LINE, which is the most popular messaging app in Japan has released plans to launch a determined, token-powered ecosystem by the end of this year. With this, LINE has also become a part of the first publicly traded firms to release a proprietary blockchain mainnet including its own cryptocurrency.
In order to expand its user base, LINE claims to have 160 million plus active users, the plan is actually based around its earlier declared LINK token. LINE has received tremendous support from $10 million venture fund and also through a newly-released cryptocurrency exchange. LINE has earlier stated that its new move will be aimed for the development of decentralized apps or dApps, which are connected to the LINK blockchain.
The main purpose of the plan depicts one of the more noteworthy enterprise-level efforts of 2018 to utilize blockchain to mainstream use cases. LINE is expecting that its LINK token will serve as a fuel for a various number of consumer-facing applications, such as payment at restaurants and other services to the serving of online content.
In one of the events at Singapore, LINE mentioned that its goal is to make the LINK token and all the linked applications as simple as possible, hence it is easy for its millions of users to adopt the crypto-token economy.
Also Read: PumaPay to be available as a Recurring Payment method for Wix Users
The main purpose of the firm is that, instead of distributing LINK tokens via any kind of sale, users will be rewarded by means of the use of dApps. Develops will also get an opportunity to use the firm's blockchain-as a service in order to build applications of their own.
LINE's Scaling solution
Titled as LINEAR Network, the dApps would be existing on their own chain known as “leafchains” which exist on their own, however, they possess the ability to communicate with other offshoots. LINEAR will be supported fully by LINK token, that can be easily exchanged from chain to chain by means of smart contracts.
Based on the presentation of the company, LINE hopes to release its framework for the LINK token and LINEAR NETWORK in December 2018.
Also Read: 4 Ways to Invest in Blockchain Technology
LINE is currently providing full support to the developers before the launch of the token. The firm does this in order to launch a wide number of dApps before initial launch.
