We are pleased to inform the community that DLive will issue its own In-App Digital Asset (IDA) on the Lino Blockchain to prepare for the migration to the Lino Blockchain Main Net.
On DLive, we want to create a long term sustainable live-streaming platform that removes platform cuts, empowers creators, rewards communities, and is guided by the community. DLive has been focused on bringing a real world use case utilizing blockchain technology to mainstream via live-streaming since inception, we have grown to five million monthly active users in a short span of one year.
The In-App Digital Asset (IDA) is a token created by the DApp developers on the blockchain. By creating our own IDA, DLive will be able to protect content creators from market price fluctuations. It is important for us to ensure the stability of content creator earnings while introducing and utilizing the benefits of the decentralized Lino blockchain.
The Lino Blockchain Main Net is estimated to launch by the end of the fourth quarter in 2019. It is expected that all important changes to the Lino blockchain will be decided by the community through the blockchain’s on-chain governance mechanism. This will include voting for blockchain validators (individuals or groups that help secure the Lino blockchain) and upgrades/changes to the blockchain.
In order to maintain this vision and be prepared for the migration, certain changes will be made to the DLive platform to make this transition as smooth as possible for all users.
- October 16th, 2019 at 10:30 AM PDT – Wilson Wei the cofounder of Lino Network will be live on dlive.tv/linonetwork to explain more about the IDA and the Lino Blockchain Main Net – If you have questions about the upcoming changes on the blockchain, submit it in the Lino telegram group.
- October 25th, 2019 at 11 AM PDT to 6 PM PDT – Lemon coins will be released on the DLive platform
- Late Q4, 2019 – Lino Blockchain Main Net Launch
What is the IDA
The In-App Digital Asset (IDA) is a token created by DApp developers on the blockchain for better user experience. The IDA on DLive is called the “Lemon”. Lemon coins can only be used within DLive for donation and subscribing to content creators, and cannot be otherwise transferred within or outside the DLive platform. Content creators who have received donations and paid subscriptions in Lemon coins can elect to receive payment per DLive’s terms of service. Learn more about the IDA on the Lino blockchain.
Changes after October 25th, 2019
Starting from October 25th, we will be phasing out the use of LINO Points on DLive.
- LINO will be introduced to the Lino Blockchain ecosystem. Each LINO represents the fundamental unit of value of the Lino Blockchain.
- LINO Points will be replaced by Lemon coins at 1:1 rate. Each Lemon coin is a token on the Lino Blockchain created by DLive that can be transacted within DLive as $0.012 U.S. dollars.
- Locked Points will be replaced by LINO Stake at 1:1 rate on the Lino blockchain.
The following chart summarizes the changes that will occur on the DLive platform starting October 25th, 2019.
Additional details will be provided in our updated Terms of Service on October 25, 2019.
What is Lino Blockchain Main Net?
- Lino Blockchain Main Net is a decentralized public blockchain protocol like Ethereum and EOS.
- LINO is a decentralized cryptocurrency representing the fundamental unit of value of the Lino Blockchain.
- Content Rewards (Content Bonus) given out to content creators in LINO are expected to double.
- Other DApps are expected to be introduced to the Lino blockchain ecosystem by third parties. If you are interested in building a DApp on the Lino blockchain, learn more – https://docs.lino.network/blockchain/developer.html
- If you are interested in becoming one of the Validators, the 21 supernodes that maintain the integrity of transactions on the Lino Blockchain, learn more – https://docs.lino.network/blockchain/validator.html
- If you are a LINO Stake holder, you are eligible to elect validators, vote for future blockchain updates, and receive voting rewards.
ACE Protocol Foundation (The foundation behind the Lino blockchain) will be releasing additional information prior to Main Net Launch. If you would like to find out more about the Lino Blockchain, please visit their official website – https://lino.network
You can unlock your Locked Points within 1 day from now until October 30th
- Starting immediately, and through October 30th, the entire unlocking period for Locked Points will be shortened from 12 weeks to 1 day.
- After October 25th, all existing Locked Points will become LINO Stake. You will receive LINO when you stake out your LINO Stake afterwards.
- After October 30th, the Stake Out period on the Lino Blockchain will be 12 weeks.
Becoming a “Blockchain Founding Member”
Starting from 6 PM PDT on Oct 30th, the first 1000 users who vote on Lino Blockchain with 10,000 LINO Stake will be honored by the ACE Protocol Foundation as Founding Members of Lino Blockchain. Each such user will
- Have their username written into the Lino Blockchain Genesis file
- Receive a “Blockchain Founding Member” badge on DLive
FAQ (after Oct 25th, 2019)
Why are we making these changes?
As the flagship application on the Lino blockchain, DLive wishes to be ready for joining the public Lino ecosystem that will revolutionize the content sharing industry.
What will happen if I do nothing before Oct 25th?
Your Locked Points will become LINO Stake. Your LINO Points will become Lemon coins.
What is the Lemon?
Lemon is an IDA created by DLive on the Lino blockchain for donation use only within DLive. Learn more about IDA – https://docs.lino.network/blockchain/ida.html
How to get Lemon coins?
- Users can purchase Lemon’s with the unit price of $0.012 USD on DLive. Lemons are an in-platform currency that can only be used to donate to streamers. However, you may see different prices of Lemon coins when you purchase on DLive, because there are transaction fees and taxes charged by third-party payment gateways.
- Streamers can earn Lemon’s from donations and paid subscriptions.
Can I transfer my Lemon to others in Lino Wallet?
No, you cannot transfer Lemon’s to others on Lino Wallet. Lemon’s can only be donated to streamers on DLive.
Can I cash out my Lemon coins?
As a content creator, you can request payment with the Lemon’s that you have earned from donations and paid subscriptions per DLive’s terms of service. The payment schedule remains the same.
Will gift options change on DLive? Will the Lemon gift change to something else?
No, the Lemon gift will still be the Lemon gift. 1 Lemon gift represents 1 Lemon coin worth of donation to streamers.
How to get LINO?
- Existing Locked Points will become LINO Stake. You will receive LINO when you stake out your LINO Stake afterwards.
- Users will receive Content Rewards (Content Bonus) in LINO, and LINO Stake holders can receive Voting Rewards (Locked Points Rewards) in LINO.
Can I purchase LINO on DLive?
No. Users can only purchase Lemon coins on DLive, not LINO.
Can I cash out my LINO?
No. On DLive, content creators will get paid only based on the Lemon coins they have in the account, not LINO. However, since LINO will be a decentralized cryptocurrency, it is expected to be usable wherever LINO is accepted.
Can I transfer my LINO to others in Lino Wallet?
Yes. You can transfer your LINO to others in Lino Wallet.
Can I convert my Lemon coins to LINO?
No. Users cannot convert Lemon coins to LINO.
How to get LINO Stake?
Just Stake In your LINO on Lino Wallet.
I am currently unlocking my Locked Points. Do I still need to wait 12 weeks, or will they all unlock within 1 day?
You will receive the rest of your Locked Points in LINO Points immediately if you are currently unlocking your Locked Points.
What do I receive from the 9.9% Locked Points rewards?
9.9% of all donations in Lemon coins on DLive will be automatically converted to LINO and will be distributed as Voting Rewards (Locked Points Rewards) to compensate all Lino Stake holders on the Lino Blockchain.
Where is the white paper for Lino?
- Lino Blockchain Overview- https://link.lino.network/overview
- Lino Blockchain Whitepaper – https://link.lino.network/whitepaper
- Lino Network official website – https://lino.network
- Lino Documentation – https://docs.lino.network
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