Line launches its own cryptocurrency

Avatar By Le Williams | 2 years ago

Japanese messaging giant Line, best known for its cutesy characters and stickers, is launching deeper into crypto after debuting its own token to help grow the firm’s stagnant user base.

The messaging app went public two years ago with 218 million monthly active users, regrettably without substantial advancement.

“The company no longer gives out its worldwide user number, but the number of active users in its four biggest markets has fallen from 169 million in Q2 2017 to 164 million in its recent Q2 2018 period”, CoinDesk reports.

Link, Line’s token, will not be minted through an ICO. Alternatively, Link will be given out to Line users as an incentive for using certain services.

Most likely, the incentive will be tied to specific activities to promote engagement.

A spokesperson for LINE explained some of the technical aspects of the blockchain protocol, telling CoinDesk:

“We need fast confirmation time for a service-oriented blockchain platform. Thus the consensus algorithm of LINK Chain is delegated proof-of-stake consensus and practical Byzantine fault tolerance.”

The token will be listed on Bitbox, Line’s crypto exchange. Users will be able to buy content, such as stickers and webcomics, as well as other Line services.

Notably, Bitbox will make it possible to use Link towards obtaining a lower commission rate on trading in the same way that Binance, the world’s largest exchange, uses its BNB token.

Intriguingly, Line launched the blockchain and its exchange platform via a new subsidiary established in April in Singapore called LINE Tech Plus PTE.

Link will launch next month, following the announcement of BitBox in July and the launch of a dedicated crypto fund in early August.