LINE has announced today its plan to include five new decentralised apps — or dApps — in the categories of prediction, Q&A, product review, food review, and location review using social media. The new dApps are closely following its LINE Token Economy concept, which marks the start of LINE offering its own digital token called LINK. This starts on October 16 in markets outside Japan from the company’s blockhain-related business group BITBOX, revealed to public just before the new dApps launch.
With LINE’s launch of its own token economy through the provision of dApp services, the company seeks to build a co-creation economy, called LINK Chain. This will lead to a LINK Ecosystem, which aims to flatten the relationship structure between users and service providers and to promote co-creation and mutual growth. It also allows users to receive appropriate token rewards.
The token economy itself is a type of economy centered on unique tokens issued and circulated internally.
Also Read: SOLshare raises Series A from Singapore ’s IIX Growth Fund, will energise rural Bangladesh with P2P solar grid
To use this, users simply need to register and begin using any of the new dApps, or existing services that will become part of the LINK ecosystem, in order to start earning LINE’s universal coin LINK Point (for Japan) or LINK (for markets outside Japan). Users will earn tokens based on the type of action taken or degree of contribution made to each service.
Users can earn incentives and exchange their LINK Points with LINE Points before converting it to JPY for payments on October 16, and to other currencies afterward. Users can then use these points to make purchases of LINE services and trade LINK with other cryptocurrencies on BITBOX.
Five categories of dApp services cover prediction, knowledge sharing, product review, food review, and location review. In details, these are how users can benefit from each available dApp:
1. Wizball Overview
Wizball is a Q&A platform for knowledge sharing. Built with LINE’s internally-developed blockchain (LINK Chain), Wizball rewards its community members who help to improve the service quality and spread its value.
2. 4CAST Overview
4CAST is a platform enabling users within communities to predict future outcomes. Community members are expected to make predictions based on their own knowledge and wisdom. Rewards in LINK Points are given to users whose actions contribute to an improvement in service quality.
3. Pasha Overview
Pasha Overview enables users to write reviews and search for products using photos. Users will gain rewards simply posting information, writing a review, or doing other contributing actions about a product they are interested in to search for its details in Pasha’s database.
4. TAPAS Overview
TAPAS is a food review platform that provides users with information on eateries across Japan. Users are to scan their receipt from an eatery before being able to rate, comment on, or write a review of the establishment to ensure reliability. Incentives are received in exchange for posting information, writing a review, or doing other contributing actions.
5. STEP (TBC) Overview
STEP is a social media platform for users to share their stories of recreational activities and holiday trips. Users will be rewarded by simply adding location information and tags when uploading photos of their trip to create a memoir book along with the increases and improvements of their book’s view count.
Also Read: Singapore’s Basil Partners closes its third fund, focusing on digital tech service
With conventional reward point programs and other centralised services, service providers determine the reward program details as the central administrator, and the reward logic is often undisclosed to users. In contrast, LINE claims to join the blockchain wagon with the hope to resolve ongoing blockchain issues through five dApp services and to aggregate only high-quality services in the LINK Ecosystem so that users have quick and easy access to the best services.
In doing transactions and gaining these coins as incentives, LINE provides LINK SCAN, a tool that ensures the transparency of LINE’s branded coins, enables general users to see the total amount of LINK Points (in Japan) and LINK (for markets outside Japan) issued and rewarded to users as an incentive for their contributions, and more. With LINK SCAN (which is built with LINK Chain), users can process vast amounts of transactions, and it enables users to read reviews written by peers and dApp service providers. This allows all user transactions to be verified, and ensures reliability and transparency while preventing data manipulation and other misconducts at the same time.
Right now, LINE is also preparing to publicly release a development kit in anticipation of third-party services to join the LINK Ecosystem starting 2019, which will enable service providers to implement a token economy without having to spend a vast amount of time and money building their own blockchain network and token economy.
Image Credit: LINE