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