LINK is the native utility token of the LINE blockchain. It was created by LINE TECH. The company was established on April 11, 2018, and is headquartered in Singapore. It is a subsidiary of Line Corporation, the biggest global messenger company from South Korea. The LINE team is aiming to create a blockchain platform and token economy for mainstream consumers. Therefore it is building an ecosystem that serves global users with the help of LINK and a diverse range of dApps.
LINE is a service-oriented blockchain created on Interchain as a way to share value with LINE ecosystem participants. The LINE blockchain is capable of handling heavy traffic and is designed to support inter-trading between multiple blockchains and different consensus algorithms between nodes. Anyone regardless of their technical background can implement its blockchain technology by issuing their own tokens and sharing them with others.
The LINE blockchain has a layer structure that can design networks according to the characteristics of the applications to be used on the network. It follows three principles, such as rewards for contributors, a balanced economic model, and an easy-to-use design. The LINE Blockchain is capable of 1,000+ TPS (Transactions Per Second).
The LINE ecosystem is a network of services and applications, which consists of Reward dApps, General dApps, support programs for dApps, LINE Pay, LINE Messenger app, LINE Bitmax wallet, the exchange, and the LINK token.
Reward dApps distribute LINK to their users who most actively contribute to the ecosystem and are responsible for the network’s development. General dApps are non-Reward dApps that offer LINE blockchain-based services. LINE Pay is the blockchain payment system that supports micro-transactions and issues credit cards. LINK tokens can be converted into fiat currency using the Bitmax wallet. Bitfront is the LINE’s native exchange that covers areas outside Japan.
The LINK token
LINE launched the LINK project in August 2018 to build a token economy that can be easily used by anyone in daily life. LINK (LN) is a utility token designed to make the blockchain implementation safe and seamless and to increase user engagement in the ecosystem.
There was no ICO for LN. The overall amount of LINK that can be issued is limited to 1 billion coins while the LINK issuance is held gradually. 100 million LN tokens were generated within three years as the next releases come with a 5% annual increase. 80% of the issued coins serve as user rewards, while 20% is reserved for the LINE blockchain. Reserves are spent on network expansion, blockchain operational expenses, service acceleration, and marketing.
The LN circulation amount is determined by the actual LINE network activity level and growth. LINK is issued on the basis of how many active wallets exist in the network and how many LN coins are used for payment and staking. This strategy enables the network’s value to increase along with the growth of the ecosystem.
Users can get LN tokens as rewards from services and dApps or buy them on exchanges. User rewards are issued based on user contribution activities to Reward dApps as they are paid according to the reward policy of each service. Users are also rewarded for linking their accounts to the company’s three mobile apps, namely LINE Pay (remittances and payments), LINE Securities (investments), and LINE Score (credit rating). Besides, users can earn profit for holding LN.
LINK is traded on BITFRONT, BITBOX (a LINE virtual currency exchange), Bithumb (only in Korea), and Bitmax (LINE’s exchange service available only in Japan) against BTC and USDT. It can be stored in the LINE wallet at BITBOX. As the first exchange to list LINK, BITBOX is also its sole distributor.
Use cases of LINK
LINK can be utilized in a variety of ways. First of all, LN tokens are used to make payments and remittances. You can pay for various LINE services from such categories as content, commerce, social, gaming, and digital asset exchange and receive benefits from them. When used for purchases within the LINE ecosystem, LINK holds a minimum value of $5, which can rise according to market conditions. In addition, LINK is used to encourage users’ participation in the BITBOX exchange by promotions and rewards for their trading volume and deposits. Finally, you can exchange it for other crypto assets.
The information about the LINK team is not available on the net. It’s only known that Yongsu Ko is the CEO and representative director of the LINK ecosystem.