Japanese company Line has launched its first digital token and blockchain network in a bid to support various businesses through its messaging application.
The company said that the digital token called LINK will be awarded to the users as compensation for utilising specific Line ecosystem services.
It intends to list the digital coin exclusively on its global digital asset exchange BITBOX to enable distribution among its users.
All users can trade LINK through the BITBOX, where multiple decentralised apps (dApps) are scheduled to be introduced soon.
Additionally, all LINK holders will receive discounts on trading fees and other benefits on promotional events.
Line CEO Takeshi Idezawa said: “Over the last seven years, Line was able to grow into a global service because of our users, and now with LINK, we wanted to build a user-friendly reward system that gives back to our users.
“With LINK, we would like to continue developing as a user participation-based platform, one that rewards and shares added value through the introduction of easy-to-use dApps for people’s daily lives.”
Line has planned to issue 1 billion LINK gradually, of which 800 million will be reserved for user rewards, while the remaining 200 million will be under LINE Tech Plus, the issuer of LINK.
The blockchain network introduced by the company, called LINK Chain, will allow the dApps to be directly applied to the messaging platform.
Designed as a service-oriented blockchain network, the network is expected to offer stability and reduce waiting time.
Line is also planning to incorporate various dApp services into the blockchain network, including solutions which are not operated by the company.