2018.05.16 Corporate Announcement
● Korea-based unchain to focus on mainnet and dApp development as LINE accelerates blockchain-based services
● Hong-kyu Lee named as unchain CEO
SEONGNAM, South Korea – May 15, 2018 – LINE Plus Corporation, the Korea-based subsidiary of LINE Corporation, today announced it has established “unchain,” a joint venture with the global blockchain project ICON. Together with unblock, the blockchain service launched by LINE Plus last month, the two entities will lead LINE’s blockchain platform with the aim of creating synergies between LINE’s blockchain mainnet and its decentralized app (dApp) services.
unchain is tasked with creating a token economy platform that better rewards the platform’s users – as they are essentially the producers and consumers of information – through incorporating ICON’s blockchain technology. In addition, the company has been charged with developing LINE’s blockchain mainnet and decentralized app services, which were announced in April at DEV WEEK 2018 in Seoul.
As a global project aimed at interconnecting blockchains around the world and turning the cutting-edge technology into something commonplace, ICON believes partnering with LINE can accelerate the growth of LINE’s own blockchain service and decentralized apps in the ICON network.
LINE has already been recognized for its moves to expand blockchain-based services around the globe. For instance, unblock was established last month with the aim of designing a token economy, accelerating blockchain-related investment and growth, researching cryptocurrency markets and more.
LINE and ICON have named Hong-kyu Lee, who led the successful launch of ICON, to be the first CEO of unchain.
“We expect to promote an array of blockchain-based dApp services for daily use,” said Hong-kyu Lee, CEO of unchain. “The rise of these services is expected to catalyze the growth of LINE and the ICON blockchain ecosystem."
About LINE Plus Corporation
LINE Plus Corporation was established in March 2013 in South Korea as a subsidiary of LINE Corporation. It supports LINE’s global business development with programmers, designers, marketers, sales personnel and PR managers from around the world working together.
About LINE Corporation
Based in Japan, LINE Corporation (NYSE:LN/TSE:3938) is dedicated to the mission of “Closing the Distance,” bringing together information, services and people. The LINE messaging app launched in June 2011 and since then has grown into a diverse, global ecosystem that includes camera apps, AI technology, and more.
The ICON project, launched in 2017, is a global project with a vision of “Hyperconnect the World” by using their own developed high-performance blockchain engine “loopchain” to connect various blockchain communities and build an environment where blockchain technology is actually used in real life. Through partnerships with industry-leading companies, actual business models and services are being developed, such as ChainID which is the world’s first blockchain based common authentication system built using the loopchain engine. ICON supports not only private / permissioned blockchain projects based on agreements with companies, but also the development of various dApp projects in the public blockchain sector through strategic partnerships such as Deblock in Korea and B Cryptos in Japan to expand the blockchain ecosystem.