Korean Internet Companies Navar And Kakao Involved In Blockchain War
Kakao, the operator of South Korea’s most popular mobile messenger service, KakaoTalk, and Naver, the search engine giants are reportedly involved in a blockchain war.
Naver, the nation’s leading internet portal operator, has introduced LINK Chain and its cryptocurrency Link through its Japanese subsidiary Line. Instead of an initial coin offering, Link will be awarded to users as an incentive for using certain services on its blockchain platform.
The tokens can be used to buy contents like stickers and webcomics, as well as other Line services. It will be exclusively available on Line’s Singapore-based exchange Bitbox.
“With Link, we would like to continue developing as a user participation-based platform, one that rewards and shares added value through the introduction of easy-to-use apps for people’s daily lives,” Line CEO Takeshi Idezawa said in a statement last month.
Kakao is also developing blockchain platform “Clayton” through its blockchain affiliate Ground X. The test net will debut in October, and Clayton-based services will also be released then. Kakao plans to introduce “Clay,” the cryptocurrency used in Clayton, too. Like Link, Clay is will be rewarded to the users who enjoy the services powered by Clayton. Kakao will also use its tokens for a reward system.
The industry predicts that the launch of blockchain platforms by Naver and Kakao will speed up the popularization of the blockchain industry. In particular, industry watchers predict that promotions through Line and Kakao Talk, which are messengers with more than 200 million users around the world, will bring a massive increase in the number of blockchain-based service users.