Jasmy and Bitget AMA (English translation)

Jasmy
12 min readJan 29, 2024

1.Opening

-Introduction

Good evening, my name is Harada from JasmyLab and you can call me HARA on Twitter (X).

After passing the CPA exam in 2008, I built an 11-year career at KPMG Group’s KPMG AZSA & Co. focusing on IPOs. After that, I received a strong invitation from Jasmy management and the then owner company to create a crypto asset listing project from Japan, so I joined Jasmy in 2018 and became CFO in 2020, responsible for everything related to crypto assets and tokens. Later, it became the first Japanese project to be listed on Coinbase in the U.S., and was listed on exchanges around the world, including Japanese exchanges, Binance, and of course, Bitget.

We have also planned and executed marketing promotions for large-scale campaigns around the world and TV commercials in conjunction with the Japanese exchanges, something we have never done anywhere else in Japan.

I am very pleased to have this opportunity to present an AMA here today, as we established a new organization called JasmyLab last year, and now that our service has taken shape, we are very pleased to have this opportunity to present our AMA in such a wonderful venue.

Thank you very much for your cooperation.

2.Jasmy Lab Overview

-How the project was launched

-Vision and purpose of the project

Many of you may remember that CEOs such as Jensen Huang of NVIDEA and Sam Altman of OpenAI visited Japan last year and met with Prime Minister Kishida. With the focus on generative AI due to ChatGPT and the rapidly growing demand for GPUs for generative AI, the global market for GPUs is expected to be worth 12 trillion yen in 2028.

In this rapidly expanding market, we met with several companies developing products in generative AI and understood that there are major challenges in generative AI. The challenge is to improve response accuracy and ensure traceability of results while protecting individual privacy.

Even if a company wanted to implement generative AI, it would not be able to answer questions using current AI because it would not have input from the company’s own language, specialized skills, or industry practices. In addition, if the same information were to be input, it would include a great deal of confidential and personal information, and the construction and maintenance of a corporate database containing such information would be highly risky and expensive.

We saw a business opportunity here.

Jasmy Labs aims to become a new infrastructure provider that contributes to development in the age of AI by deploying a Resources Platform that aggregates user resources.”

By using and commercializing licenses held by Jasmy,

➀Individual users can deploy distributed databases that hold information and provide it to companies, etc. for a fee. (The risk and cost of building a DB can be greatly reduced.)

②Company’s internal data (e.g., PC usage, internal chats, etc.) can be used after the data is automatically and correctly recorded and stored, with personal information and confidential information abstracted and anonymized. (Accurate information and traceability can be ensured through raw data)

JASMY aims to be a licensing company and platform. The Jasmy license was created by a former Sony executive, supported by top Japanese lawyers, has patents and use cases with some of Japan’s largest companies.

JasmyLab is a company with a mission to take the Jasmy license and deploy the technology globally with a team of crypto natives, and to actually develop the technology into an open-source service to meet the needs of the companies and clients I work directly with. I will be working with a team of crypto natives to develop this technology globally.

3.Differentiation points

-Differences and differentiating points from other projects (in terms of concept, technology, members, etc.)

Let me first talk in terms of comparison to other web3 projects.

The concept that got us into business was out of a real need. We start from the point where a company is facing an issue while conducting advanced business, and we jointly develop a service for the company that is facing the said issue. Therefore, our concept is always in line with the current situation, and we develop services for companies that share this concept.

In addition, as I mentioned earlier, in terms of technology, our members, who have already created products that have been recognized by the world, will develop products that maximize the new technology of blockchain, and we will have the support of a top-class law firm in Japan to provide the legal interpretation necessary for advanced business promotion in the new business field of Web3. Our services are always based on trust. Our services are always based on trust, and we are constantly improving.

Furthermore, Jasmy Labs was established with exchanges, market makers, and global VCs, while utilizing the license developed by Jasmy, which consists of former SONY executives. Together with our crypto native members, we hope to accurately grasp the market situation and develop a blue ocean strategy.

Furthermore, from the perspective of a Web2 company, we are the ones with the best technology for building security.

Companies that have built their business models on platforms have focused on collecting and holding their own data. This is much like buying a book and displaying it on the company’s bookshelf.

GDPR and privacy laws require a very high level of security to maintain the bookshelves, and a lot of money must be invested to develop them. The cost of doing business with data is enormous, not only to collect it, but also to maintain it.

