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What is the JOC Coin of Japan Open Chain?

All transactions on the Japan Open Chain blockchain, such as remittances, NFT issuance, and contract creation, are validated by validators. As compensation, gas fees must be paid. The currency used for these payments is the JOC Coin (official name: Japan Open Chain Token) issued on Japan Open Chain.

This token is essential for all transactions on Japan Open Chain, making it indispensable to the network.

The transaction fee mechanism is determined by the protocol in the same way as the Ethereum mainnet. The total supply of 1 billion tokens has already been issued and will be allocated for the stable and sustainable development of the ecosystem.

The Japan Open Chain operating organization promotes the development of applications and dApps by third parties on the chain. Grants and financial support will be provided to app developers to build various use cases on Japan Open Chain. If you are interested in building applications on the chain or already have a service or solution, please feel free to contact us.

JOC Coin as Gas Fee​

Gas fees are necessary fees for various transactions and smart contracts on the blockchain network. Just as you need to pay a fee when sending money at a bank, you need to pay fees with JOC Coin on Japan Open Chain. Unlike other chains where randomly selected validators verify transactions, JOC uses trusted companies as validators, making it suitable for financial transactions that require legal compliance.

Sequence of Gas Fee Usage​

  1. User A pays the gas fee and requests to send an NFT or transfer a stablecoin
  2. The edge node transmits the request to the validator node
  3. After verification and approval by the validator partner, the sending or transfer is completed
  4. The validator receives the gas fee (JOC Coin) as an incentive for verification

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JOC Coin as a Currency​

The value of JOC Coin is determined by demand, just like ETH in Ethereum. The more people use JOC Coin as a gas fee, the higher its value will rise.

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As with Ethereum, the transaction fee mechanism for JOC Coin is dynamically adjusted according to market supply and demand, ensuring fairness and transparency. If the demand for Japan Open Chain increases, the value of JOC Coin will rise, and when demand overheats, the price increase will help suppress traffic. This balance of supply and demand maintains the stability of traffic on Japan Open Chain.

A total of 1 billion JOC Coins were minted at the time the network was created, and the basic supply will not increase in the future. With the London Hard Fork applied to Japan Open Chain, the total available supply will gradually decrease over time.