Japan Open Chain Signs Formal Contract with BitTrade to Collaborate for Launching an IEO for Its Native Token

Japan Blockchain Foundation Co., Ltd. (CEO: Hidekazu Kondo), which operates and manages the business-optimized public chain 'Japan Open Chain,' is pleased to announce the signing of a formal contract and a business alliance in the technical field with BitTrade Inc. (Headquartered in Minato, Tokyo; CEO: 関 磊), a domestic cryptocurrency exchange. This partnership is established for the purpose of launching an Initial Exchange Offering (IEO) for Japan Open Chain.

From left to right: Mr. Kondo, CEO of our company,; Mr. Seki, President of BitTrade; and Mr. Inaba, Representative of G.U.Technologies.| Location: WeWork Hibiya FORT TOWER.

◽️ Overview and Objectives of This IEO

'Japan Open Chain' is a high-speed, secure, and cost-effective public chain with global accessibility. Its practicality makes it an ideal choice for business applications, and it is currently being utilized by financial institutions, major corporations, and local governments.

The journey towards this Initial Exchange Offering (IEO) began with the signing of a memorandum of understanding between the two parties in December 2022. Following significant progress in project preparation and IEO procedures, a formal agreement has now been reached.

▼ Related Release
https://www.jbfd.org/en/news/sign-memorandum-of-understanding-on-ieo

Following the IEO, the fee token of Japan Open Chain will be the first of its kind to be listed for trading in Japan. Subsequent to its listing in Japan, we plan to collaborate with BitTrade to pursue further listings of this token on both domestic and international exchanges.

◽️ Japan Open Chain is a public blockchain optimized for business, emphasizing legal and technical practicality.

JOC-Validator_230712_en

While numerous blockchain networks exist globally, many face challenges in fostering Web3 businesses due to unclear operational structures and various legal and technical issues. Japan Open Chain addresses these challenges by aiming to launch a blockchain that adheres to the laws of different countries. It is an Ethereum-compatible public chain that offers adequate decentralization, high-security performance, and stability, enabling businesses to operate with confidence. This chain is operated by reliable Japanese companies, and it ensures compliance with Japanese law.

Alongside this, we are actively conducting proof-of-concept experiments with several banks for the issuance and transfer of stablecoins on Japan Open Chain. Our goal is to enable the circulation of bank-issued stablecoins, both domestically and internationally, and we also plan to extend these proof-of-concept experiments to include businesses that can benefit from the use of stablecoins.

▼  Validators (Blockchain Operating Partners)

Current validators for Japan Open Chain include CORGEAR Co.Ltd, a startup within the Sony Group, Dentsu Inc., NTT Communications Corporation G.U.Technologies Inc., Minna Bank Ltd., OPTAGE Inc., pixiv Inc., and Kyoto University of Art and Design. We aim to have a total of 21 companies to join as validators to secure adequate decentralization.

▼ Main Features

  1. Operated safely and securely by Japanese companies.
    • Validators that have passed appropriate screening.
    • Operations comply with Japanese law, providing a clear legal basis.
  2. Ethereum fully compatible chain utilizing PoA (Proof of Authority)
    • Fully compatible with Ethereum, allowing for the use of Ethereum protocol-developed tools and smart contracts as-is.
    • The Proof of Authority (PoA) algorithm strikes a balance between decentralization and scalability, taking into account practical considerations in its design.
    • Provides high security performance thanks to adequate decentralization, network stability and controllability, and is energy-efficient and environmentally friendly.
  3. Optimal Design for Web3 Business with Fast and Affordable Fees
    • Achieves processing speeds tens of times faster than the Ethereum mainnet.
    • Fees for issuing NFTs are less than 1 yen per transaction.
    • Eliminates settlement risk through deterministic finality.
  4. Projects by Large Corporations and Local Governments Underway
    • Financial DX projects through the issuance of Japan-based stablecoins by banks.
    • Various NFT projects by local governments, including "Digital Citizen Certificates."

Japan Open Chain Official Website：https://www.japanopenchain.org/en/

◽️ About the Token to that will be Listed

Japan Open Chain Token functions similarly to the 'Gas' in the Ethereum ecosystem and acts as a fee token on the Japan Open Chain blockchain. It is used to compensate validators for the costs incurred in verifying transactions, including contract creation and other blockchain actions. The protocol itself automatically calculates the required quantity of this token for each transaction, in a manner similar to Ethereum's system.

◽️ Roadmap

Japan Open Chain_Roadmap&Validator_20231019.pptx

◽️ Comment by President Seki, BitTrade Inc.

It is a great pleasure to collaborate with Japan Blockchain Foundation on the IEO for their innovative blockchain, the Japan-origin Ethereum-compatible chain 'Japan Open Chain'. With Web3 technology gaining global attention, I am convinced that this new internet paradigm will significantly transform current business models. I deeply resonate with the efforts of Japan Blockchain Foundation to operate in compliance with Japanese law and to advance the Web3 business, and it's an honor to be part of this venture.I also believe that 'Japan Open Chain' will set new standards in the domestic cryptocurrency industry and will be recognized and utilized as a dependable blockchain network. At BitTrade, we are more committed than ever to refine our technology for the Web3 era, in collaboration with Japan Blockchain Foundation.

◽️ Comment by President Inaba, CEO of G.U. Technologies Inc. (One of the validator of Japan Open Chain)

I am very pleased with our collaboration with BitTrade for the IEO of 'Japan Open Chain' native token, the JOC token. Currently, our company is fielding a growing number of inquiries regarding entry into the web3 business, blockchain-based system development, and its applications in finance. In response, major corporations and local governments have already begun integrating 'Japan Open Chain' into their web3 projects, with service development actively in progress.
Beyond the IEO, we remain dedicated to offering a reliable web3 infrastructure tailored for business applications. This commitment encompasses web3 services such as NFTs and dApps, along with the development of systems that capitalize on the benefits of blockchain technology.


◽️ Comment by President Kondo, CEO of Japan Blockchain Foundation Co, Ltd.

Japan Blockchain Foundation was established to ensure the effective operation and management of the 'Japan Open Chain' consortium. We take pride in representing Japan Open Chain and managing this IEO. We believe that blockchain technology will become a fundamental cornerstone of new-age capitalism. Currently, however, the challenge lies in having blockchains that offer both affordability and technical/legal safety for business use. Japan Open Chain stands out as a blockchain endorsed by the trust of Japan, a country renowned for its global reliability. Our goal is to lead in the web3 era and foster business innovation, extending our reach and impact from Japan to the global stage.