I’m not going to lie. I thought it was a poop coin and was pretty angry it wasn’t Fantom. So I read the whitepaper…and I’m mildly impressed. Quick rundown.
Kunitake Ando- Former President and COO of Sony Corporation.
Kuzumasa Sato- Operating officer of Sony Marketing and President of Sony Style Co.
Masanobu Yoshida- President of Sony Handheld, Sony Ericsson Mobile Communications.
There are more but this is the core.
“We aim to realize a data democracy by building a decentralized, democratic world where data is protected as inherently owned by each individual.”
Basically, JASMY is trying to solve the problem of centralized consumer data. IoT collected data, from our phones, laptops, smart homes, etc. is given/sold to companies for stats and products on a regular basis. All that data is on centralized entities leaving it vulnerable to massive data breaches, inaccurate statistics, and more. Centralized consumer data also takes away the power to share data from the consumer (us). We get very little choices on how our data is shared. JASMY wants to solve this by decentralizing data utilizing blockchain technology.
It sounds like they are doing this by creating a decentralized platform (called Jasmy Platform) used by people and companies that can do a multiple of things only possible through blockchain such as verification (digital ID), personal data lockers in which every individual has their own locker from which they can choose what data they share, tracing of data, something called SKC where companies can access data only when necessary vs. storing all of it on in-house records, something called SG which can connect devices to their owners without additional personal ID, and a slew of other things as well.
Their white paper also states that companies must reward their consumers for sharing their data (maybe in JASMY tokens?) as a way to further the mentality that data sharing should be a democracy.
To me it sounds like their platform is built for personal use and institutional use as there is a whole section on how, for example, adoption of the decentralized JASMY platform at a typical call center could solve a whole bunch of problems ranging from functionality to risk to efficiency to cost.
The JASMY token will be used for a range of things within this ecosystem.
According to the whitepaper they launched the JASMY initiative to accelerate adoption by working with companies willing to take the lead in this project. This actually launched back in January 2019 which means they have been working on this for a while fine tuning their platform.
Okay, this is actually HUGE. JASMY partnered with Toyota and Witz in JUNE. Witz develops automated driving technologies and IoT for companies like Toyota and Panasonic and in June they revealed that they’re working on JASMYs blockchain platform! This is crazy. Was not expecting that.
The article also states that JASMY partnered with Transcosmos which is a call center supporting 21,000 operators.
They have partnered with VAIO which could mean JASMY platform could be utilized in VAIO products. There are also a few other partnerships as well mostly Japanese. It’s worth noting that the director of JASMY is the current President of US Sony manufacturing- US entry in the works?
If you look at their timeline there was a lot of work being done well before the launch of JASMY on Coinbase so it could be that they are entering the adoption and marketing phase after the initiative on their platform.
More info- scroll to bottom for English.
A lot unknown here but the circulating supply is 500m with a market cap of about $25 million. That has to make it one of the lowest market cap projects on Coinbase!
Although we’re still learning more a few things are clear.
- This is not a poopcoin. This is a really interesting use of blockchain technology and in my eyes the need to decentralize consumer data is huge and I like it.
- The team is solid and tons of experience in technology, marketing, and innovation.
- This was not a random release on Coinbase. It makes sense with CB breaking into the Japanese market. I have no doubt that they are searching for other Japanese projects to eventually add to Coinbase Japan.
1 thought on “I read the JASMY whitepaper”
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