Most recently, WeChat has been allowing Chinese citizens to do just about anything with their own form of digital money. Now, another messaging app called LINE, which hails from Japan, is joining the party.
Already this year, LINE has announced the development of its own proprietary utility token, called the LINK token, as well as its own cryptocurrency exchange.
In addition to both of these occurrences, LINK’s efforts in the Blockchain industry are being consistently supported by a $10 million fund that the company has earmarked specifically for this purpose over the long term.
According to LINE, as the Blockchain industry grows, or, as its market cap grows, the fund will be increased in proportion to this growth.
Now, during CoinDesk’s Consensus conference in Singapore, Line has already revealed more of the specifics of this plan, which amounts to becoming a Blockchain ecosystem that people depend on in their daily lives.
Its important to note, with any project like this, the only path to success is through successful network effects. Just like eBay would not matter without sellers to attract buyers, a Blockchain ecosystem cannot truly take hold without service providers to attract users.
Judging by CoinDesk’s article in response to this presentation, LINE’s future platform will be akin to Ethereum, with the added express aim of becoming a Dapp ecosystem that users actually need, which would include various portals to use for paying for services in their daily lives.
Above all, what just might push LINE’s platform above its competition is the fact that it plans to do this, together with the fact that it will possibly outpace Ethereum in terms of implementing sharding. To quickly recap, sharing is supposed to be a technical feature that will help the scaling of Proof-of-Stake networks in that it splits the network into shards. These shards function as separate groups of nodes that can validate transactions as if they are their own Blockchains, while still working with their original chain. The key idea behind this is that with sharing, a network’s latency or overall slowdowns, is greatly reduced as it grows.
As LINE plans to launch its LINK ecosystem by the end of this year, it is easy to say that a multitude of eyes will be on its progress and whether or not it can achieve the dream of being a Crypto project that average people want.
By: BGN Editorial Staff