The summer of 2024 was rocky for Jasmy Coin (JASMY). In June, JASMY was among the top gainers, increasing by 80% at the beginning of the month. Later, the token saw a decline.
At the time of writing, Jasmy Coin (JASMY) is among the top 100 cryptocurrencies with over $966 M market cap.
Further, we review Jasmy Coin, detailing what it is and how it works.
Jasmy price performance over the past year. Source: CoinMarketCap
What Is the Jasmy Platform?
Jasmy is a decentralized platform for data storage and trading built on the Ethereum blockchain. Its mission is to give individuals the ability to control who can see their data and to get paid for sharing personal information. This includes data from IDs, communication networks, applications, and IoT (Internet of Things) devices, such as smartwatches, phones, and cars, that connect to the Internet and generate data.
On its website, Jasmy mentions that many of today’s network services are provided by large tech companies such as Google, Amazon, and Meta, with users’ information stored on centralized servers. As an alternative, they offer a blockchain-powered IoT platform where data is tokenized and merchants need to pay users for access.
How Does Jasmy Work
Jasmy uses blockchain and IoT technologies for decentralized data management, ensuring privacy and security. To get started, users need to complete registration and create an ID. Data is stored in Personal Data Lockers, where it can’t be tampered with, and users can track its usage to prevent unauthorized changes.
Through the “Secure Knowledge Communicator” service, Jasmy stores data generated from user activity across various services. Companies and organizations can request access to this data, which users can approve or deny. The platform earns fees from these transactions for the services it provides.
Smart Guardian is another component of the platform that enables the registration of IoT devices.
How the Jasmy ecosystem works. Source: jasmy.global
What Is JasmyCoin (JASMY)?
JASMY is the native cryptocurrency of the Jasmy ecosystem, launched in October 2021. It’s an ERC-20 token used for payments. The maximum supply of JASMY tokens is 50 bln, with around 49 bln in circulation as of October 2024.
The token distribution is as follows:
- 30% (15 billion): Business companies
- 20% (10.1 billion): Business financing
- 18% (9.1 billion): Developer program
- 14% (7 billion): Listings
- 13% (6.3 billion): Airdrops
- 5% (2.4 billion): Platform incentives
According to the project’s official website, JASMY is billed as “Japan’s Bitcoin.” The token has been approved by Japanese authorities, including the Virtual Currency Exchange and the Financial Services Agency.
JasmyCoin Founders
Jasmy was founded in April 2016 by former Sony executives. The core team includes Kunitake Ando, the 7th president of Sony Corporation, who serves as the representative director; Kazumasa Sato, president and COO, who held key business and marketing roles at Sony; and Hiroshi Harada, CFO, a former manager at KPMG.
In 2023, Jasmy announced the development of a Layer 2 chain. According to recent updates, the program, called JANCTION, will focus on decentralized AI and the GPU market.
Jasmy Stats in 2024
As of October 2024, there are more than 75,200 holders of JASMY, according to the project’s website. Over the past year, the JASMY price increased by around 470%, reaching $0.04 at the beginning of June. Possible reasons for this rise include overall bullish market trends and higher demand for the token. Currently, JASMY trades at around $0.01, with a daily trading volume exceeding $54 million.
What Are JasmyCoin Competitors?
JasmyCoin is among the 5 top coins by market cap in the IoT category as of October 2024, according to data from CoinGecko. The project's main competitors include VeChain (VET), Helium (HNT), IOTA (IOTA), and IoTeX (IOTX).
Top IoT tokens by market cap. Source: coingecko.com
So, what do these projects offer?
Before looking at them, we need to mention that the projects are different based on their focus, used technologies, and tokenomics.
VeChain (VET): VeChain aims to improve supply chain and business processes using blockchain technology. Its platform focuses on enhancing information flow and transparency among all parties involved. VeChain operates on a dual-token system: VET is used for value transfers, while VTHO provides the energy needed for transactions on the network.
Helium (HNT): Helium is all about creating a decentralized wireless network for IoT devices, allowing them to communicate and share data effortlessly. It employs a unique proof-of-coverage mechanism, incentivizing users to provide network coverage through hotspots. The Helium network is attractive for businesses looking for cost-effective IoT solutions, enabling low-power devices to connect over long distances.
IOTA (IOTA): IOTA enables secure data transfer and payments for IoT devices without any transaction fees. Its innovative Tangle technology, which uses a Directed Acyclic Graph (DAG), allows for instantaneous, feeless transactions. This makes IOTA especially appealing for applications in smart cities and connected vehicles, where machine-to-machine communication and data integrity are crucial.
IoTeX (IOTX): IoTeX is focused on building a decentralized network that allows users and devices to own and control their data. The platform supports various IoT applications, from smart homes to autonomous vehicles and supply chain management. IoTeX places a strong emphasis on privacy and security, providing developers with tools to create applications that prioritize user data ownership.
Overall, projects combining IoT and blockchain aim to solve connectivity, privacy, and security issues across different sectors.
Disclaimer: This article is for informational purposes only and does not include any recommendations. Please be aware that trading involves risks, and you should conduct your own research before investing in any token.
Anahit Avetisyan
Author
Web3 writer and crypto HODLer with a keen interest in market trends and recent technologies.
