JasmyCoin (JASMY) is a cryptocurrency project developed by the Tokyo-based Internet of Things (IoT) provider Jasmy Corporation. JasmyCoin (JASMY) integrates IoT technology with blockchain to enhance individual data sovereignty. It enables full control over personal information while allowing secure, trustless data exchange between IoT devices and decentralized protocols. The JASMY token, an ERC-20 token, powers the Jasmy platform, facilitating transactions, incentivizing participants, and contributing to the ecosystem's governance and development.^[1]

History

In April 2016, Jasmy was founded in Tokyo by several former Sony executives, including Kunitake Ando (Representative Director and former President and COO of Sony Corporation), Kazumasa Sato (President and COO at Jasmy and former CEO of Sony Style.com Japan Inc.), Masanobu Yoshida (Deputy President and CTO at Jasmy until December 2021), and Hiroshi Harada (CFO at Jasmy and Executive Financial Analyst at KPMG).

In October 2021, JasmyCoin (JASMY) was launched on the Japanese exchange BITPoint Japan. The JASMY token is an ERC-20 token that powers the Jasmy platform, serving as the primary utility token within the network and playing a significant role in the development of the Jasmy ecosystem.

Jasmy combines IoT technology with blockchain to enhance data sovereignty, allowing individuals full control over their personal information and enabling secure, trustless data exchange between IoT devices and decentralized protocols. The platform utilizes edge computing and IPFS (InterPlanetary File System) to decentralize workflows and ensure data protection.

The project has established partnerships with several companies in the digital industry, including Transcosmos, Panasonic, and VAIO. These collaborations aim to leverage Jasmy's decentralized platform for various applications, enhancing both security and functionality.

Jasmy's development is driven by its core team, which includes Kunitake Ando, Kazumasa Sato, Hiroshi Harada, and other experienced professionals from the technology industry.^[1][2]

"We believe that personal data and information is important because of the value it contains... Here, we are committed to creating a world where everyone can use their data freely while protecting its value. Our strength is the “Japanese Quality” represented by Sony and other manufacturing powers..." - Kunitake Ando, Representative Director of Jasmy

Overview

JasmyCoin (JASMY) represents a convergence of blockchain and Internet of Things (IoT) technologies, developed by Jasmy Corporation, headquartered in Tokyo. It was launched in October 2021 on the BITPoint Japan exchange, serving as the primary utility token within the Jasmy platform.

The platform's establishment in April 2016 was led by a team of experienced executives, including Kunitake Ando, Kazumasa Sato, Masanobu Yoshida, and Hiroshi Harada, Jasmy aimed to address challenges in data sovereignty and security in the digital realm.

At its core, JasmyCoin aims to provide individuals with enhanced control over their personal information. Through the integration of IoT and blockchain technologies, Jasmy facilitates secure, trustless data exchange between IoT devices and decentralized protocols. Leveraging edge computing and the InterPlanetary File System (IPFS), Jasmy seeks to decentralize workflows and bolster data protection.^{[1][2][3][4][5]}

InterPlanetary File System (IPFS)

JasmyCoin harnesses the InterPlanetary File System (IPFS) to decentralize data storage and retrieval processes. This system operates as a distributed protocol that enables the storage and sharing of hypermedia in a peer-to-peer fashion. IPFS ensures data integrity and availability by breaking files into smaller chunks and distributing them across a network of nodes. This decentralized approach enhances data security and resilience, making it a important component of the Jasmy platform's infrastructure. ^[6][7][8]

The Reward System

JasmyCoin cryptocurrency advocates implementing a reward system to promote a healthy data ecosystem. In the current digital landscape, personal data holds significant value. Therefore, it is imperative to establish a fair economic environment where companies using this data compensate data producers equitably.

On the Jasmy platform, companies are required to transparently communicate the intended scope and purpose of data usage to individuals. Permission from individuals is mandatory before companies can access their personal data. In return for sharing their data, individuals receive tangible rewards from these companies. These rewards aim to underscore the importance of personal data, encouraging individuals to willingly share their data with companies.

