Japan Open Chain (JOC) is committed to providing a high-performance, low-cost, legally compliant blockchain platform to address the scalability, transaction speed, and legal compliance issues of existing public chain platforms. JOC adopts an Ethereum-compatible consensus mechanism while optimizing performance to ensure a secure, stable, and scalable infrastructure that meets the business needs of enterprises and individuals.

What is Japan Open Chain

Source:https://www.japanopenchain.org/

Japan Open Chain (JOC) was established in 2022 by a group of blockchain technology experts, entrepreneurs, and local financial experts in Japan. Since the project's launch, the JOC team has been continuously advancing in technical research and development, ecological construction, and community development, constantly optimizing the project architecture, and collaborating with multiple industry leaders. Through innovative stablecoins, NFTs, and other digital asset functionalities, the JOC project has quickly attracted widespread attention and brought new blockchain application scenarios to the Japanese market.

As the world's second largest public chain, Ethereum plays a pivotal role in the field of smart contracts and decentralized applications (DApps). However, it faces issues such as inadequate transaction throughput, high transaction fees, slow on-chain processing speed, and poor legal compliance, all of which hinder its widespread adoption in practical business applications. The founding team of JOC realizes that the true potential of blockchain technology lies in its ability to provide decentralized features while addressing the practical needs of enterprise applications.

To address these challenges, JOC combines the advantages of existing blockchain technology and innovates in architecture design, consensus mechanism, token economics, etc. JOC adopts the Proof of Authority (PoA) consensus mechanism, which ensures the speed and security of on-chain transactions through efficient validating nodes to solve the scalability and cost issues faced by Ethereum.

Technical Features and Architecture

1. Ethereum compatibility and PoA consensus mechanism

One of the core advantages of JOC is its full compatibility with Ethereum. JOC can seamlessly support existing smart contracts and decentralized applications on Ethereum, allowing existing developers to easily migrate to the JOC network without rewriting contracts or rebuilding applications.

In terms of consensus mechanism, JOC adopts the Proof of Authority (PoA) model. Unlike the traditional Proof of Work (PoW) or Proof of Stake (PoS) mechanisms, PoA relies on a group of trusted validator nodes to confirm the validity of transactions. By selecting reputable validators, PoA significantly improves transaction processing speed and reduces network transaction fees. Specifically, PoA allows JOC to process hundreds to thousands of transactions per second, whereas on the Ethereum main chain, this number is typically around 10. Additionally, the PoA mechanism also has higher energy efficiency as it does not rely on miners with high computational costs to participate in network validation.

Source:https://www.japanopenchain.org/en/docs/about/network-overview/

2. High scalability and low transaction costs

The design goal of JOC is to provide a blockchain platform that can support large-scale commercial applications. JOC has made a lot of optimizations in the scalability of blockchain. By introducing an efficient PoA consensus mechanism, JOC can significantly improve throughput while ensuring decentralization, enabling it to process more transactions and support more complex business scenarios.

Meanwhile, JOC's transaction fees are much lower than mainstream blockchain networks like Ethereum. In the Ethereum network, due to the large transaction volume, gas fees often skyrocket, making it difficult for many small transactions and small applications to bear. In the JOC network, low transaction fees enable even tiny transactions to be processed efficiently and cost-effectively.

3. Legal Compliance and Security

The most significant feature of JOC is its legal compliance. In order to meet the compliance requirements of the Japanese and global markets for blockchain, JOC pays special attention to the alignment with local laws and regulations. As a blockchain project supported by local Japanese enterprises, JOC strictly adheres to Japanese laws and is committed to promoting the development of blockchain technology within a compliant framework. This means that all transactions, smart contracts, and token issuance on the JOC platform will be legally protected, providing users with more trust guarantees.

In terms of security, JOC adopts multiple security measures, including data encryption, identity verification, tamper-proof mechanism, etc., to ensure the security of users' assets and data on the network. These measures effectively prevent the risk of hacker attacks and data leakage, further enhancing the reliability of the platform.

