LINE Blockchain Monthly Newsletter: February 2023

Finschia
12 min readMar 10, 2023

DOSI showed an impressive performance during the month of February, and it’s now laid the foundation to grow into a large-scale service provider through the integration of DOSI Wallet — a global NFT wallet — and LINE BITMAX Wallet, which has supported the Japanese NFT market. DOSI’s operation has thus far been aimed at strengthening the advantages of the service while considering the specificity of each region, but DOSI is now going to take the next step toward achieving even greater goals as a global service provider with more than 3.6 million wallet users worldwide in the future.

LINE Blockchain has been preparing to build an open network since Token Economy 2.0 was released to the public. In the future, a virtuous-cycle structure will be formed so that users can enjoy the various services provided by Web3 and get rewards for and utilize LINK according to their contributions on Finschia, the next-generation public blockchain mainnet. We at LINE Blockchain will continue to put our hearts, minds, and souls into establishing a healthy LINK-based ecosystem this month.

⎮ Highlights & Main News

DOSI Wallet and LINE BITMAX Wallet Integration

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The integration plan for the blockchain-based DOSI Wallet and LINE BITMAX Wallet was announced last month, and on March 2nd, the services were finally integrated to become a global service with more than 3.6 million wallet users worldwide. LINE BITMAX Wallet has been centered in Japan as a LINE NFT exclusive wallet, but various NFT projects that were carried out only in Japan will soon be introduced to global users through the DOSI platform.

LINK Listed on Bithumb’s KRW Market

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LINK (LN) was additionally listed on Bithumb’s KRW market followed by a BTC listing in 2021. Continued effort will be invested to ensure adequate liquidity and a healthy ecosystem for LINK. To commemorate the addition of the LINK (LN) KRW market, the Bithumb Plus staking service has been extended to March 31st. Please refer to the notice below for more staking service details.

■ Extension of LINK(LN) Plus service period: https://cafe.bithumb.com/view/board-contents/1643588

DOSI Vault Mobile App(Android) Released, and LINK(LN) Payment Begins

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The DOSI Vault mobile app (Android) version and LINK (LN) payment feature are now available. Anyone can now trade NFTs in DOSI through the LINK (LN)-exclusive non-custodial wallet DOSI Vault, and DOSI Vault’s iOS version will also be supported soon. Please find the nearest and safest way to manage LINK on both PC and mobile.

DOSI Citizen Pet Launched

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Citizen Cat, a pet for DOSI Citizen, has been released. This unique NFT holds the ‘+DON’ rarity, which is an ability that supports the acquisition of membership point DON, which is paid when checking the users' attendance. All pre-sales of Citizen CAT are closed now. Please visit DOSI Medium for more events.

Introducing “Citizen Barranquilla Edition” at One of the Largest Festivals in Latin America — Barranquilla

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Inspired by one of the biggest festivals in Latin America Barranquilla, Citizen Barranquilla Edition was created in collaboration with the famous 3D art studio Monster Truck Ninja (MTN). This limited edition represents a collaboration with a big art studio and the potential to penetrate the North/South American markets. 300,000 NFTs were airdropped at the real Barranquilla last month in Colombia.

⎮ TMI. Woosuk Kim & Paran Officer

Woosuk Kim, the CEO of LTP & Paran Officer, the Pioneer of DOSI Community

This month, Wooseok Kim and Paran Officer — recent hot topics in the LINE Blockchain and the DOSI community — will join us. We asked them about the direction LINE Blockchain and DOSI are heading. Also, we had time to ask Wooseok and Paran Officer about some things the community has been curious about. Let’s go ahead and listen to Wooseok and Paran Officer!

Wooseok and Paran Officer, you are both well-known in the community for working late and sleeping very little. What are your average sleeping hours?

Wooseok: I’m a short sleeper. The reason I work late is…because it’s more efficient at night or early in the morning. Since my position is to lead the business, I think I tend to work later and harder so I can deliver good news to you faster!

Paran Officer: I work late because DOSI is in the early stages of the service and there are many things to take care of. But I need a lot of sleep. I think I sleep more than 8 hours on average. I try to make up for it on the weekends.

Wooseok, what sparked your interest in the blockchain industry?

Wooseok: I first stepped into the blockchain industry in 2015 when I co-founded a virtual-asset-based overseas wire transfer startup. I believe the daily Bitcoin transaction amount on Korean exchanges was around KRW 10 billion at the time. Even so, the wire transfer cost was reduced by up to 90% through P2P transfer compared to the existing financial infrastructure. This made me feel that there was potential.

And — I believe — in 2016, I invested in a project called Ethereum DAO. But a hacking incident occurred, and I lost all of my money. It felt dreadful at first. But after two or three years, it suddenly came up in my mind, so I visited the community. Surprisingly, the manager was there and he helped me get my Ethereum back. That’s when I realized the power of a community. This became an opportunity for me to emphasize the importance of community.

