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JOC Token

The JOC token is the fee currency required for various transactions on the Japan Open Chain, such as token and stablecoin transfers, NFT issuance, and smart contract execution. Users need to pay JOC tokens as fees. Additionally, as transactions on the Japan Open Chain increase and the usage of JOC tokens for fee payments grows, it also presents investment opportunities, with the potential for the price of JOC tokens to rise.

JOC Token as Gas Fees

Gas fees are the transaction fees required for various transactions and smart contracts on the blockchain network. Just as a fee is needed when sending money through a bank, on Japan Open Chain, the users need to pay tokens as these fees. Unlike other chains where randomly selected, unspecified validators perform verification, trusted companies are the validators on JOC, making it suitable for financial transactions that need to meet legal requirements.

Gas Fee Flow

  • User A pays gas fees to request sending NFT or Transferring Stablecoin
  • Edge Node transmits the transaction to Validator Nodes
  • Validators, operating partners, validates and the transactions completes after the validation
  • Validators receive gas fees in the form of JOC Tokens as a reward for validating transactions

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.)

JOC Token as currency

JOC tokens, like Ethereum's ETH, have their value determined by demand. For example, the more people use JOC tokens as gas fees (transaction fees), the higher the value of JOC tokens will rise.

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).
For more details, please refer to the following link.

Follow JOC

Similar to Ethereum, the transaction fee mechanism of JOC tokens is dynamically adjusted based on market supply and demand, ensuring fairness and transparency. As the demand for Japan Open Chain increases, the value of JOC tokens rises, and when demand overheats, the rising price helps to control traffic. By balancing supply and demand in this way, the stability of Japan Open Chain traffic is maintained.

A total of 1 billion JOC tokens were minted at the time of network creation, and essentially, this number will not increase in the future. Since Japan Open Chain has implemented the London Hard Fork, the total number of tokens available will gradually decrease over time.