LINE Announces Release of 5 DApps and Japanese Crypto Coin
According to a Cointelegraph on the 28th of September, Japanese-based communication app, LINE, has announced the development of five new DApps in addition to the creation of a crypto token for Japan. The Firm's initiative to incorporate a variety of new decentralized app based services into the platform is successfully underway.
LINE Announces latest DApps Available to Millions of Users
The freeware app for digital communication is reportedly serving more than two hundred million members, thirty million from this total are utilizing its mobile-based payment solution called Line Pay. Friday’s official announcement stated that the company’s latest release of DApps offering a variety of services pertaining to product reviews, question&answer, in addition to food related services.
The company's digital coin called LINK was initially listed on LINE’s virtual asset exchange, BITBOX, this month becoming a major part of the reward systems built into DApps and services offered to LINE members. Friday’s release highlighted the fact that LINK will not be accessible to Japan or US markets but instead created another token called LINK Point exclusively offered in Japan.
As a result of existing regulatory laws, Link Point will not be available for trade on the firm’s crypto exchange, however, will be offered as an investment for those who use their newly launched DApps. The token can also be traded in for LINE Point coins redeemable on LINE Pay for services or purchases offered by LINE. Currently, the FSA has yet to issue BITBOX a legal license for operating as an exchange within Japan.
The announcement also stated that each Line Point is equivalent a single yen. Out of one billion LINK Point and LINK tokens created, eight hundred million will be reserved for user distribution while the two hundred million remainders will be placed into a reserve by the firm. Together the tokens will make up a fraction of LINES recently established crypto economy powered by the firm’s blockchain platform LINK Chain.
LINK Success Continues Overseas
Company representatives explained that it plans to facilitate the growth of users and service providers alike. It was also announced that LINK chain’s first block was developed this August and described the blockchain’s technical foundation as service-focused, enabling DApps implementation into the firm’s communication service network. Recent success was seen in South Korea with the firm’s mobile-based subsidiary company, Line Plus, officially issued a blockchain-based platform called Unblock five months ago.