the market. Unfortunately, a lot of them not that legit. However, Lina Network wasn’t one of them. The Vietnamese Startup was established in late 2017 and is headquartered in Switzerland and Vietnam. Its initial mission was to lift Vietnams’ agricultural products to a level where they can compete on the world stage by applying blockchain technology.
Supply Chain has been one of the first applications of blockchain in the corporate sector, and Lina Network was able to capture quite some of that demand early on, especially in South East Asia. While Lina focuses on several areas, including digital identity, lina review, healthcare and supply chain, they’ve seen the most traction in the supply chain sector by signing MoUs (memorandum of understanding) with eight major Tahi agricultural corporates.
But why Lina Network for Supply Chain?
Lina network is like most of the new platforms back then built on Ethereum. However, well aware of network congestion and potentially high transaction fees on Ethereum, the team decided to deploy a hybrid infrastructure. This approach involves bridging between the ethereum main net and the Lina CORE.
Lina CORE is a highly scalable, private blockchain that records transactions happening on Lina applications and stores them. This way, Lina Apps can avoid high network fees and reach higher scalability than on the Ethereum network alone.
When corporations use the Lina Network for their supply chain management, they benefit from increased security, transparency and efficiency. Traditional supply chains are often scattered. Every supplier or storage facility that forms part of the chain can have different methods or processes to report on what was done with a product.
With blockchain technology, anyone can trace products on an immutable ledger. There is no tampering with the data. When all involved parties of a supply chain are working on the same blockchain platform, they can benefit from standardization and efficiencies between different parties.
Storing all data on blockchain also can help save costs, avoid commercial fraud, increase traceability and enables companies to detect errors at any stage of the supply chain. This doesn’t just benefit corporations but also consumers as they’ll be able to track where the products they buy are coming from and, for example, if they’re actually as fairtrade as they claim to be.
Lina also has several other applications, such as Lina.Review which aims at providing users with genuine product reviews as one big issue these days online are fake reviews, paid for by manufacturers that want to sell their products. Another promising service is Lina eGovernment which is designed to help governments create electronic identification systems to increase efficiency in bureaucratic processes and ease of use for citizens. Other apps that form part of the Lina network can be seen in the below image.
The whole platform is fuelled by the LINA token, which is an ERC-20 token. The maximum supply of LINA is set to 900 million. 33.33% of the supply were sold in a public sale in 2017, while the remaining 66.66% of the supply are locked into a smart contract and released over a time horizon of 10 years.
Tokens on the Lina core sidechain and the Lina network on Ethereum are connected through the Lina bridge, which allows Lina core to synch with the Lina token smart contract on Ethereum making the tokens interchangeable.
LINA is now trading on our exchange with BTC and USDT pairs.