The previous post, Vision of LINK Network shared LINK Network’s technical vision as a Service-Specific Blockchain project. And this time, I’d like to talk about how our next-generation blockchain platform, LINK Network is developing— in terms of the direction, vision, and differentiators.
First, I cannot emphasize enough on LINE’s DNA and capability: Building services that anyone would want to use. Nonetheless, it is still challenging for service developers to build services that target billions of daily active users. The examples of challenges that they can face can be listed as system architecture, legal reviews, and even word choices.
The foundations for building LINK Network all came from our users. We wanted to deliver the innovation that Bitcoin and Ethereum suggested to more people. To make that happen, we looked for many options and projects. However, we couldn’t find one that meets our needs completely. So we decided to develop the project on our own — and that is the LINK Network of today.
While developing services that can support hundreds of millions of users in the world, we learned that technology must go along with the hearts of people — It’d be a little odd to expect a user to understand the technical features of the services that they use.
The spam issue from EOS’s blocktwitter twitter account can be an example of this ‘odd expectation.’ Someone with a username @blocktwitter staked roughly 50,000 EOS to its mainnet, and attacked the network and then froze the entire network. Then it became impossible for the users to access any EOS-based applications while the spam attack was active.
The conditions required for using blockchain service are overwhelmingly demanding. First, users must understand the concept of CPU staking and NET staking to use the service. They will also need to understand that they will not be able to use the service when a few other people dominate the network with large-scale staking.
Most blockchain services made the purchase of service base coin mandatory to users, and this worked as such a high entry barrier to users and made them get less familiar with blockchain-based services.
There are only a few users who can find an exchange for crypto trading, complete the complicated sign-up process, deposit fiat currency, wait until the right time to buy the desired currency at the right price, and then transfer the coin into their private wallet that enables service usage. I think this messy procedure for crypto experience has resulted from the service builders’ preference specifically gravitated toward short-term coin investors.
Services should be built to be used with the minimal required knowledge for user needs. Services that try to force users into learning complex concepts either from the service planner’s desire or from the fear of developers who want to avoid technical difficulties cannot be accepted by the public users.
LINK Network is not a single technology nor platform. We started our project by signing a partnership with ICON LOOP, launched Alder Chain, and then released two dApps. The initial stage of Network has been sharing the common technical base with ICON, however, we are preparing for a brand-new technical basis ideal for the next project’s technical conditions. And we will choose the most optimized techniques for our new services.
Diversity is an essential value to LINK Network. Some services are designed in a completely decentralized way to maximize multi-layered participations. Other services can adopt a way to support a selected group of leaders and then gradually decentralize by time.
We believe that our attitude toward diversity can bring difference: the best way to create the world’s first service that can make an impact.
Since 2017, when Bitcoin was bullish, many countries started to set regulations focused on cryptocurrencies.
The advent of globally-compatible decentralized currency came as an opportunity for some countries, and a threat to some other countries.
Many cryptocurrency projects have been showing anti-regulatory movements. For example, Bitcoin has often been used in crimes because of its natures like difficulties in identifying traders and the absence of currency’s connection to a certain country.
Since the majority of cryptocurrency enthusiasts preferred these anti-regulatory features, cryptocurrencies naturally went further away from blockchain regulations.
Some projects even openly welcomed the approaches that go against regulations, although it was a big project under high responsibility.
Well, these kinds of attempts may get applause from the crypto enthusiasts at first, but there are thinner chances to get popularity and support from the mass public.
Regulations can be annoying since they seem like obstacles to projects want to go further. However, regulations serve an important role in maintaining our society’s homeostasis and preventing failure as a group.
Rather than innovating the regulations themselves, we would first need to understand the background behind how each regulation became available, as those are as important as understanding the service users.
NYSE and TYO listed, LINE Corporation has teams that build services that serve users in global countries including Japan, Taiwan, Thailand, etc.
Meaning that LINE already has team systems that can both build services and meet the regulations of each country.
Yes, we’re taking a hard road. We believe in the right path, try to understand the purposes of each country’s regulations, and then satisfy the legal requirements along with technical demands before developing services. We believe these efforts are ultimately the essence to become a globally-accepted service provider.
With such ethic, LINE became the very first corporation to issue own crypto-asset (“LINK”) out of the listed companies with 1 Bn dollar value, and also launch services with LINK.
LINK Team will continue the effort to develop LINK Network-based services targeting mass number of users, by keeping the guidelines of serviced regions.
The Future of Token Economy that LINK Network Can Show
As we have a motto of ‘service-specific blockchain project,’ we want to go closer to our users by pursuing diversity in the network, issuing a variety of digital assets, and following regulations from each country.
Until now, many blockchain and cryptocurrency projects existed and were accepted only by a few crypto enthusiasts. However, LINK Network will be there for everyone. For this, it took quite a while to come this far.
As there are many that LINK project can unfold — along with the base currency LINK, we have plans to innovate applications, game, finance, etc. — please keep your eyes on us till we make the real difference in the world.