LINE, a messaging company is planning to launch its own digital currency. In a statement, LINE confirmed that the starting block of its LINK Chain was already produced in August. The company added that it plans to issue about 1 billion tokens of LINK’s tokens. Out of the 1 billion tokens, 200 million will be held by the company while 800 million will be distributed to the public.
The distribution of the tokens will not be through an ICO. The company will instead issue the tokens as incentives to people who will participate in LINK Chain network’s decentralized apps. According to the company, the first two DApps will be rolled out before the end of September. After that, the company will roll out the next 10 DApps before the end of the first quarter of 2019.
In order to ensure that LINK tokens start trading immediately, LINE has already launched its own crypto exchange called BITBOX. BITBOX is currently working on registration with authorities in Japan. However, the exchange has already registered its first digital currency TRON. After the registration, TRON actually went up by 12. The rise came even though during a time when digital currencies were having a difficult week.
LINE started working on blockchain technology in April of this year through its subsidiary called LINE Tech Plus PTE. It is based in Singapore. The main aim of the company is to integrate blockchain technology into its current business.
Earlier this month the company also started a venture fund. In the fund, the company put a $10 million commitment through one of its subsidiaries called Unlock Ventures. Through the fund, the company wants to help venture companies which have blockchain related projects in order to boost technology. In a statement, LINE said that it was planning to continue increasing the amount depending on achievements in the sector.
LINE has also stated that it will not stop exploring the blockchain technology since it’s the future of the internet. LINE joins the list of glowing companies which are venturing into the blockchain exploration. Blockchain technology was first discovered during the launch of Bitcoin in 2009. The technology is very secure and very hard, to hack thus very reliable. People and companies have tested the technology in many departments and it has proved to be very useful. Companies are already using it in their supply chain departments.