ICON and LINE PLUS, a global social platform with over 200 million monthly average users (MAU) worldwide, has co-founded ‘Unchain’ to build LINE’s blockchain network. Unchain aims to develop various DApp services while building synergies with ICON to expand the blockchain ecosystem.
Until now, every partnership announcement from ICON has only involved theloop (ICON’s parent company) building private purpose-specific blockchains for various institutions. While we have good reason to believe that private solutions developed by theloop will eventually use ICON’s blockchain for interoperability if needed, this is merely speculation. Thus, today’s joint venture announcement with LINE is groundbreaking. It’s the first time a large corporation has committed to using the actual ICON blockchain, and not just a private solution developed by theloop.
H.K. Lee, technical director at ICON, has been appointed as CEO of Unchain. H.K. Lee currently develops and reviews DApp teams looking to collaborate with ICON. He has garnered deep knowledge and experience of both blockchain technology and artificial intelligence through his work.
This joint venture is much more than a typical partnership. The appointment of H.K. Lee as CEO of Unchain confirms there will be a high level of collaboration between ICON and LINE.
Unchain will create a blockchain ecosystem fueled by a token economy, where the users are rewarded for their contributions to the network. DApp services discovered through ICON and Unblock, a subsidiary of LINE dedicated to blockchain research and to accelerate DApp projects, will be integrated with Unchain. This joint venture takes blockchain and decentralization another step closer to being a part of our everyday lives.
To clarify, ICON is an interoperability-focused blockchain platform that allows for DApp development. Unblock is LINE’s blockchain research subsidiary. ICON and Unblock will both brainstorm DApp projects that could be beneficial to LINE’s social ecosystem. The integration development will be done by Unchain, which is headed by ICON’s technical director.
What is LINE?
LINE is one of the world’s most popular social apps, especially in the Asian market. LINE is operated by LINE Corporation, a Japanese subsidiary of South Korea’s Internet giant, Naver. Think of Naver as Korea’s Google.
In addition to messaging, LINE also offers several social services to its users — LINE Pay, LINE Taxi, LINE Delima, LINE Points, and more.
Think of LINE Pay as Apple Pay, Venmo, and Splitwise combined into one app. It allows users to pay merchants, send money to each other, and split bills. For users who prefer physical payment cards, LINE also offers a LINE Pay Card via Japanese credit card company JCB. The card is linked to users’ LINE account, and offers rewards in the form of LINE Points.
Earlier this year, Bloomberg reported that LINE Corporation is “working to integrate cryptocurrencies into its messaging platform,” Now that we know LINE has committed to using ICON’s blockchain, we can speculate that ICX and its upcoming DEX platform may be used for liquidity between fiat (JPY, KRW, etc.) and LINE’s yet-to-be-announced crypto token.
I personally think LINEcoin (LNX) sounds cool.
LINE Points is the platform’s “reward and incentive token,” and can be earned by completing tasks on the LINE ecosystem. LINE Points can be redeemed by participating in LINE events or using the LINE Pay Card. LINE points can be converted to Lawson (a Japanese convenience store) Ponta points, Seven Eleven Nanaco points, Amazon gift cards, and more.
In it’s current form, LINE Points already offers an incentive-based reward system to users who participate on the network. I wouldn’t be surprised to see LINE Points rebranded as “LINEcoin” in the future, with the purpose of functioning as a platform token for LINE’s upcoming blockchain ecosystem.
LINE Taxi is a service that allows users to call taxis in over 90 cities in Japan. Bloomberg reported that Uber has less 1% of market share in Tokyo, Japan, which happens to be the world’s largest cab market. Part of Uber’s difficulty in the Japanese market is due to local taxi operators like Nihon Kotsu Co. (Tokyo’s largest cab company) releasing their own apps.