LINE Corporation – a Japanese internet firm has announced the launch of a Japan-only cryptocurrency as a part to develop a LINE token economy in the country, The messaging popular app has also a plan to launch five new decentralized applications (dApps) to boost its economic grounds at a global level. These apps will use Line’s internally-developed blockchain network, Link Chain (mainnet), and native token Link.
On 28th September, the company announced the launch of the new cryptocurrency and dApps in a post published on its website. According to the statement, LINK Point, the new token would be available to Japanese residents. The dApps will also be used for selected purposes. The dApps cover the following service categories: prediction, Q&A, product review, food review, and location review using social media.
According to sources, Two of the five dApps have already been launched in beta version. They are:
- Wizball, a Q&A platform for knowledge sharing that rewards Wizball community members.
- 4CAST, an app that allows users within communities to predict future outcomes and get rewarded.
However, The three other dApps are scheduled to be released later this year. They comprise:
- Pasha, a platform that allows users to write reviews and search for products using photos,
- TAPAS, a food review platform providing information on eateries across Japan, and
- STEP, a social media platform for users to share their stories of recreational activities and holiday trips.
Users just need to register and begin using any of the dApp services to start earning Line’s universal coin Link Point (for Japan) or Link (for markets outside Japan). The amount earned will depend on the type of action taken or degree of contribution made to each service.
Additionally, the company said it was planning to publicly release a development kit if any third-party services looking to join the Link Ecosystem. This kit will provide a connection and enable service providers to implement a token economy system without spending a huge time and money building their own blockchain network and token economy.
The announcement comes follows the launch of a US$10 million token venture fund called Unblock Ventures last month. Line said that the fund would focus on token investments with an initial commitment made by LVC Corporation, another Line group company. The fund is expected to expand in the future, according to the growth of the blockchain industry.
Line is also considering applications of blockchain technology in countries with underdeveloped financial infrastructures to enable services such as the ability to pay utility bills via mobile phone.
Bitcoin under $4000
Bitcoin is crashing again in crypto market along with other cryptocurrencies, as Bitcoin again dipped under $4000 mark.
2018 will be remembered as one of the worst years for crypto currencies, after spectacular boom of crypto market in 2017 in terms of adoption and increase in market cap, this year so far has proven to be the opposite of that, Crypto market cap reached the level of $800 billion at the start of 2018 and now the total worth of crypto market is $125 billion which shows more than 80% of decline in overall market cap.
Bitcoin dipped below the level of $3500 few days ago and now market is crashing one more time, shows that bottom is still not here and we are far away from bottom as of now, market dynamics are changing, shows that all the speculators in the market are taking a big hit from this bear market.
It will be interesting to see, how bitcoin will survive this crucial time period, but the biggest question is, where is the bottom? because according to many analysts in crypto market, bottom lies somewhere between $2000-$3000
India’s largest Mobile & Internet industry forms Blockchain Committee
India is promoting the blockchain ecosystem in the country and the latest move in this regard is the country’s influential internet and mobile industry association has formed a committee dedicated to the decentralized (blockchain) technology.
India’s most-read business daily the Economic Times reported, with the new blockchain committee, the Internet and Mobile Association of India (IAMAI) is batting an eye on the government to widen the blockchain industry and startups. India’s most-read business daily the Economic Times report.
The focus is to use blockchain technology to facilitate job creation and reduce the unemployment rate in the country. This will give a boom to the new digital economy in the country, the report added.
The new committee within the influential non-profit will be chaired by Tina Singh, digital chief at private lending giant Mahindra Finance.
She told the publication:
“Blockchain is undeniably the technology of the future, slated to bring decentralization and trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities, and corporates.”
The committee includes several includes many well-reputed executives of major corporate giants spanning tech and financial sectors such as Microsoft, Mastercard, IBM and HDFC Bank, India’s biggest private bank.
Interestingly, the committee also includes Sandeep Goenka, founder of major Indian bitcoin exchange Zebpay. The app-only exchange was among India’s earliest and largest exchanges until it closed trading services less than a month ago. However, Zebpay continues to provide a wallet service to users, the exchange said it was “unable to find a reasonable way to conduct the cryptocurrency exchange business” following the central bank’s comprehensive ban that bars banks from providing services to exchanges and the wider crypto sector.
Despite the ban and less viability on the cryptocurrency sector, which remains unregulated, the formation of the blockchain committee proves the consistent effort to integrate the groundbreaking tech into wider society.
The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain.”
BTCC Chinese Crypto firm plans to start its services in South Korea
BTCC, China’s first cryptocurrency exchange, has planned to expand its services in South Korea on October 31, 2018.
Initially known as BTC China, the cryptocurrency trading exchange was one of the largest in the world in terms of trading volume. However, owing to China’s crackdown on crypto trading and initial coin offerings (ICOs), the exchange was asked to shut down its services in the country in September last year and transferred to Hong Kong in January 2018.
According to a report, BTCC’s Korea operations will be headed by Lee Jae-beom. He said that BTCC Koplannedaned to highlight a new vision of cryptocurrencies. The exchange will first launch its beta services this month, with the official debut set for November.
Furthermore, the exchange stated that it will provide not only the trading, buying and selling services to its customers, but it also plans to create own a wallet, a mining pool, and a consumer payments service. However, there is still no information about the coins listed on an exchange. On the South Korean version of its website, the company has not yet specified which coins will be supported on the exchange.
Commenting on the launch, Lee said: “Cryptocurrency exchanges are facing a turning point due to a downturn in local exchanges while global exchanges are making a leap here. BTCC Korea will be able to present a new strategy and vision of crypto exchanges.”
The report said, BTCC also plans to expand its services and it wants to achieve this via strategic tie-ups with local and global firms. Recently, the company announced that it had joined hands with Defytime, a producer of anti-ageing products. The partnership will helpDefytime to adopt blockchain in healthcare products.
In Hong Kong, BTCC offers a range of services and products for trading to a global customer base. In particular, the exchange facilitates the trading of five cryptocurrencies against the USD – BTC, BCH, ETH, LTC, and DASH. In addition, BCH, ETH, LTC and DASH can also be traded against BTC.
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