Although blockchain technology offers strong security features, there is still a possibility of data breaches when it comes to Web3 applications in the virtual world. To address this issue and ensure data is protected while being democratized, the Jasmy platform emerged. Jasmy coin is the native cryptocurrency that powers all the project’s operations.
This Japanese project addresses all the data-related challenges that may arise with advanced technological developments. Blockchain, Metaverse, and Internet of Things (IoT) are some of the areas where this project focuses on protecting user data. If you want to know more about Jasmy coin and its underlying platform, continue reading this article.
What is Jasmy Coin (JASMY)?
Jasmy coin (JASMY) is the native cryptocurrency that enables all operations within the Jasmy ecosystem. The project aims to create a world where users own their data without compromising privacy and security. To achieve this goal, the Jasmy project has been working to build a decentralized and democratic world for the past few years.
JASMY is an ERC-20 based token, developed and launched on the Ethereum blockchain. The main reason for building the Jasmy project on Ethereum is to take advantage of its processing power, advanced dApp capabilities, and security.
The utility of Jasmy coin in its ecosystem is not limited to a few activities. As the project develops, JASMY finds new use cases and helps users access the platform’s services. Jasmy coin is launched on the open markets in 2021 and has a total supply of 50 billion JASMY coins.
How does Jasmy work?
Jasmy’s mechanism of operation focuses on the innovative use of blockchain and IoT technologies to provide a secure and somewhat decentralized data management system. Here is a detailed look at its functionality:
- Data Management: Jasmy leverages distributed ledger technology (DLT) to record data transactions securely and transparently. This ensures that data can be shared or sold without the need for intermediaries, enhancing privacy and security.
- Personal Data Locker (PDL): At the heart of Jasmy’s data management solution is the Personal Data Locker (PDL), a secure storage space where individuals can store their personal data. The PDL puts users in complete control of their data, deciding who can access it and under what conditions.
- Security Knowledge Conveyance (SKC): To facilitate secure data transactions, Jasmy introduces SKC, a tool that enables encrypted data sharing between devices and platforms. Users must verify their identity to activate SKC, ensuring a high level of network security and decentralization.
- IPFS for data storage: Jasmy uses the InterPlanetary File System (IPFS), a peer-to-peer hypervisor protocol, to store data across a distributed network of nodes. This approach ensures data redundancy and availability, minimizing the risks associated with centralized data storage.
- Smart Guardian (SG): To enhance security, Jasmy integrates the Smart Guardian service for IoT devices. SG enables secure registration of devices in the network, protecting them from unauthorized access.
- Edge computing: By integrating edge computing, Jasmy processes data close to the source (IoT devices), reducing latency and improving response times. This is especially beneficial for real-time data processing applications, making the system more efficient and scalable.
History of Jasmy
Launched by a group of former Sony executives in Tokyo in April 2016, Jasmy was conceived to address growing concerns about privacy and ownership of personal data. The founding team envisioned a platform that would enhance the security of data shared across IoT devices and return ownership of data to individuals. Jasmy’s official launch on Japanese exchange BITPoint Japan marked its entry into the cryptocurrency space.
What is JASMY Token used for?
The JASMY token serves as the lifeblood of the Jasmy ecosystem, facilitating various transactions and interactions within the platform. It serves as the primary medium for data transactions, allowing users to buy, sell, or access services that utilize their personal data. Additionally, the token is used to secure the network, reward users, and incentivize participation in the Jasmy ecosystem.
Why is Jasmy Coin (JASMY) called the Japanese Bitcoin?
The Jasmy platform was developed and launched by Japanese founders, Kunitake Ando, Kazumasa Sato, Masanobu Yoshida and Hiroshi Harada.
With its origins in Japan and most of its development taking place in the country, the team claims that their Jasmy coin project is the “Bitcoin of Japan”. As mentioned earlier, the project is receiving significant investments from Japanese venture capitalists, increasing the value of the token.
Furthermore, it is also worth noting that the host of a YouTube video discussion, which took place between several investors, said that “Jasmy is the largest cryptocurrency developed in Japan.”
Conclude
Jasmy coin is a prominent cryptocurrency project that is focusing on providing data democratization, data security and data sovereignty to its users. It keeps in mind the rapid development of technologies such as the Internet of Things and the metaverse and their potential impact on data exchange and storage. By working at the intersection of blockchain and IoT, Jasmy coin has the potential to bring about a new era in the world of technology.
You can see JASMY prices here.
Mr. Teacher
Bitcoin Magazine
