JasmyCoin

What is JasmyCoin (JASMY)?

Jasmy is a blockchain project focused on the Internet of Things (IoT). Founded by Tokyo-based IoT firm Jasmy Corporation, JasmyCoin is Japan’s first legally compliant cryptocurrency token.

The Internet of Things includes mechanical and digital devices with unique transponders and can transmit data. This could include cars, computers, household electronics, biochip transponders, etc. It’s clear to all that the IoT can enhance and even revolutionize life as we know it, but to do so may involve compromising privacy.

This is where JasmyCoin comes in. The project aims to provide a safe environment where data can be stored, saved, or exchanged privately and securely. It very much attempts to create a decentralized platform where users have full control and ownership of their own data.

Who are the Founders of JasmyCoin?

JasmyCoin is a product of Jasmy Incorporated, an IoT infrastructure and solutions provider established in 2016 in Tokyo. Its president and COO is Kazumasa Sato, the former CEO of Sony Style.com Japan.

Serving as a representative director to Jasmy is Kunitake Ando, the former president and COO of Sony Corporation. Ando is also currently the director of the Japan Innovation Network and Chairman of the University of Nagano.

How Does JasmyCoin Work?

The Jasmy blockchain platform is based on the concept of data sovereignty, allowing users to retain full control and ownership of their data. Rather than allow data to be collected, analyzed, and monetized by centralized corporations, Jasmy allows users to store their data in a “personal data locker.”

These personal data lockers are maintained through Jasmy’s distributed storage network, which uses the InterPlanetary File System (IPFS). In fact, IPFS is combined with two proprietary technologies called a Security Knowledge Communicator (SKC) and Smart Guardian (SG).

SKC incorporates registration and identity verification functions, allowing users to authorize and trace transactions that use their data. This makes accessing or using their data permissioned where all other parties are concerned.

SG, meanwhile, allows users to securely register IoT devices on the distributed network. It then lets these devices interact with their owners, allowing them to store, manage, or deploy data on the platform.

Jasmy also sorts data according to quality and quantity, employing a scale that ranges from “small data” on single devices to “platinum” or valuable data. The JASMY token is then used for payment for all this data when an organization wishes to use it.

What makes JasmyCoin Unique?

While the Jasmy project doesn’t mention Web3 in any of its literature, the outlook of the project is extremely forward-thinking and attempts to bring control and ownership of data back to the users.

Data is routinely taken advantage of by various firms, whether it’s browsing habits being used to engineer targeted advertising or trading behavior being sold by a broker. Jasmy is one of the projects that make up the vanguard in the war over data privacy and sovereignty.

How is the JasmyCoin Network Secured?

The JASMY smart contract on the Ethereum blockchain was audited by SlowMist, a third-party blockchain security firm. The JASMY token is an ERC-20 token on Ethereum, which means it relies on Ethereum for consensus over its transaction ledger and account balances.

Ethereum is one of the most secure and decentralized blockchains in existence, although it has recently switched from proof-of-work to proof-of-stake (PoS) consensus via a hard fork. PoS incentivizes network validators to act according to the protocol using a system of initiatives.

Operators of validator nodes are rewarded with block rewards, which they have a greater chance to earn the more ETH they have staked. Poor uptime or malicious performance, meanwhile, is punished by slashing. Operators can earn more if they stake more, but they also stand to lose more if they fail to perform.

What is the Use of JASMY?

The JASMY token is a utility token powering the network, primarily used to pay for personal data from IoT devices. Businesses can use JASMY tokens to purchase Jasmy products or protect their information.

How Much JASMY is In Circulation?

The JASMY token has a maximum supply of 50 billion, with over 46 billion already in circulation. Notably, Jasmy did not conduct any sort of initial offering of the JASMY token.

How Do You Buy JASMY?

You can buy JASMY on a wide variety of exchanges, reflecting the project’s popularity and its strong regulatory position in Japan, a particularly difficult country to get listed in.

It’s possible to buy JASMY using other cryptocurrencies, but there are also plenty of fiat options depending on which exchange you use. Decentralized exchanges are also a great option for JASMY since it’s an ERC-20 token and, therefore, easily available.

How Do You Store JASMY?

As an Ethereum-based ERC-20 token, JASMY meets the blockchain’s most ubiquitous token standard. For that reason, it’s very easy to store. You can use any Ethereum-compatible wallet, from hot wallets like Metamask to hardware wallets like Ledger.

Is JASMY a Good Investment?

The Internet of Things is an area with considerable potential, but just like countless other industries, it has been pervaded by megacorporations preying upon users’ data. The implications for IoT are particularly profound: your home is no longer your castle if everything in it is sending streams of information about you to one of these companies.

With its powerful infrastructure and user-oriented design philosophy, Jasmy envisions a future where consumers can decide who has access to their data. If data democratization through decentralization is the way forward, then Jasmy will surely be at the forefront of the movement.