LINE Corporation has announced the launch of a Japan-only cryptocurrency, as well as five new decentralized applications (dApps). The Japanese online messaging giant says these new additions are part of its efforts to build a robust global token economy.
LINE Adds Link Point Cryptocurrency to its Token Economy
The company announced the launch of the new cryptocurrency and dApps in a post published on its website on Friday (September 28, 2018). According to the statement, LINK Point, the new token would be available to Japanese residents. The dApps will also cater to selected categories.
Earlier in the month, LINE announced that due to licensing restrictions, its LINK cryptocurrency wouldn’t be available to users in Japan and the United States. Hence, the reason for the creation of LINK Point.
According to the company, LINK Point will serve as incentives for Japanese customers on the LINE blockchain ecosystem. The new cryptocurrency will be convertible to LINE Points which the company says can be used to pay for services across LINE’s various platforms.
However, LINK Point will not be a tradable token on the company’s BITBOX cryptocurrency exchange platform. In June, LINE announced the launch of BITBOX in Singapore as a statement of intent in its cryptocurrency and blockchain technology expansion. BITBOX focuses solely on crypto-crypto trading pairs.
LINE’s Five New dApps
LINE also unveiled five new dApps to kickstart its custom blockchain network. These dApps will function in service categories like location review, product review, question-and-answer, as well as, food review. The dApps announced are Wizball Overview, 4Cast Overview, Pasha Overview, STEP Overview, and TAPAS Overview.
Wizball, available only to Japanese customers is a question-and-answer service. Users earn rewards by participating in information sharing on the platform. 4CAST is also only available to Japanese customers, and it is a prediction platform. Members who provide accurate future outcomes earn LINK Points as rewards.
Pasha Overview, STEP Overview, and TAPAS Overview are review platforms. Pasha is for users to provide product reviews. STEP Overview allows platform users to share their experiences at recreational centers with the community.
TAPAS Overview caters to the food review arena. Platforms users can write and post reviews of restaurants and eateries in Japan. To prevent false claims, users must upload a scanned receipt from an eatery or restaurant before being able to submit their reviews.
What are your views on the broad token economy being developed by LINE Corporation? Let us know your thoughts in the comment section below.
Images courtesy of LINE Corporation, ShutterStock