What Is JasmyCoin (JASMY)? A Comprehensive Guide

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Key Takeaways

  • JasmyCoin (JASMY) is an organization that develops Internet of Things (IoT), IoT platforms, and decentralized data lockers that secure storage areas for an individual’s personal data.
  • The project is moving toward a goal of decentralizing data storage systems and networks.
  • The idea is to provide a platform for individuals to manage their own data and to provide a secure platform for doing so.

What Is JasmyCoin (JASMY)?

Incorporated in April 2016, JasmyCoin (JASMY) stands as a cryptocurrency initiative birthed by Jasmy Incorporated, a prominent player in the Tokyo-based Internet of Things (IoT) realm.

The project’s core objective revolves around forging a “data democracy” by amalgamating IoT technology with blockchain solutions. Rather than coordinating networks of devices and data through centralized servers, JASMY aims to decentralize the process via Edge computing and storing data on IPFS, which is a decentralized storage network.

How Does JasmyCoin (JASMY) work?

JasmyCoin aims to create a secure and democratic environment for data exchange using blockchain technology and the Internet of Things (IoT). Here’s a breakdown of its key aspects:

Core Function:

  • Decentralized Network: Jasmy operates as a decentralized network, enabling data exchange between IoT devices and decentralized protocols in a trustless manner. This means no single entity controls the data, which promotes transparency and security.
  • Edge Computing: The network utilizes edge computing for faster processing and improved responsiveness of IoT devices. This minimizes latency and optimizes data flow.
  • User-Friendly Interface: Jasmy offers a user-friendly interface to simplify managing and operating a large number of IoT devices within the network.

JASMY Token:

  • ERC-20 Token: JASMY is an ERC-20 token built on the Ethereum blockchain.
  • Utility Token: It functions as the service token of the network, used for:
  • Transactions: Paying for various services and products within the Jasmy ecosystem.
  • Data Protection: Securing and protecting recorded data on the network.

Overall Goal:

  • Data Democracy: Jasmy aims to empower individuals and organizations with data sovereignty. This means users have control over their data, who can access it, and how it’s used.
  • Secure Data Sharing: The platform facilitates secure and transparent data sharing between different entities within the network.

JasmyCoin (JASMY) Token And Tokenomics

JasmyCoin (JASMY) is the native token of the Jasmy platform that aims to develop an infrastructure enabling anyone to use data safely and securely. The JASMY token can be used to pay for data storage and other similar kinds of services offered by the Jasmy network.

Key Points:

  • Deflationary: The capped supply and potential token burns through ecosystem activities contribute to its deflationary nature.
  • Utility Token: Used for data storage, access to services, and platform governance.
  • Vesting Schedule: Tokens allocated to various groups have vesting schedules, with full circulation expected by January 31, 2025.

Token Details

Total Supply 50,000,000,000 JASMY

Circulating Supply 49,299,999,677 JASMY

Current Price $0.02117

Market Capitalization $1,044,842,425

This information is current as of March 4th, 2024. Please note that the token’s price, market value, and available supply may fluctuate.

Distribution:

  • 48.00% – Ecosystem Fund (Largest allocation, used for platform development, marketing, and partnerships)
  • 27.00% – Funds and Institutional Investors
  • 20.00% – Contributors and Communities
  • 5.00% – Incentive Programs

Where Can I Buy JasmyCoin (JASMY)?

JasmyCoin (JASMY) is available on these cryptocurrency exchanges:

  • Binance: Another major exchange with a wide range of cryptocurrencies, including PYTH. Binance offers multiple ways to buy crypto, including using credit cards, debit cards, and peer-to-peer (P2P) trading.
  • Coinbase: A popular and user-friendly exchange that allows you to buy cryptocurrencies with various payment methods, including bank transfers, debit cards, and wire transfers.
  • KuCoin: A smaller exchange is known for its competitive fees and support for a large number of cryptocurrencies.

Still struggling to find JASMY? Head over to CoinMarketCap, search for “JasmyCoin (JASMY),” and explore the “Markets” tab. This will reveal a list of exchanges where the token is actively traded, allowing you to compare options and find the one that best suits your preferences.

Is JasmyCoin (JASMY) A Good Investment?

Whether JASMY is a good investment for you will heavily depend on your investment goals and risk tolerance. Here’s a quick overview:

Pros:

  • Legally compliant: JASMY is the first cryptocurrency to be officially registered with the Japanese Financial Services Agency, making it compliant with some of the strictest regulations in the world. This could provide stability and trust for investors.
  • Strong partnerships: Jasmy has established partnerships with major Japanese companies like Sony and NTT DATA, which could potentially drive the adoption and usage of the platform.
  • Growing ecosystem: The Jasmy platform is expanding, with various applications and services being developed on top of it. This could increase the demand for JASMY tokens.
  • First-mover advantage: Being the first mover in the Japanese-regulated crypto market could give Jasmy a significant advantage in the region.

Cons:

  • Limited use cases: Currently, the practical applications of Jasmy’s technology are still limited, and it’s unclear how widely adopted it will be.
  • High competition: The cryptocurrency market is highly competitive, and Jasmy faces competition from established players as well as other projects focusing on data privacy.
  • Tokenomics: The distribution of JASMY tokens is somewhat centralized, with a large portion held by the founding team and advisors. This could raise concerns about token manipulation.

Ultimately, investing in this asset class is inherently risky. Do your own research, understand the risks, and never invest more than you can afford to lose.

Final Thoughts

JASMY aims to empower individuals and organizations with data sovereignty, ensuring transparency, security, and user control. However, potential investors should conduct thorough research, considering both the opportunities and risks inherent in this evolving market. As the project continues to pave the way towards a more secure and democratized data ecosystem, its journey remains one to watch closely.

Via: 2Usethebitcoin.com

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