We want to develop a library-like service where books brought in by users are categorized, tagged, and lent to businesses that need them in the format they need. The most important things are (1) that the data is owned by the users themselves and by the companies that input the data, so (2) that the data can be withheld from those to whom they do not wish to disclose it, and (3) that information that could not previously be disclosed can now be disclosed.

I believe that such a company, which has the necessary patents and security technology and can build a DB equipped with the necessary functions for its own company at an overwhelmingly low cost, is unlikely to emerge from a company that provides Web2 services.

4.About DePIN and RWA

-Basic introduction

-What kind of technology is it and what are its advantages?

First of all, DePIN, which translates to distributed physical infrastructure network, has attracted a lot of attention since many projects and VCs have been talking about it since last year.

It is an area that is expected to provide new business opportunities and lower costs by decentralizing life and work resources in the real world.

The most well-known examples are AirBNB and Uber Eats, which provide users with new revenue opportunities, thereby increasing their lifestyle choices and benefiting them.

In Web3, Filecoin, which provides a distributed database IPFS, is well known, but in reality, the infrastructure is supported by data center operators, so I think we will see more good projects from the user’s perspective in the future.

And RWA is Real World Assets, real world assets, but especially when used in the realm of Web3, it refers to the underlying property value tied to the blockchain. This is another phrase that we heard from many projects at Token2049 last year, especially stablecoins.

Tokens on the blockchain do not have any kind of rights attached to them and are sometimes referred to as airtight, but RWA is often used to mean that the backing property proves their value and allows the tokens to be traded with peace of mind.

5.About Depin and RWA Part2

-JasmyLab’s idea of DePIN implementation in the real world

-Impact on society

-How it will be used in the future society (5 or 10 years from now)

-How will Hara be involved in the future?

Our idea of a sustainable DePIN is a user-participatory reward-earning program that can be realized online.

By everyone contributing their excess resources, we can stabilize and exert greater power at a lower cost. An analogy would be Mina Dein from Dragon Quest or Genki Balls from Dragon Ball. It’s the difference between defeating a giant enemy or having it used for innovation services.

Participants can earn additional rewards with their excess resources, and by accumulating digital reputation, they can improve themselves like a credit score, earn additional rights, create IP, earn additional rewards and services, etc. I think that’s what the world looks like.

What we are focusing on is the data that users have and the resources of the devices that generate the data. You as individuals actually have a lot of very valuable data. And companies want accurate data. If data is anonymized and abstracted and provided in a way that does not identify individuals, businesses can use the data with a reduced risk of leakage. companies developing AI products have an ongoing need to acquire accurate data, and this need will continue to grow as the market expands in the future.

What do you think is the device resource you are most familiar with? In fact, it is a gaming terminal, including Play station. GPU is a computing device specialized for real-time image processing and was originally used in computer games as a typical example.

Imagine for a moment.

Do you have any unused gaming terminals in your home? Are they sleeping when not in use? What if there was a program in which you could be paid for the time you are not using the device, in exchange for donating those resources to an innovation company?

Furthermore, you may be able to own a portion of the new products, services, and value-added that are created by your donation of these resources. Our platform is being developed to implement the ability to create and own productions and IP by providing data and resources.

You may simply be donating your unused time and excess resources, but socially you are making a significant contribution to the creation of innovation.

Some might call it an alternative to basic income, and some might even consider it an investment.

However, the resource certainly exists in Japan. We just don’t have the means to uncover and materialize them.

We believe that the data and resources possessed by individuals will become the new RWA of Web3, a place where user value on Web3 increases according to the amount and type of data resources possessed by individuals, and where this value can be enjoyed by providing it to other companies, this is the world we, DePIN, are aiming for.

We are ready and willing to act to make this kind of society a reality in the near future.

This service requires a very large number of important requirements.

On the demand side, the service must be provided safely and promptly to companies using the resources, the resources must be supplied for the required period of time and with peace of mind, a clear cost structure must be presented, and the rights to the production must be clear,

On the supply side, the service should provide an easy-to-understand user interface for providing data and resources; the resource owner should receive a seamless distribution of rewards; and the rewards should be attractive and equivalent in value to cash.

Security and peace of mind throughout the entire service.

In fact, many of these can be built cheaply, quickly, and securely using blockchain technology. We are prepared to customize the technology that is already out there for your company and provide many of the necessary features in addition to this.

6.

Jasmy Lab’s current progress and future plans

-What kind of activities have you been involved in so far?

-Examples of collaborations and future plans

After establishing JasmyLab, we have attended many conferences such as IVS Kyoto, Token2049 Singapore, Korea Blockchain Week, etc., networking with Web3 companies and contacting VC/investors. The catalyst for this project was the formation of a marketing team with a VC who was particularly interested in DePIN and RWA.

