TOKYO – August 6, 2020 – LVC Corporation, a subsidiary of LINE Corporation and operator of LINE’s crypto asset and blockchain-related businesses, today began offering LINK on the Japan-based crypto asset exchange BITMAX. LINK is a crypto asset issued by LVC and the LINE subsidiary LINE TECH PLUS PTE. LTD.
BITMAX was released on September 17, 2019 as a crypto asset exchange service conveniently accessible through the LINE messaging app in Japan, where LINE has more than 84 million monthly active users. Since launching, BITMAX has been particularly popular among beginner crypto asset traders. And now, BITMAX has become the first crypto asset exchange in Japan to offer LINK, LINE’s proprietary crypto asset.
All told, BITMAX now supports six crypto assets: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), and LINK (LN).
LINE’s proprietary crypto asset LINK
LINK is a crypto asset issued using LINE’s proprietary private blockchain network LINE Blockchain (formerly known as LINK Chain). It was originally created as an incentive to reward users who contribute to the growth of services available through LINE. Issuance began in August 2018, and the token debuted on the cryptocurrency exchange BITBOX *1 (available worldwide excluding Japan) on October 16, 2018. BITBOX was then replaced by BITFRONT in February 2020*2.
*1: Press release from July 16, 2018: https://linecorp.com/en/pr/news/global/2018/17
*2: Press release from February 28, 2020: https://linecorp.com/en/pr/news/global/2020/49
For LINK, 1 billion LINK tokens will be issued, with 800 million to be used as reward incentives to LINE users for using LINE services according to the company’s user incentive policy. LTP will manage the remaining 200 million as a reserve. Details regarding the total number of LINK tokens issued as well as their distribution status among LINE users is published on LINE Blockchain Explorer (formerly known as LINK SCAN).
– LINE Blockchain Explorer: https://scan.link.network/0x3001004/main
Preparation of a LINE Token Economy
LINE unveiled its LINE Token Economy concept*3 in 2018, with the aim of building a LINE Blockchain ecosystem (formerly known as the LINK ecosystem) based on its proprietary blockchain network to foster a co-creative relationship between users and service providers. In the ecosystem, active users of dApp*4 services are rewarded with LINK tokens in proportion to their activity and contribution rate. Thanks to blockchain technology, user contributions can be recognized and rewarded accurately and transparently using LINK tokens, resulting in a virtuous cycle of increased user motivation and service growth. The LINE Token Economy concept is a win-win proposal for both users and service providers to foster a co-creative relationship to jointly improve the quality of services.
*3: Press release from August 31, 2018: https://linecorp.com/en/pr/news/global/2018/20
Press release from September 27, 2018: https://linecorp.com/en/pr/news/en/2018/2399
*4: ‘dApps’ refers to decentralized apps, built with blockchain technology.
LINK’s role in the LINE Token Economy is to incentivize user action. LINK tokens are rewarded to users for their contributions to a dApp service. As these services grow, the token economy will also expand. If demand for LINK increases in parallel, its value may increase as well. To enable users to enjoy spending their earned tokens on various dApp services, LINE is currently making preparations with its family of apps as well as third-party service providers. LINK can also be exchanged with fiat money on BITMAX.
LINE Token Economy concept diagram:
LINE Blockchain
An official website and a white paper about LINE Blockchain, LINE’s blockchain business, was published today. They include details on such topics as LINK and the LINE Token Economy.
– LINE Blockchain official website: https://blockchain.line.me
– White paper on LINE Blockchain:
https://blockchain-org.line-apps.com/wp-content/uploads/2020/07/LINE-Blockchain-Whitepaper-v2.1_EN.pdf (English)
https://blockchain-org.line-apps.com/wp-content/uploads/2020/07/LINE-Blockchain-Whitepaper-v2.1_JP.pdf (Japanese translation for reference)
LINE is also proud to announce that it will be opening a platform to third-party developers for developing LINE Blockchain-based services. Dubbed LINE Blockchain Developers, the platform will enable service providers to easily build the blockchain services.
About LINK
– Name: LINK
– Ticker: LN
– Issuer: LINE TECH PLUS PTE. LTD.
– Unit: LINK
– Number of tokens issued: Limited to 1 billion (800 million to be issued as user incentives and 200 million are LTP’s reserves)
– Description: LINK is a crypto asset issued using LINE Blockchain (formerly called LINK Chain), LINE’s proprietary private blockchain network.
Using BITMAX services
・To begin using BITMAX, users tap the BITMAX icon in the Wallet tab in the LINE app. Next, they are prompted to read through and accept the terms of use, register their personal information, and complete the identity verification process. Users can start trading once LINE finishes verifying their identity.
・Users can verify their identity by linking their bank account and presenting a piece of photo ID, or using the ‘Verify with your smartphone’ option. More information can be found at the link below:
http://bitmax-mag.line.me/archives/15216188.html (Japanese only)
・Type of service: Fiat-to-crypto exchange
・Listed crypto assets: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), and LINK (LN)
・Available to: Users who meet the following description at the time of opening a new BITMAX account.
– Owner of a LINE account
– Between 20-74 years old
– Resident of Japan
More details on the conditions for opening a BITMAX account can be found under ‘Section 4 – Opening a BITMAX Account’ in the BITMAX Terms of Use:
https://terms2.line.me/lvc_terms (Japanese only)
・Fees: Opening a BITMAX account is free, however, fees will apply to deposit and withdraw yen as well as to withdraw crypto assets. Additionally, while there are no trading fees, there will be spreads (the difference between the buying and selling price). More information on various fees can be found under ‘Trading Overview and Fees’ here:
https://terms2.line.me/lvc_outline (Japanese only)
・Important points to keep in mind when trading crypto assets can be found under ‘About the Service Provider and Trading Risks, etc.’ here:
https://terms2.line.me/lvc_adnotice (Japanese only)
About LVC Corporation
(1) Name: LVC Corporation
(2) Head office: Sumitomo Fudosan Osaki Garden Tower 22F, 1-1-1 Nishishinagawa, Shinagawa-ku, Tokyo
(3) Representative: Inkyu Lim, Representative Director and President
(4) Business: Holding company operating crypto asset brokerage and blockchain-related businesses
(5) Capital: JPY 5.06 billion (as of October 4, 2019)
(6) Established: January 31, 2018
(7) Registration number: Crypto asset exchange agency, Director of the Kanto Local Finance Bureau No. 00017
About LINE TECH PLUS PTE. LTD
(1) Name: LINE TECH PLUS PTE. LTD.
(2) Head office: 10 Anson Road, #23-14L International Plaza, Singapore 079903
(3) Representative: HeeWoo Lee, Representative Director
(4) Business: Issuance of crypto asset ‘LINK’
(5) Established: April 11, 2018
Disclaimer
LINE Corporation published this content on 06 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 August 2020 05:48:03 UTC