After going through these two cases, I became highly interested in virtual assets and communities which made me end up here in this blockchain industry.

If you joined the blockchain industry in 2015, you must have experienced several crypto winters. How do you see the current crypto market and its prospects?

Wooseok: I think the crypto market is still underwater. Recently, artificial intelligence (AI)-related businesses, including Chat GPT, have been receiving more attention than blockchain. And in general, there is a sense that interest in the crypto market has declined. However, in the long run, it seems that blockchain technology and AI will grow together. While AI is a technology for higher efficiency, blockchain technology has value as a technology returning wealth and ownership to users. I think these advantages of the two technologies can combine and trend together.

Wooseok, what does LINK mean to you? Paran Officer, what does DOSI mean to you?

Wooseok: To my teammates, I often half-jokingly and half-seriously say that LINK is an “unscratched lottery ticket” But I think it’s time to scratch it now (laughs).

Paran Officer: The name DOSI itself literally means to create a virtual economic city. I’m hoping that one day anyone can earn money from DOSI and have fun in life.

Wooseok, what DOSI NFTs do you have? Which NFT are you most attached to?

Wooseok: I have most of the DOSI NFTs. I really bought a lot! To be honest, it’s not just me. Youngsoo and other core members own a lot of DOSI NFTs. We are very attached to the DOSI service we’re creating. But it’s also because we believe it’s important to personally purchase NFTs from DOSI and come up with strategies from the holder and community perspectives.

I am attached to all the NFTs sold on our platform. But if I had to pick one, I think that would be Citizen. It’s a membership NFT created by DOSI and since I work on planning its mass adoption, I grew more interested in it. We would appreciate your interest, too!

Paran Officer, do you possess Citizen NFTs of Level 3 or higher?

Paran Officer: Yes, of course! I’m going to try the Level 4 citizens soon. Since I am directly in charge of marketing, I don’t get a certification or receive any benefits. I’m just quietly and diligently focusing on NFT purchasing and enforcement to participate purely with a holder’s mindset (laughs).

Paran Officer, besides cats, are there any animals you want as Pets? Maybe lizards?

Paran Officer: Pets are a major prospect, and we have a big roadmap laid out for them; cats are just the first step. We plan to add other animals and showcase various things such as evolution and collaboration with other projects. Personally, I’m thinking it would be nice to have lots of special friends like the legendary ones.

I understand that you are working hard to successfully lead the Citizen project, which is the core membership of the DOSI Ecosystem. I can see that you are putting great effort to bring together the advantages of the world-famous NFT projects such as CryptoPunks, BAYC, Azuki, and The Sandbox. Paran Officer, could you tell us your opinion and ambitions for the Citizen project along with the previous success cases?

Paran Officer: We plan on growing Citizen into a membership service for 1 billion people to participate. To realize this, we are approaching three key strategies: payment to everyone, enforcement/trash model, and point system. We gathered more than 2.5 million holders in 2 months and are about to reach 3 million. We plan to continue to communicate with the community and develop it. We’re hoping to at least reach 10 million holders this year. Personally, I hope many people level up to Level 4 Citizens, resulting in a bunch of great fun and entertainment in DOSI.

There are more than 2.7 million Citizen holders, but only a little over 1,000 are holders of Level 2 Citizens. How do you plan to increase the number of users in the future?

Paran Officer: DOSI Land and Arcade will soon be launched in DOSI. We plan to strengthen additional rewards for each level and provide various collaboration airdrops. That’ll add extra fun! In addition to the launch in Japan, we are also planning local marketing in Thailand and Taiwan. The roadmap to becoming Asia’s #1 project is taking place so we would appreciate your interest!

What kind of NFT marketplace does DOSI aim for? Do you plan on taking a different path than the existing ones?

Paran Officer: I consider NFTs traded on the existing NFT marketplaces as early ones. Early NFTs grew their service centered on virtual asset products close to derivatives and a small number of Whale users. DOSI is a new NFT service with its initial goal of mass adoption. The number of active wallet users (based on Adventure participation) has exceeded 1 million in a short period. The number of NFT traders has also exceeded 100,000.

Unlike the initial NFT model, DOSI will be issued in an NFT form of items, goods, and memberships of large brands used in large-scale services. Our goal is to be at the top, so I think it’ll take a slightly different path from the existing NFT platforms. In fact, they could become competitors in the future on game item trading platforms. Regarding membership, there aren’t any services supporting secondary transactions yet, so I don’t think there’s anything to compare it to.

I’m curious whether there are plans for offline meetings between holders and DOSI or individual project teams.

