Blockchain startup G.U. Technologies Inc. (Tokyo, JAPAN; CEO: Daimei Inaba, CTO: Hidekazu Kondo), in collaboration with Dentsu Inc., Minna Bank, Ltd.,pixiv Inc., Kyoto University of the Arts, CORGEAR Co.Ltd. have agreed to launch an open, EVM-compatible blockchain compliant with Japanese-law, and have released a beta version of the "Japan Open Chain" mainnet, a blockchain network.
Japan Open Chain has adopted Go Ethereum, a software that has a long track record in the Ethereum testnet and is maintained by the worldwide community, mainly to ensure technical stability.
In addition, the Proof of Authority (PoA) consensus algorithm allows for low power and extremely low environmental impact blockchain operations, as well as speeds in excess of 1,000 tps (Transaction per second) and low fees.
In the blockchain in the PoA consensus algorithm, trust in the operator, the validator, is critical. The chain will be operated by a company familiar to everyone in Japan as a validator, and the chain will have a visible face with such a trusted validator to ensure sufficient trustworthiness for blockchain operation. Furthermore, PoA greatly reduces the possibility of hacking by 51% Attack, etc., which is a concern with PoS and PoW methods..
As described above, this chain will be able to conduct blockchain business under stable conditions, as the specifications of the chain and traffic conditions will be stably managed by the stable validators. Also, the specifications will not be changed without the community's permission and fees will not drastically change due to changes in market conditions.
In addition, we are also researching functionality to operate as a Layer 2 chain to the Ethereum mainnet and sharding technology to improve speed by bundling multiple chains, and we are already experimenting with currency and NFT transfers at tens or hundreds of thousands of tps.
In the future, research and development of the blockchain technology itself will be promoted, as well as various demonstration tests of Japanese law-compliant stablecoin, NFT sales, DAO and other Web3 solutions by participating companies and individuals on this chain.
Since this is a public chain, it will be available to both individuals and corporations from outside Japan as well as Japan, but currently the number of participants is limited due to the beta version.
If you would like to participate, please submit an application through the website.
Click here for participation
The blockchain/crypto asset area has been very active due in part to the growing attention to DeFi, NFT and Web3. Among these, Ethereum has the second largest market capitalization after Bitcoin and has attracted much attention as the core of Web3 due to its affinity with the Internet, and its market capitalization has grown to over several trillion yen.
However, the Ethereum main network and the currently released Ethereum-compatible network are currently facing the following problems.
Japan Open Chain eliminates the above problems. We will continue to make various efforts for further technical and legal security and safety use of the blockchain in the future.
The chain is open to anyone who agrees to the terms of participation, but currently only the Japanese version is available.
Click here for participation
Japan Open Chain(https://www.japanopenchain.org/)
Japan Open Chain document(https://www.japanopenchain.org/docs/intro)
Japan Open Chain Twitter(https://twitter.com/JapanOpenChain)