Line Reveals Ambitious Plans for Token-Powered Ecosystem

Line, a Tokyo-based messaging app giant, on Thursday revealed ambitious plans at CoinDesk's Consensus: Singapore 2018 event. The company, which has more than 160 million monthly users, plans to launch a token-powered ecosystem - the Linear Network - by the end of this year.

The ecosystem will be powered by its LINK token, which was announced in August this year. Through the initiative, the company will focus on developing decentralized apps, otherwise known as dApps, which will be tied to the LINK Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term.

Instead of having a sale, such as an initial coin offering (ICO), users will receive LINK tokens when using the dApps as a reward. However, Line won’t be the only one developing the apps. This is because the LINK blockchain is a blockchain-as-a-service and will allow developers to create applications of their own.

The venture is supported by a $10 million venture fund and cryptocurrency exchange, Bitbox, which was launched in July this year via one of the company’s subsidiaries, LINE Tech Plus. The exchange is located in Singapore because regulations in Japan and the US are too strict.

The $10 million venture fund was pledged by one of Line’s subsidiaries the LVC Corporation. Earlier this year in August, Finance Magnates reported that Line had launched a blockchain-focused investment fund - ‘Unblock Ventures.’ The fund was technically launched by two of Line’s subsidiary companies, Unblock Corporation and LVC Corporation.

Line Wants to Create Numerous Consumer-Facing dApps

Through the ecosystem Line hopes it will lead to the creation of numerous consumer-facing apps such as Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for restaurants. During a presentation Line said its ultimate goal of the venture is to make token and dApps as easy to use as possible. This is to encourage more users to flock towards the cryptocurrency space.

According to Line, the Linear Network will be launched in December this year. The aim of the dApps is for them to exist on their own “leaf chain” - basically, this means the apps would exist on their own but can also interact with other offshoot apps. The network will be supported by the LINK token, which can be exchanged from each of these chains through smart contracts.