[Depth] Value of Jasmy Coin

“Jasmy Coin” is a token issued on the Ethereum Blockchain that conforms to ERC20 standard, and has mature security and processing performance of Ethereum network, as well as a variety of anti-attack capabilities. Jasmy Coin transaction and confirmation of ownership is carried out at the address of Ethereum, with payment of handling fee in ETH, whose function also meets ERC20 standard.

(1) Token name: Jasmy Coin

(2) Circulation: 50,000,000,000 (50 billion)

(3) Data storage type: 18

(4) Contract name: Jasmy Coin

(5) Contract address for issuing tokens: 0x7420B4b9a0110cdC71fB720908340C03F9Bc03EC

(6)Etherscan:https://etherscan.io/token/0x7420B4b9a0110cdC71fB720908340C03F9Bc0

At present, imToken Wallet has been launched, and you can add it by searching for Jasmy (case insensitive) directly in the Wallet or entering the token contract address.

Official website of imToken Wallet: https://token.im/ ;https://token.im/?locale=zh (Chinese)

I. Supporting function of Jasmy Coin

Jasmy Coin supports all functions that comply with the ERC20 standard. For the proposal of defining ERC20 standard and EIP20, please refer to the link: https://eips.ethereum.org/EIPS/eip-20

According to the ERC20 compliance standard, some main functions of Jasmy Coin are listed here.

(1)Transfer

The function allows transferring a specified amount of Jasmy Coin from address A to address B. After confirming that both of them are non-zero addresses (zero addresses are often mistaken as a transfer targets when destroying tokens, and erroneous transfer often occurred in the past), this function will change the corresponding amount of Jasmy Coin at the corresponding addresses according to the transfer amount.

If there is insufficient Jasmy Coin in address A, the transaction will not proceed normally, but a message will be returned showing that there is an error in the transaction.

(2) Approve

The function allows address B to deduct the specified amount of Jasmy Coin from address A. As with the transfer function, the system first confirms that both addresses are non-zero addresses.

With the allowance function, the address A can confirm how much Jasmy Coin can be deducted from address B under its own authorization. In addition, the deduction authorization limit can be changed by using the increaseAllowance and decreaseAllowance functions.

(3) TransferFrom

Assuming that address B has obtained the deduction authority of the specified upper limit of the amount from address A according to the approve function, the address B can transfer Jasmy Coin to address C based on this data. As with the transfer and approve functions, this function will change the corresponding amount of Jasmy Coin after confirming that both address B and target C are non-zero addresses. If the transfer amount exceeds the upper limit set by the address A, the system will report an error. Only a prohibitive amount of Jasmy Coin authorized by A will be deducted from address A.

II. Usage scenario of Jasmy Coin

Most individuals and enterprises can exchange tokens through smart phones, computers and other electronic devices as proof of value exchange and consideration payment for various services. Therefore, our assumption is not to limit the use purpose, so that more people can use the token in a wider range.

The role of Jasmy Coin in the ecosystem can be divided into the following situations:

(1) Enterprises must pay service fees when using JASMY platform, which will be paid by Jasmy Coin.

(2) An enterprise must pay Jasmy Coin as consideration when using personal information or other enterprise information.

(3) Jasmy Coin obtained when individuals disclose personal information to enterprises can be exchanged for products or services of equal value on the platform of JASMY partners.

III. Distribution mechanism

(1) The operating company holds 15,000M JASMY (accounting for 30% of the total), which will be used as rewards to individual users allowing third parties including enterprises to use their IoT data, and to enterprises actively using these IoT data to build Jasmy economic circle and ecological circle. The popularity of the platform will increase as the increasing individuals and enterprises using Jasmy, and enterprises will have the motivation to develop more services and further improve Jasmy ecology. If there is no enterprise object in the initial stage, it will not be allocated. In the future, it is necessary to follow certain benchmarks and conditions in practical use.

(2) Developer Plan 10,000M Jasmy (accounting for 20% of the total) will be used as rewards to individual users allowing third parties including enterprises to use their IoT data, and to enterprises actively using these IoT data to build JASMY economic circle and ecological circle. The popularity of the platform will increase as the increasing individuals and enterprises using Jasmy, and developers will have the motivation to develop more services and further improve Jasmy ecology. If there is no enterprise object in the initial stage, it will not be allocated. Students and individuals who aim at starting up business or conducting research and development need to follow certain benchmarks and conditions.

(3) Listing Expense 4,180M JASMY (accounting for 8% of the total) will be used as business operation funds, rewards on investor relations, legal and tax consultancy fees, commission fees for exchange business, and expenses for the transformation of blockchain system.

(4) Business Financing 11,100M JASMY (accounting for 22% of the total) will be used to pay commissions and handling fees (including principal and interest) to relevant business financiers. The rest has a lock-up period except 2,000M used to repay the loan.

(5) Air Drop 5,220M JASMY (accounting for 10% of the total) is used to ensure the liquidity for investment institutions and foreign-funded enterprises, to popularize individual investors in exchanges, and to further stimulate the needs of investors. The lock-up period is only for 5,000M for institutional investors, excluding individual investors. For investors holding exchange accounts, the distribution amount will be lower than the minimum trading volume unit in the market. The funds will be used to extend Secure PC customization function and develop application, build and strengthen service management systems, invest in research and development and personnel, and build systems for mining data value.

(6) Incentive 4,500M JASMY (accounting for 9% of the total) will be used as rewards for business contributions such as business creation, platform development, financial activities and listing application. It has a lock-up period. In terms of going public, the interests of the company’s entrepreneurial team are limited, and the distribution to team members needs to be publicized.

IV. Necessity of Jasmy Coin

Jasmy’s related technology and token issuance scheme have been preliminarily recognized by Japanese official institutions including Virtual Currency Exchange and Financial Services Agency. At the same time, through the company’s own rich industry resources and relationship network, the products and services developed in the early stage are expected to become the industry benchmarks for personal information data management and financial industry data supervision in Japan in the future, which will further establish asmy’s position as a pioneer in the market, thus quickly occupying market share and creating favorable conditions for establishing Jasmy Coin as the trading currency.

Any enterprise that wants to meet the data security supervision conditions or reduce the information security risks must purchase company-related services and products through Jasmy Coin; at the same time, individuals can provide their relevant information and data to trustworthy enterprises in exchange for Jasmy Coin, and can also exchange corresponding products and services from merchants by Jasmy Coin, thus forming a benign ecological cycle.

V. Project code review

  1. Language: solidity v0.5.15
  2. Using library: OpenZepplin v2.4.0
  3. Code review: normal testing result by ConsenSys MythX tool

Jasmy project background

1. JASMY is a technology company with IoT encryption and blockchain encryption, which is co-founded by the former Sony president, the sales director and the technical development director.

2. In Japan, the company has cooperated with corporate customers such as Transcosmos, the largest call center in Japan; VIAO, a well-known notebook brand; Witz, a travel solution provider (a Japanese listed company serving customers such as Toyota and Panasonic); and local governments in entity operation projects.

About Jasmy

Project name: Jasmy

Official website: https://www.jasmy.co.jp/

Project brief: Jasmy is a company that develops and provides data security and sharing services in the IoT era — “Jasmy Platform”. We are committed to protecting the data originally owned by individuals and building a decentralized autonomous world, so as to realize the sharing of data value.

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Jasmy

Jasmy

We aim to realize a Data Democracy by building a decentralized, democratic world where data is protected as inherently owned by each individual.