Line, a Tokyo-based messaging app giant, has revealed some ambitious plans today 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 decentralised apps, otherwise known as dApps, which will be tied to the LINK blockchain.
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.
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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 LVS 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 LVS 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 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.