The value of these rewards is contingent upon both the quantity and quality of the data shared, encouraging data producers to become more mindful of their data and its intrinsic value.^[3]

Tokenomics

JasmyCoin (JASMY) employs a token distribution model to foster a sustainable and inclusive ecosystem. The token distribution is as follows:

• Ecosystem: 48.00%
• Funds and Institutional Investors: 27.00%
• Contributors and Communities: 20.00%
• Incentive: 5.00%

The initial token launch occurred on 1st October 2021, with a maximum token supply capped at 50,000,000,000 tokens. The token supply is expected to be fully vested by 31st January 2025, ensuring controlled distribution and long-term value preservation. ^[9]

Jasmy Functionality

• Personal Data Locker (PDL): Jasmy's Personal Data Locker (PDL) offers secure file storage within a peer-to-peer (P2P) network. Users control their data, enhancing information management and ensuring smoother responses in call center scenarios.
• Secure Knowledge Communicator (SKC): The Secure Knowledge Communicator (SKC) gives individuals the opportunity to control, manage, and trace their personal data securely. Users can securely store their data and control its sharing with companies, fostering data democratization.
• Smart Guardian (SG): The Smart Guardian (SG) facilitates seamless and secure registration of IoT devices on the distributed network. It links owner and device ID information, ensuring an environment accessible only to authorized device owners.
• Jasmy Solution x Data Management: Jasmy offers tailored IoT solutions for manufacturers and home builders entering the smart home market, supported by the Smart Guardian (SG) and IoT modules. Additionally, Jasmy supports companies transitioning to IoT-based products and assists local governments pursuing the "smart city" concept.
• Jasmy IoT Platform x The Reward System: Jasmy advocates for an reward system to foster a healthy data ecosystem. On the platform, companies transparently communicate data usage, obtain permission, and offer rewards in exchange for data, incentivizing data sharing and raising awareness of data value. Jasmy envisions a future where personal data is used democratically, fostering responsible data utilization.^[9]

Roadmap

Phase 1: Platform Popularization

During the initial phase, the project focuses on developing IoT solutions with Jasmy Initiative members to attract users. Technologies like SKC and SG enable blockchain services, reducing costs and enhancing security. Partnerships with contact centers facilitate user base expansion.

Phase 2: Value Growth

This phase aims to expand personal data exchanges and increase the user base. User participation is incentivized through clear value propositions for their data, promoting data use across industries.

Phase 3: Ecosystem Expansion

Here, the focus is on increasing personal data value and compensating individuals for sharing data. The project encourages data exchanges and maintains neutrality on data collection to raise user awareness.

Phase 4: Marketplace Expansion

In the final phase, a secure data marketplace is developed for managing and licensing personal data safely. It facilitates data exchanges between individuals and companies, as well as strategic data sharing among companies, aiming to foster a transparent and equitable data economy. ^[2][3]

Partnership with Panasonic

Panasonic has partnered with Jasmy to introduce a Web3 platform designed for controlling personal data on the Internet of Things (IoT). The collaboration, initiated in February and officially announced on March 26, 2024, aims to provide a secure data storage solution based on Jasmy's Personal Data Locker product. This platform grants users full control over access to their data and seeks to improve data processing and reaction times. Utilizing agile development methods and Web3 technology with an emphasis on speed, the project intends to create an open platform for wide utilization across various fields, aiming for a large user base and broad adoption. Jasmy's CFO, Hiroshi Harada, indicated that the decentralized personal data platform is expected to be built within the next 3 to 6 months.The Personal Data Locker architecture manages only hash values on the blockchain, while storing actual data files in a decentralized network, which helps prevent performance issues related to block storage limitations or large file sizes. ^{[12] [13] [14] [15]}

Recent Developments

Jasmy has adopted Chainlink CCIP, the standard for secure cross-chain interoperability, across the Base and Ethereum mainnets. The project is utilizing the Cross-Chain Token (CCT) standard to facilitate the native cross-chain transfers of its JASMY token. This adoption is expected to enhance the liquidity of JASMY across the multi-chain economy. Additionally, JANCTION, a Layer 2 blockchain incubated by the Jasmy community, will adopt Chainlink CCIP as its canonical cross-chain infrastructure. This integration will enable Jasmy developers to build secure cross-chain applications on JANCTION that drive the adoption of blockchain and IoT technologies.

Jasmy selected CCIP due to its robust security features, including defense-in-depth security and achieving level-5 cross-chain security, backed by Chainlink's battle-tested Decentralized Oracle Network (DON). Other benefits cited include developer control, flexibility, self-serve deployment, and the protocol's extendable nature. HARA, CFO at Jasmy Inc., stated that adopting the CCT standard is key to expanding across the multi-chain economy. Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs, expressed excitement about Jasmy adopting the Chainlink standard and connecting to the multi-chain ecosystem, highlighting interoperability as a crucial component in the onchain economy. ^{[16] [17] [18]}