BITBOX Begins Distributing LINK Cryptocurrency To Reward Users
∙ All BITBOX users to get 0.1% of their trading volume as LINK until September 30
∙ 0% trading fees offered until September 20
∙ Acquired LINK can be used on dApp services
TOKYO – September 4, 2018 – LINE Corporation announced today that its digital asset exchange BITBOX has begun distributing LINE’s new cryptocurrency LINK (link.network) as compensation for trading on BITBOX. While the compensation rate will be subject to change, for the rest of September all users on BITBOX will acquire 0.1% of their trading volume as LINK.
“Trading volume” includes all buying and selling (but excludes self-dealing), and there is a daily maximum of LINK for each account, equivalent to USD1,000. BITBOX’s daily LINK distribution limit is USD2,000,000 worth of LINK. The acquired LINK can be checked with each user’s “Balance” tab.
As LINK will be traded on BITBOX, its market value will vary depending on market trades of LINK on BITBOX. However, LINK distributed by BITBOX as compensation will have a minimum floor value of USD5.
Furthermore, to promote the launch of BITBOX, the exchange is eliminating the trading fees for all BITBOX users until September 20.
Unlike other cryptocurrencies or digital tokens, LINK did not make an Initial Coin Offering (ICO), but instead utilizes a reward system that gives users LINK as compensation for using certain services within the LINE ecosystem. LINK can be used as payments or rewards within the dApp services that will launch soon, and for service categories like contents, commerce, social, gaming, exchange and more within the LINE ecosystem.
In addition to compensating users for their contributions, BITBOX is also committed to protecting their assets, utilizing both strong security measures and insurance to keep users safe against security attacks.
■ LINK Overview
- Definition: Cryptocurrency (or digital token) for use within the LINE ecosystem
- Official website: link.network
- Name: LINK (or “LINK Point” in Japan)
- Issuer: LINE Tech Plus (based in Singapore)
- Total amount issued: 1 billion (user rewards 800 million; LINE Tech Plus reserves 200 million), to be gradually issued based on how the ecosystem develops
- Issuing method: Issued free of charge as a reward for service contributors
- Units: The basic unit is the LINK, and the smallest unit is the cony (1,000,000 cony = 1 LINK)
- Types of LINK usage by service category:
- Content: Payment for music, videos, and webtoons
- Commerce: Payment for products/services, discount benefits, and payback
- Social: In-app payment systems and wire transfers between individuals
- Gaming: In-game trading and character improvements
- Exchange: Payment of commissions, fee discounts and cryptocurrency trading at BITBOX
■ BITBOX Overview
- Service type: Cryptocurrency-to-cryptocurrency exchange (no fiat currency trading available)
- Opening: July 16, 2018
- Available regions: Global (except Japan and the United States)
- Available languages: 15 (including English, Korean, and Chinese)
- Coins traded: Around 30 (including BTC, ETH, BCH, and LTC)
- Official channels:
– LINE Official Account: @bitbox
– Telegram: @bitbox_official, @bitboxkorean, @bitboxchinese
– Twitter: @bitbox_official
– Facebook Page: fb.com/bitbox.official/