Japan Open Chain Exhibits at Tokyo Dome's Blockchain Business Event "enXross"

Japan Blockchain Foundation Inc. (CEO: Hidekazu Kondo), which operates and manages the consortium for "Japan Open Chain," a public chain optimal for web3 business, will exhibit at "enXross," a blockchain business event hosted by Tokyo Dome City, one of Japan's largest entertainment cities, on December 19, 2023.

"enXross," launched by Tokyo Dome, is a new entertainment and innovation project that leverages digital technology to provide society with new value and exciting experiences. In addition to booth exhibitions, "enXross" will feature idea sessions and talk sessions on web3 and cutting-edge technologies.

We will provide detailed introductions to the overall picture and usage methods of "Japan Open Chain," a fully Ethereum-compatible blockchain infrastructure operated by Japanese companies as validators, stablecoin issuance by financial institutions, projects utilizing Japan Open Chain by companies and local governments, and initiatives toward IEO.

◽️ About web3 Services Introduced at the Exhibition Booth

▶︎ Japan Open Chain

A public blockchain emphasizing legal and technical practicality, optimal for business and operated by Japanese companies. Designed as a fully Ethereum-compatible blockchain infrastructure that anyone in the world can use safely, securely, and affordably, particularly optimal for use in financial and business fields.

【Main Features】

• Operated safely and securely by Japanese companies.

  • Validators consist of companies that have passed appropriate screening.
  • Operating in compliance with Japanese law, providing a clear legal basis.

• Ethereum fully compatible chain utilizing PoA (Proof of Authority)

  • Fully compatible with Ethereum, allowing for the use of Ethereum protocol-developed tools and smart contracts as-is.
  • The Proof of Authority (PoA) algorithm achieves a balance between decentralization and scalability, incorporating practical considerations into its design.
  • Provides high security performance thanks to adequate decentralization, network stability and controllability, and is energy-efficient and environmentally friendly.

• Optimal Design for web3 Business with Fast and Affordable Fees

  • Achieves processing speeds tens of times faster than the Ethereum mainnet.
  • Fees for issuing NFTs are less than 1 yen per transaction.
  • Eliminates settlement risk through deterministic finality.

• Projects by Large Corporations and Local Governments Underway

  • Financial DX projects through the issuance of Japan-based stablecoins by banks.
  • Various NFT projects by local governments, including "Digital Citizen Certificates".

▶︎ Stablecoin Project

Currently, approximately 17 trillion yen worth of USD-pegged stablecoins are in circulation worldwide, and this is predicted to grow to approximately 400 trillion yen over the next five years. As they enable remittance and settlement to be conducted overwhelmingly faster and more affordably, they are attracting attention as a blockchain use case utilized worldwide. In particular, they are gaining attention in various areas such as inter-company and peer-to-peer remittance and settlement, settlement methods for NFTs and digital securities, and supply chain DX.

Following the enforcement of the revised Payment Services Act on June 1 this year, we are conducting proof-of-concept experiments on stablecoin issuance and remittance on Japan Open Chain together with various banks. We aim to circulate Japan's first bank-issued stablecoins domestically and internationally, and plan proof-of-concept experiments with businesses that will utilize stablecoins.

Related Press Releases: https://www.jbfd.org/news/stable-coin-demonstration-experimen-orix https://www.jbfd.org/news/stable-coin-demonstration-experiment-begins

◽️ Event Overview

Name: enXross Date: December 19, 2023 (Tuesday)
Venue: Tokyo Dome Hotel B1F Tenku
Host: Tokyo Dome Corporation
Official URL: https://www.tokyo-dome.co.jp/enxross/​​