Furthermore, we are providing support in the area of building a user database and member registration system that can be utilized by Web2 companies when they expand their business to Web3. Members register their company ID with Google ID, and their data is stored in the database, and a system is being prepared for them to earn rewards like points according to the data.

The system uses account abstraction based on the ERC4337 technology platform and substitutes a social networking account for a secret key, allowing members to receive rewards seamlessly while maintaining security. We are working with our partners to develop an SDK/API tied to our proprietary chain, which we will commercialize.

We are collaborating with a project that aims to issue Stable coin, which allows users to transfer money between users on their own applications, to collaborate with an eSports project on GPU and user database integration and have received requests from many DEX/DeFi projects for validator integration and joint development, which we are progressively working on.

Although user participation may be some time away, we believe that there are many companies and projects that are struggling with how to get started with Web3. I have seen dozens of companies using their own IP and issuing NFTs, but only a handful have been successful.

We would like to take a proactive approach to companies and projects that have such thoughts as: companies that provide superior data input to other companies with the services of generative AI, value their databases and return value to users, make sure that the new DB to be built can be shared by multiple specific entities rather than as a single entity, and do not want to spend money on building new DBs.

In addition, we are now in talks with VC/companies, mainly in Asia, to invest in this new business and to launch it in earnest. We would be very happy to hear from companies and projects with which we can collaborate.

7.Attractiveness of Jasmy Lab as an Investment Target

-What is the appeal of Jasmy Lab to investors and users as an investment vehicle?

-How can you support the project through investment?

Jasmy’s token, JasmyCoin, is highly liquid and is accepted on exchanges around the world. 99% distributed, almost all of which are held by tens and hundreds of thousands of people on the exchanges.

On the other hand, the tokens are ERC20, and the main net blockchain is a consortium-type, or private chain, which made it difficult to link the ERC20 tokens operated on the chain in terms of technology and engineering resources, which was our major This was a major challenge for us in terms of technology and engineering resources.

We are trying to solve this problem in two ways.

The first is to store the crypto asset as a treasury in a place where ERC20 tokens can be safely stored and issue tokens on the consortium chain for the same amount. We describe this as a token lockup, and we will build an economic sphere where the tokens will actually be earned and spent within Jasmy’s service. We are preparing to operate an ecosystem aimed at regional development within the Fun Token application, which has already been operated in cooperation with sports teams.

Second, as part of this DePIN project, we are building an environment in which tokens can be used on an open-source basis. We believe that the seamless receipt of attractive rewards is a condition for business development for decentralized services, such as Web3. In addition to the instantaneous reflection of rewards in one’s account, we will add the option to convert these rewards into crypto assets. Since the reward is not your hard-earned salary, investing in a liquid asset that has the potential to increase in value and can be converted to cash at any time will be an attractive option.

The ecosystem is not yet operational, and the only utility of Jasmycoin is for payment purposes or for investment and operation on an exchange. Many users will acquire them within the ecosystem and consume them in services, rather than purchase them. This is the Jasmy ecosystem in 2024.

A highly decentralized JasmyCoin will circulate as the key currency within the ecosystem.

And the development of JasmyLab is to grant rights to the data resources held by the overwhelming majority of individuals, create value, and distribute it to Web3 users. We want to provide Web3 users with the option to make their lives a little richer through many opportunities to earn rewards.

This is a completely new and challenging project, and we need to gather many talented people, as well as companies, investors, and users who share our concept.

Thank you very much for allowing us to conduct this AMA today in Japanese with such a wonderful exchange as Bitget.

We are very pleased to be able to communicate Jasmy Lab’s concept of “developing a platform of aggregated user resources and aiming to be a company that provides new infrastructure for development in the age of AI” for the first time in the world.

The project will be expanded to many international investors and projects. We look forward to your continued support and guidance as we continue to build and advance our project based on input from our many valued communities.

Thank you very much for your time today.

8.Q&A

Q1: If I want to work with Jasmy, can I contact him via DM on X?

A1: Many times, we actually become partners through DMs. We look forward to hearing from you.

Q2: Will financial or insurance products be created through DePIN in the future?

A2: Some of Jasmy’s management team comes from Sony Life Insurance and are well versed in insurance knowledge. Insurance is exactly the kind of affinity with blockchain, and we are considering that area as well.

X:Jasmie OfficialJasmy CFOCommunity manager

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Jasmy

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