JASMY is now available on the world’s largest cryptocurrency exchange, bringing changes to the landscape of the crypto asset industry in Japan
In October 2021, JASMY was officially listed on Coinbase, one of the world’s largest cryptocurrency exchanges. Here is the interview with Mr. Hiroshi Harada, CFO of JASMY, to reveal the rationale behind JASMY’s listing on Coinbase and the strategic direction of JASMY in the future.
- What is JASMY’s mission?
JASMY advocates giving back the control and ownership of user data to users to achieve data democracy and maximize data value, so that each individual can enjoy profits and services by providing personal data. To this end, JASMY has been exploring how to use the blockchain technology and IoT technology to advance and implement this idea.
2. Why did JASMY issue cryptocurrency?
We want to give Japan an alternative to pay for data usage in Yen by creating an established system other than blockchain. Why did you issue cryptocurrency asset? Mr. Harada believes that, “If we use the Ethernet standard ERC20, you can exchange data smoothly and provide rewards. Blockchain is known to be highly secure, so our system can prevent itself from hacking attacks.”
When we hear the term “crypto assets”, we immediately associate it with the currency exchange. Like the transfer and exchange of Bitcoin. However, as blockchain is a mechanism for recording and storing data, the method of which cannot be tampered with. While with the Ether standard, the blockchain can record not only the amount of currency exchanged, as Bitcoin does, but also the exchange of other data. The ERC20 standard used by Ether is the system JASMY intends to adopt, and the standard is available as open source. Hence, “JMY”, a type of crptocurrency issued by JASMY on the basis of the ERC20 standard was born.
3. Two topics that need to be addressed in order to achieve data democracy
(1).Making people aware that they can get paid for providing data (JMY).
(2). Achieving sustained growth of JMY value.
Mr. Harada believes that in order to address these two topics, a new type of cryptocurrency must be issued and listed on a world-leading exchange of significant influence, so that people may realize that personal data can be monetized, and this will also empower JMY to gain sustained growth in value, ultimately realizing the democratization of data.
4. High threshold for issuing cryptocurrency
Many people think of initial token offerings (ICOs) when they think of the issuance of crypto assets, a concept similar to initial public offerings (IPOs), where the issuer of a cryptocurrency solicits buyers for the upcoming virtual currency before it goes public. In the early days of cryptocurrency, ICOs required no third-party review and could be conducted by anyone, leading to rampant fraud of all kinds. This has eventually led to ICOs being heavily regulated around the world, making it extremely difficult for them to move forward.
In addition, the Japanese crypto asset exchange CoinCheck was hacked in January 2018, resulting in the theft of approximately $530 million worth of tokens called “NEM”. As a result, it is almost impossible to apply for a new cryptocurrency exchange in Japan, let alone an ICO. Japan turned out to be very difficult market to develop cryptocurrency-related businesses, although it was the first country in the world to define cryptocurrency in the Funds Clearing Act.
In addition, JASMY is also concerned about the current state of cryptocurrency industry in Japan. First, JASMY sees the need to improve the overall health of the industry, besides launching a range of cryptocurrency businesses to support real economy. Therefore, JASMY has chosen a new path to add value to JMY. In the next article, we will be able to see behind the scenes and the future direction of JAMSY.