Bitcoin Global News (BGN)
September 20, 2018 -- ADVFN Crypto NewsWire -- 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
News:
WeChat
Blockchain