How does JasmyCoin (JASMY) secure the data of IoT device users?

To ensure the security and preservation of IoT device users' data, a decentralized platform, JasmyCoin (JASMY), was developed by experienced engineers and programmers from Japan for more than two years.

What is JasmyCoin?

JasmyCoin (JASMY) is an ERC-20 service or service token created and issued only on the Ethereum blockchain to leverage its processing power and decentralization to provide security and privacy for users of IoT devices.

The Jasmy project was founded by the Japanese company Jasmy Corporation (or simply Jasmy). One of the company's main objectives was to ensure the privacy and security of data transferred between IoT devices and to give users full control, which fully justifies the use of blockchain technology and digital assets.

Jasmy was founded in 2016 in the Japanese capital of Tokyo, but the JASMY token was not released until February 2021 — during the heyday of the DeFi sector in the crypto market. Right from its inception, the Jasmy team started developing a platform based on its proprietary IoT technology.

About JasmyCoin token

The JASMY token is the primary payment medium in the Jasmy ecosystem. It is used to access the platform's core features and services, and users send personal data in exchange for services.

All user data is securely stored in a decentralized repository based on IPFS (InterPlanetary File System) technology, a well-known distributed ledger storage model used in many blockchains.

Another key protocol of the Jasmy platform is the Personal Data Locker (PDL), which identifies an individual and confirms the existence of their personal information.

The JASMY token has several different uses, including merchants' use of user data for a fee. In this approach, users determine who can use their data and how. For example, users can sell their data to companies for a fee in Jasmy tokens to analyze and improve their products and services.

The maximum issuance is 50 billion JASMY, with 98.80% of all existing tokens circulating in the market. This means that the JASMY cryptocurrency has almost reached its maximum supply, and as demand increases, the token's price will only increase.

As of May 2024, JASMY ranks 71st among all cryptocurrencies in capitalization, which exceeds $1.2 billion. The token is traded on major crypto exchanges such as Binance, Coinbase, and Kraken and on decentralized exchanges such as Uniswap, OpenOcean, and DEX aggregator Jupiter.

Does Jasmy have any prospects?

According to analysts, from 2022 to 2023, the volume of the Internet of Things market grew by more than $100 billion, from $544 billion to $662 billion. Experts expect this figure to grow to $3.3 trillion by 2030. JasmyCoin ranks third in capitalization among cryptocurrencies in the IoT sector after VeChain and Fetch.ai, and it even surpasses the previously leading projects IOTA, Helium, and IoTeX. Of course, JasmyCoin is significantly behind VeChain and Fetch.ai, whose capitalization as of May 2024 is $2.64 billion and $1.93 billion respectively, but it has every chance to catch up with them.

Jasmy's high chances are also indicated by the fact that in March 2024, the world-famous technology giant Panasonic, which had not previously shown much interest in blockchain-related projects, became a partner. Jasmy and Panasonic will join forces to create an innovative Web3 platform.

Back in 2021, the Jasmy team began collaborating with companies such as automaker Toyota Motor and well-known tour operator Witz. Together with them, the Jasmy team developed a blockchain platform to collect tourism data for the local government of Hokkaido, which is used to power the government's unmanned vehicles.

Although the Jasmy roadmap is not very detailed, it shows that the following stages of development involve expanding the ecosystem and, later, the market. The last point probably refers to geographic expansion.