Japan Blockchain Foundation Co., Ltd. (CEO: Hidekazu Kondo) announces that 'Ginco Web3 Cloud,' an all-in-one cloud platform for web3 provided by Ginco Inc. (CEO: Muuto Morikawa), will now support 'Japan Open Chain,' an Ethereum-compatible public chain developed by our company. This collaboration not only solidifies our support for Japan Open Chain but also sets the stage for expanding real-world applications of blockchain technology in the web3 era. Moving forward, we aim to leverage our combined expertise and business foundations to pioneer innovative blockchain solutions.
◽️Background and Future Plans
Japan Open Chain is a public blockchain optimized for business use cases, emphasizing both legal and technical practicality. The administrator of Japan Open Chain maintains transparent operations in compliance with Japanese law, which is the reason it is being utilized by corporations and municipalities to conduct web3 business without any concerns. This time, Ginco has become a development partner for Japan Open Chain, and we reached an agreement to expand efforts toward the practical application of blockchain in the real world.
As a first step, we will integrate 'Japan Open Chain' with Ginco's comprehensive web3 platform, 'Ginco Web3 Cloud,' as well as their 'Ginco Enterprise Wallet,' a leading business-grade cryptocurrency service with the highest domestic adoption rate* (expected completion by the end of February 2024). While exploring collaborative synergies across our businesses, we will continue discussions to further enhance the value of both services. Our goal is to pioneer advancements toward a future where web3 business can be pursued confidently by everyone.
*According to Ginco research, as of 2023.
◽️Japan Open Chain is a public blockchain optimized for business, emphasizing legal and technical practicality.
▼ Main Features
- Operated safely and securely by Japanese companies.
- Validators are companies that have passed appropriate screening.
- Operations comply with Japanese law, providing a clear legal basis.
- 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.
- 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.
- 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".
＜ 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.
＜Japan Open Chain Official Website＞
◽️About Ginco Inc.
Ginco positions itself as a Web3 development company that supports corporate Web3 ventures, with the vision of 'transforming the flow of the economy' by leveraging blockchain technology. It provides robust infrastructure to enterprises which enables faster, more secure, and cost-effective utilization of blockchain. Notably, Ginco holds the leading domestic position in the fields of wallet services and node operations.
Company Name: Ginco Inc.
Location: 3-27-4 Hatchobori, Chuo-ku, Tokyo 104−0032
Representative: Muuto Morikawa
Established: December 21, 2017
Business Description: Specializing in the development, operation, and provision of cloud-based blockchain infrastructure and various enterprise services utilizing this infrastructure