JasmyCoin $JASMY Unveils Layer 2 Solution, Jasmy Chain, to Democratize Data and Enhance Scalability
Zach Anderson Aug 29, 2023 13:01
Jasmy has introduced its Layer 2 solution, Jasmy Chain, built on Ethereum blockchain, offering an efficient, cost-effective, and secure way for users to transact data, combining IoT and blockchain technologies for data storage and marketplace.
Jasmy has officially launched its Layer 2 solution, Jasmy Chain. Announced just four hours ago, the project is built on the Ethereum blockchain and aims to provide a more efficient, cost-effective, and secure way for users to transact data.
Background and Need for Jasmy Chain
JasmyCoin ($JASMY) is a cryptocurrency initiative by Tokyo-based IoT provider Jasmy Corporation, aimed at democratizing data ownership and exchange. The platform combines IoT and blockchain technologies to give users full control over their personal data. Jasmy facilitates a trustless data exchange between IoT devices and decentralized protocols, using edge computing and IPFS for secure data storage. The platform serves as a marketplace for service providers and data users, transforming personal information into a tradeable asset.
Jasmy has been a prominent player in the web3 field, having previously launched the world's first blockchain PC. This innovation allowed individuals to truly own and control their data. However, as the community grew and data use scenarios increased, Jasmy identified the need for more advanced technological solutions to meet new demands. "To meet these new demands and provide more efficient and convenient data democracy services, Jasmy has realized the need to introduce more advanced technological solutions," the company stated.
Addressing Scalability and Performance
Jasmy Chain comes as a response to the anticipated rapid growth in the number of data storage users, which could lead to scalability and performance issues. The Layer 2 solution is not just a choice but a "necessity" to maintain efficient data transaction speeds, reduce transaction costs, and ensure high security for users. "By introducing Jasmy Chain, we can maintain more efficient data transaction speeds, reduce transaction costs, and ensure the highest security for users when transacting, storing, and managing their data," the official blog post mentioned.
Key Features of Jasmy Chain
Account Abstraction Supporting Rollup Layer 2: Jasmy Chain employs OP Stack-based technology and integrates an Account Abstraction-like system at the chain level. This allows contracts to define their transaction validation logic, providing developers with greater flexibility.
Web3 Operating System Integrated with Jasmy AI Engine: The Layer 2 solution aims to transform the Ethereum chain account system from a mere "calculator" to a powerful "intelligent computer," offering more modular, efficient, and intelligent interactions.
Precise Services Based on DID and User Data: Jasmy Chain is closely integrated with Jasmy's IoT devices, allowing users to trade freely with data demanders and realizing the true value of personal data.
Democratizing Data
Jasmy Chain aims to further democratize data by providing a cryptographically secured, decentralized environment. Through Decentralized Identifier (DID), it allows everyone to have a unique identity, closely associating data with real-world identity. Moreover, it introduces an economic mechanism where users can gain economic rewards from data transactions.
Conclusion
Jasmy Chain is more than just an upgrade; it's a commitment to data democratization and scalability. It aims to bridge the gap between Web2 and Web3, providing seamless interaction possibilities and turning data into a real digital asset. "Jasmy Chain represents the future of data democratization. It’s a system that allows everyone to participate fairly and benefit," the company concluded.
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