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JOC Token

JOC token serves as the native token of Japan Open Chain. It is used to cover gas fees for various transactions on the platform, including transfers, NFT issuance, and contract creation, all of which are validated by the network's validators.

The Fee Mechanism

The protocol determines the transaction fee mechanism, similar the structure of the Ethereum mainnet. The gas needed for a transaction is determined based on its complexity. For instance, a simple JOC token transfer requires 21,000 gas, while more complicated transactions, like those in DeFi, could require over 1,000,000 gas. Gas has a price referred to as gas price, and it’s measured in gwei. 1 JOC is equivalent to 1 × 10^9 (1,000,000,000) gwei. So for example, if the gas price is 100 gwei, a transaction that uses 21,000 gas would have a gas fee of 21,000 × 100 = 2,100,000 gwei (0.0021 JOC.)

About IEO

IEO (Initial Exchange Offering) is a method used by blockchain projects to raise funds. We plan to launch IEO in 2024, and you will have the opportunity to  get and use JOC token.

This token is currently not available for purchase or sale to anyone within Japan until it goes through the Initial Exchange Offering (IEO)
process with a registered cryptocurrency exchange approved by the Financial Services Agency (FSA).