The cryptocurrency world is full of sad failures. We have all seen it. Big, hyped up promises that purport an intention to turn the entire industry on its head only to fall depressingly flat on even the most basic details later on. The veritable sea of cryptocurrency startups and initiatives is full of these cases. Even with a plethora of these previously failed projects littering the all too recent past, history has an inexorable tendency to repeat itself. Fresh faced and naive, Line has begun building dApps and tokens. Here we go again lads and ladies.
Line Joins the dApp and Token Fad
Line, creators of a popular Japanese messaging app, seems to be the next project in line (some pun intended) to determinedly over promise and under deliver. Earlier this year when Line announced that they were launching a cryptocurrency trading platform, they seemed intent on keeping details about it light. While the initial launch of the exchange went off smooth enough, there was a bit of news lurking in the wings ready to dull the community’s interest in the platform all together.
Just days ago, Line announced a new and all too unnecessary token for usage exclusively on their platform called Link. Surely this hot, new, and painfully unoriginal token was created to serve an intrinsic and system-critical purpose within Line’s trading platform?
But it’s anyone’s guess as to why exactly they have elected to develop it. To this point, there seems to be a burgeoning obsession with needless tokens in the cryptocurrency world, and it has long since become a superfluous obsession at that.
dApps: The Flavor of the Month
So what can the myriad of keen tokenboi HODLers use this new Link token for exactly? Surprising absolutely no one, whilst also disappointing everyone, Line is basing its cryptocurrency offer on dApps! This is becomingly a patently hilarious business model, for as our spicy friend Geohotz has recently put it, “The truth is nobody uses any dApps for anything.”
If the total lack of innovation and inspiration on the part of Line wasn’t quite enough for you, don’t worry, the dApps in question here are just as unoriginal and boring as the business move itself. There are five dApps in total to be distributed among Bitbox’s users that will allow them to participate and in turn be rewarded with tokens for doing so.
The first is called “Wizball” which is to function as a Q&A type application. The next, called “4CAST”, is an oracle app being developed to will attempt to make predictions about the cryptocurrency market. “Pasha” is next, a review posting app. Fourth up is “TAPAS”, which is somehow different from “Pasha” as it is also a review app albeit with a focus on food. Lastly there is “STEP”, an app that will let users share stories of trips and personal moments.
Eyes on the Prize
Alas, it seems that the main objective for companies such as Line is to miss the cryptocurrency forest for its trees. Why would a company choose to ignore actual, viable cryptocurrencies in favor of creating one more pointless token that will have zero usage outside of an extremely narrow band of cloned applications? Furthermore, is it anything amounting to wisdom to willfully choose a blockchain as clogged and overcrowded as Ethereum’s to be the staging ground for these dApps?
In lieu of building something that enables both the adoption and usage of functional cryptocurrencies on the global market (an actual revolutionary idea that most users would flock to), these clueless business owners would much rather engage in token narcissism.
The hard truth of the matter is that this token is just as fruitless as the rest, and the only thing it will contribute to is inevitable “token fatigue” within the greater crypto community and the continued fragmentation thereof.
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