〜 Advancing Towards Cross-Chain Payments for Stablecoins～
Japan Blockchain Foundation Co., Ltd. (CEO: Hidekazu Kondo), which operates and manages the Ethereum-compatible public blockchain 'Japan Open Chain,' is pleased to announce that we have reached an agreement with LayerZero Labs Ltd. (Headquartered in Vancouver, Canada) to expand support for the LayerZero protocol to Japan Open Chain. As a significant first step, we are excited to share that we have successfully completed support for our testnet.
In the future, the issuance of cross-chain supported stablecoins and NFTs on Japan Open Chain will become possible, enabling transfers between different chains and facilitating cross-chain payments. We plan to cooperate for the social implementation of web3 technology by utilizing this cross-chain solution, such as integrating with LayerZero for the realization of trade settlement and trade finance using stablecoins originating from domestic banks. Additionally, users will be able to utilize transactions and make payments with a wider range of digital assets, such as purchasing NFTs on Ethereum using stablecoins on Japan Open Chain.
◽️ Background
In the Japan Open Chain ecosystem, projects involving major corporations and local governments issuing NFTs, as well as banks issuing stablecoins, are underway. To facilitate the smooth and secure transfer of these digital assets across different blockchains, the adoption of cross-chain technology is essential. LayerZero offers cross-chain technology that is highly regarded worldwide. By utilizing this technology, various blockchains can be interconnected, fostering the development of more applications and the utilization of digital assets. This collaboration aims to enhance the functionality of the blockchain ecosystem and enable its use on a broader scale.
The features of LayerZero are as follows:
- Cross-Chain Communication: Enables the sending of messages between different blockchains.
- Verifiers and Executors: Ensures the integrity and security of data across different chains.
- Omni Chain Transactions: Facilitates the movement of assets across different blockchains.
- Flexibility and Scalability: Supports the development of applications and services that are compatible with cross-chain operations.
- Low Cost and Speed: Achieves cross-chain transactions quickly and at a low cost.
This integration is expected to facilitate the progress of businesses in the Web3 domain on Japan Open Chain. Through this initiative, we aim to support the development and widespread adoption of blockchain technology in Japan and assist in the digital transformation of companies.
◽️ Seeking Businesses Interested in Cross-Chain Payments
Japan Open Chain Consortium is currently seeking businesses interested in utilizing stablecoins for inter-company transfers, payments, and cross-chain payments. If your business is interested in leveraging these solutions, please feel free to contact us.
◽️ Japan Open Chain is a public blockchain optimized for business, emphasizing legal and technical practicality.
While numerous blockchain networks exist worldwide, in many cases, the chain's administrator is not transparent and faces significant legal and technical challenges, making it difficult to promote web3 businesses on such platforms. In light of growing concerns about fraud and other risks, there's an increasing demand for blockchains that adhere to national regulations and guarantee secure business transactions.
Japan Open Chain was established to solve those problems. As it is fully compatible with Ethereum, it offers rapid transactions at a low cost, adequate decentralization, and high security and stability. In addition, with reputable Japanese companies onboard as validators, this public chain ensures both legal and technical practicality. This allows individuals and businesses worldwide to advance web3 business on a global scale without concerns.
Japan Open Chain Official Web Site：https://www.japanopenchain.org/en/
◽️ About LayerZero
LayerZero is an interoperability protocol that connects blockchains (50+ and counting), allowing developers to build seamless omni chain applications, tokens, and experiences. The protocol relies on immutable on-chain endpoints, a configurable Security Stack, and a permissionless set of Executors to transfer censorship-resistant messages between chains.
【Company Overview】
Company Name ：LayerZero Labs Ltd.
Location ：Vancouver, British Columbia, Canada
Founders ：Caleb Banister、Ryan Zarick、Bryan Pellegrino
Established ：2021
URL ：https://layerzero.network/