The ecological project of Japan Open Chain

JOC has also actively built a rich ecosystem, including stablecoins, NFTs, decentralized finance (DeFi), and other applications. The following are several important components of the JOC ecosystem:

1. Stablecoin

Stablecoin is an important part of the JOC ecosystem. Due to the efficient transaction performance and legal compliance of JOC itself, the stablecoins on the platform will rely on JOC's blockchain architecture to provide efficient, secure, and low-cost cross-border payment and value storage functions. The JOC team has begun to cooperate with financial institutions and regulatory agencies to develop stablecoins that comply with Japanese law, and plans to verify their stability and reliability through on-site trials.

The application of stablecoins is not limited to payments, but will also play an important role in the field of decentralized finance (DeFi). Through deep integration with the JOC blockchain, stablecoins will become the transaction medium and value storage tool in the JOC ecosystem, promoting the efficiency and transparency of fund flows both inside and outside the platform.

2. Non-Fungible Token (NFT)

JOC will also vigorously develop the NFT market, planning to provide a more convenient and lower-cost NFT platform by optimizing the issuance and trading process of NFTs, supporting artists, developers, and content creators to create and trade NFTs in the JOC ecosystem.

JOC's NFT will use efficient transaction protocols to ensure transparency and security during the transaction process. In addition, JOC will promote the integration of NFTs with real-world assets, exploring innovative applications such as digital asset certificates, virtual land ownership, and more possibilities for the further development of the NFT market.

3. Decentralized Finance (DeFi)

Through JOC's infrastructure, developers can easily deploy decentralized financial products, such as decentralized exchanges (DEX), lending platforms, asset management tools, etc. At the same time, JOC will also promote the development of cross-chain technology, breaking down barriers between different blockchains, and promoting the free flow of assets and information.

JOC Token Economics

As the native token of Japan Open Chain, the total circulation of JOC is 1 billion, and there is no mechanism for additional issuance. The deflationary economic model makes the value of the token gradually increase over time. It will play multiple roles inside and outside the platform, and users need to pay JOC tokens as fees, such as token and stablecoin transfers, NFT issuance, and smart contract execution.

Source:https://www.japanopenchain.org/en/joctoken/

To accelerate the fundraising and ecological development of the JOC project, JOC plans to conduct Initial Exchange Offerings (IEO) on multiple cryptocurrency exchanges. According to the official announcement, the total sales amount for the IEO is 1.2 billion yen, including early bird sales (540 million yen) and regular lottery sales (720 million yen), with the actual application amount far exceeding expectations, totaling over 9 billion yen. Even after deducting incomplete payments and cancelled orders, the final confirmed application amount still significantly exceeds the target. In the end, the 1.2 billion yen worth of tokens were completely sold out at the end of the IEO.

Gate.io spot has listed JOC, start trading now:https://www.gate.io/trade/JOC_USDT

Project Roadmap

The Japan Open Chain plans to expand its network in stages and increase the degree of decentralization in its operations. The policies for each stage may be adjusted based on the actual situation. Currently, phases 0-2 have been completed, and phase 3 is being implemented.

Stage 0-2 (Startup Phase)
The main activities of this stage include network development, test network operation, and the launch of the main network. This stage has been completed.

Phase 3 (Official Release Phase)
Goal: to provide the public with a convenient on-chain usage environment.
Policy: Open endpoints to the public, expand node providers, develop the ecosystem, enhance the liquidity of the handling fee token, and aim to expand the user base.

Stage 4 and beyond
Goal: Expand the scale and decentralization of the ecosystem, enhance the robustness and stability of the blockchain network.
Policy: Collaborate with global Web3 application providers to develop tools that enhance usability, conduct technical research and development to strengthen network robustness and stability, and strengthen governance measures.

Summary

Japan Open Chain (JOC) is an innovative blockchain platform designed for the future digital economy, with its advantages such as high performance, low transaction costs, and legal compliance, which will promote the global application of blockchain technology. With innovations such as Ethereum compatibility, introduction of the PoA consensus mechanism, and focus on legal compliance, JOC not only provides efficient blockchain infrastructure for enterprises, but also brings users a more convenient and secure blockchain experience. In the future, JOC will continue to expand its ecosystem in stablecoins, NFTs, DeFi, and other areas, becoming one of the important infrastructure in the global blockchain industry.