About This Chain
The Japan Open Chain is designed as an Ethereum-compatible blockchain infrastructure, aimed at facilitating safe and secure Web3 businesses for companies and individuals not just in Japan, but around the world. This chain operates as an open-ended endpoint type consortium permissioned node type blockchain. While maintaining sufficient decentralization, high security performance, and stability, it is managed in compliance with Japanese law by trustworthy Japanese corporations.
Fully Ethereum-Compatible Blockchain
A key feature of the Japan Open Chain is that it is a fully Ethereum-compatible blockchain. As such, tools and smart contracts developed for the Ethereum protocol can be used as-is. While fully compatible with Ethereum, this project has adopted the Proof of Authority consensus algorithm, rather than the Proof of Stake consensus algorithm used in the Ethereum mainnet.
Proof of Authority Consensus Algorithm
The Proof of Authority consensus algorithm, while an official algorithm of the Ethereum protocol like the Proof of Stake algorithm, offers superior scalability at the expense of less validator distribution. The Japan Open Chain intentionally adopted the Proof of Authority consensus algorithm, thereby significantly improving transaction speed.
Realization of High Speed and Low Gas Costs
With high-performance CPU machines, complex contract executions like ERC20 token transfers can reach from 400 transactions per second (TPS) to 2,000 TPS. This is 10 to 100 times faster than the 15 TPS of the Ethereum mainnet. The Ethereum mainnet is planning to increase its speed through sharding in the future, but it may take several years, possibly more than a decade, to complete. In the meantime, Layer 2 chains functioning as temporary chains until sharding is implemented on the Ethereum mainnet are still in an experimental phase, with many technical and economic uncertainties, such as whether the penalties for bridge operators will actually work.
Validators Comprised of Diverse Japanese Companies
On the other hand, the Japan Open Chain has overcome the weak point of the Proof of Authority algorithm's lack of validator distribution by having its validators made up of well-known Japanese companies. They consist of 21 highly socially trusted companies in Japan, including Sony Group, NTT Group, Dentsu Group, universities, and listed companies ranked in the top 10 in terms of sales in Japan. To ensure diversity of validators, not only large corporations but also trustworthy cryptocurrency-related companies and startups that can contribute to the ecosystem in the future are planned to participate as validators.
Ethereum-Compatible Chain Ideal for Use in Financial and Business Fields
In summary, the Japan Open Chain is a chain that realistically considers the balance between decentralization and scalability and operates as an Ethereum-compatible chain under Japanese law, which is politically and legally stable worldwide. For those who want to use an Ethereum-compatible chain in the financial and business fields, it would be a safe choice.
For more details, please refer to the following content:
To get started
For building
web3 businessJapan Open Chain partner offers support services to those who are considering providing and developing web3 service
Join Japan Open Chain Community
Dashboard is available for those who are willing to learn web3 business or develop blockchain
For business
alliance with usFor those who are willing to build an alliance with us under the purpose of using Japan Open Chain or to connect to our chain, please contact us from the following.