Paran Officer: I have also prepared offline meetings with the team members, but it’ll be a bit difficult to carry them out for the time being. The inflow of users in Korea as well as Thailand, Taiwan, and the United States isn’t small. Since global project positioning including Japan is important at this point, it will be difficult to hold offline meetings in specific countries.

It’s inspiring that user-centered communities are forming overseas as well. DOSI is often mentioned in NFT telegram channels in Thailand and Indonesia. Recently, in Japan, the community is becoming active through LINE Open Chat, so we plan to continue to create opportunities to meet online, like AMAs.

I am curious how the DOSI Wallet, DOSI Vault, and LINE BITMAX Wallet will be integrated, what benefits they’ll bring, and which interface will maximize efficiency and convenience.

Wooseok: First of all, DOSI Wallet and LINE BITMAX Wallet have been integrated. I believe it’s important for the ecosystem to go forward with the users managing their own keys. But still, it shouldn’t be difficult for users to use. We are trying to make the transition step by step.

In the end, users from all countries will be able to store, use, and manage their assets with a single wallet. We also aim to provide decentralized finance (DeFi) services, including LINK Staking and Swapping. Just like DOSI Vault supports Google login, we believe that social network login functionality is essential. We’re working on this. We’re also considering multi-chain. My personal goal is that users who used to trade Polygon NFTs to transfer start to think things like “I tried LINK payment, and it’s nice!” and “I should also try LINK Staking!”

What direction is the node partner of LINE Blockchain recruitment headed?

Wooseok: We are recruiting various node partners in both internal and external affiliates. The key direction is not to rely only on the brand effects of the partners. We’re a zero reserve, so it’s structurally impossible to pay partners and receive the brand effect only. Greater name value would be better, of course, but rather than that, what’s more important is the cooperation available through the partners and their contribution. From the same point of view, LINE is also entering the ecosystem by purchasing LINK; we’re creating a structure for practical contribution by introducing partners through LINK purchases. In terms of fields of business, we are trying to recruit corporations in various fields such as games, metaverse, etc. as partners.

Initially, it will consist of 15 nodes or fewer, but we plan to rapidly expand to 150 or more when it operates stably. We went through a lot of trials and errors on the private chain, and it took 4 years to open to the public. Now that it has gone public, our goal is to make this project the fastest-growing one.

Wooseok, what kind of virtual asset do you want LINK to become in the future?

Wooseok: LINK is expected to become a virtual asset that will lead to real demand from the public and developers as well as create intrinsic value. I honestly think it is too early to talk about Web3 on the blockchain because the current blockchain technology had cases only for a small number of prosumers (those who act as both producers and consumers) and no cases for spreading to the mass market, including general consumers.

It is now time for a public service case to show up that is different from the early DeFi and NFT cases. In particular, virtual assets will be used as a cross-border for interpersonal transactions, payments, and settlements with higher usability. Corporations will also utilize LINK a lot. A corporation that wishes to become a validator must purchase a certain number of LINKs. Startups and Web2 enterprise corporations using the platform will also use LINK for a fee.

Do you have anything to add to the community?

Wooseok: Whereas it has been critical to making short-term expectations in the existing Web3, big growth and value can no longer be created based on expectations alone. We will surely expedite global marketing more aggressively, including additional listing. But I highly believe that Layer 1 service should also be successful from a service and user perspective, resulting in fine numbers. We will continue to make LINE Blockchain an overwhelming №1 platform in Asia and challenge the global market by producing large-scale services and hundreds of millions of users. Thank you.

Paran Officer: DOSI has positioned itself as the market platform that has shown the fastest growth in Asia, such as creating more than 1 million weekly active wallets, over 220,000 NFT transactions, and more. But it is still a long way to go. We imagine billions of Citizens performing economic activities in a virtual city through DOSI. We definitely want to achieve this goal with the community together.

⎮ LINK Overview

Data is based on the last day of each month.

■ LN Market Cap: 288.97mn USD
■ LN Price: 42.91 USD
■ Monthly Trading Volume: 13.86mn USD
■ Circulation: 6,734,458 LN
■ Officially Listed Exchanges: LINE BITMAX, Bithumb, MEXC Global, Gate.io, Huobi Global

Follow LINE Blockchain on Twitter or Facebook for the latest news and updates. A monthly newsletter is issued on the 10th of each month or the following business day in the event of a weekend or holiday. Advance notice will be made through social channels should any delay, omission or other issues occur.

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**This newsletter is issued by LINE TECH PLUS (LTP), which operates LINE Blockchain.

**Disclaimer: LINE TECH PLUS informs the business and services related to the LINE Blockchain ecosystem as an operator of LINE Blockchain Mainnet and the LINK issuer. Please note that the business entities differ by service.

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