What is JasmyCoin (JASMY): A data economy asset?
JasmyCoin aims to connect data users and suppliers in a crypto economy. Will it take off again?
- The Jasmy business model
- JasmyCoin’s utility
- JasmyCoin’s tokenomics
- What are Jasmy’s business targets?
JasmyCoin (JASMY) is a cryptocurrency project of the Jasmy Corporation, a Tokyo-based Internet-of-Things (IoT) provider headed by ex-Sony executives, including former Sony president Kunitake Andō. Although in its early stages, the cryptocurrency project may have appeared on your radar recently, after a swathe of centralised exchange (CEX) listings of the JASMY coin.
What is JasmyCoin (JASMY) and how does JasmyCoin work? What is JasmyCoin coin used for? Keep reading to find out.
The Jasmy business model
Jasmy’s IoT business, headquartered in Tokyo, Japan, revolves around buying and selling data. Specifically, Jasmy matches service providers with data utilisers. Service providers collate user-owned data from a variety of sources to package and sell on to data utilisers. One example could be a financial services institution (service provider) selling customer information to a third-party insurance company (data utiliser).
According to Jasmy: “By using the Jasmy platform, service providers can reduce information security costs, increase service levels, and use information held by users outside the company.”
The monetisation of personal data is one of the most pressing debates in modern times, after major scandals such as the Cambridge Analytica/Facebook fallout. Data is also one of the world’s most sought-after resources: indeed, it’s the world’s most valuable resource according to The Economist, which first hinted at the axiom that “data is the new oil” back in 2017.
The Jasmy Corporation may be firmly planted in the data economy, but what is the JasmyCoin coin used for?
Simply put, “the possession of JasmyCoin is a prerequisite for data utilisation businesses to use the personal data stored within the Jasmy platform”. In other words, to use Jasmy’s data services, first you must hold some JASMY cryptocurrency, although the precise amount is not disclosed.
The JASMY coin is also used by service providers to pay rewards to the users who supply their personal data. Jasmy hopes that this will create a market, with the value of data increasing in correlation to supply and demand, boosting the value of JasmyCoin with it. In Jasmy’s words: “Our mission is to maximise the value of personal data, which means maximising the value of JasmyCoin.”
The JASMY coin supply is divided between a 48% ecosystem fund, 27% to investors, 20% to contributors and the community, and 5% to an incentives programme.
The maximum JASMY coin supply is 50 billion. The circulating supply is 4.75 billion and trading value stands at $0.0098, making for a market capitalisation of $46.6m. Circulation is tethered to market expansion of the Jasmy business, although specific ratios are not provided.
Businesses are required to hold a certain amount of JasmyCoin in order to use the Jasmy platform. This principle should theoretically drive up the value of the JasmyCoin cryptocurrency for institutional and retail investors as platform uptake increases.
The JasmyCoin cryptocurrency secured a raft of listings on major exchanges towards the end of 2021 and into 2022, including Binance, Crypto.com and Huobi. Binance’s JASMY/USDT trading pair has a high liquidity rating of 653/100 on CoinMarketCap.
The JASMY smart contract was deployed on Ethereum in December 2019. Using Etherscan, we can see that the top 10 holders collectively own about 35% of supply. Top holders include the MEXc, Binance and Bittrex centralised exchanges.
An assessment of the top 50 holders shows that 18 addresses each contain the exact amount of 500 million tokens, equalling 18% of supply. These are invariably the investor accounts. The top two holders, collectively owning more than 14.8% of supply, belong to Jasmy Deployers and Binance.
What are Jasmy’s business targets?
According to the JasmyCoin roadmap, Jasmy aims to have 107 million active global users with an individual data value of $500. Aside from Japan, wider Asian markets including Singapore, China and Korea are “regions of focus”.
Be you bullish or bearish on the prospects of the JasmyCoin cryptocurrency, always make sure to conduct extensive due diligence if you are considering an investment. Currency.com recommends thorough research, as well as seeking independent, third-party financial advice.
There is a maximum supply of 50 billion JASMY, of which 4.75 billion are in circulation.
JasmyCoin was created by the Jasmy Corporation, which is headed by former Sony executives, including president Kunitake Andō.
Currency.com always recommends carrying out an extensive due diligence exercise on any project should you be looking to make an investment. Be sure to read the whitepaper, roadmap and social media channels, and keep up with any news that may affect the token’s value.