About This Chain
Japan Open Chain is designed as an Ethereum-compatible Layer 1 blockchain infrastructure aimed at resolving issues like the high transaction fees and speed limitations of the existing Ethereum mainnet, while ensuring legal and operational stability. It provides a secure and reliable platform for businesses and individuals worldwide, including in Japan, to engage in Web3 activities safely and confidently. This chain operates as an open endpoint consortium-based permissioned node blockchain, maintaining sufficient decentralization, high security performance, and stability with operations carried out by trustworthy Japanese companies under Japanese law.
Fully Ethereum-Compatible Blockchain
Japan Open Chain, being a fully Ethereum-compatible blockchain, allows tools and smart contracts developed for the Ethereum protocol to be used directly. While maintaining complete compatibility with Ethereum, this project employs the Proof of Authority consensus algorithm instead of the Proof of Stake algorithm used in the Ethereum mainnet.
Proof of Authority Consensus Algorithm
The Proof of Authority consensus algorithm, like the Proof of Stake algorithm, is one of Ethereum's official protocols. It offers the necessary trust and excellent scalability when operated by reliable validators. By employing this Proof of Authority consensus algorithm with trusted Japanese companies managing the operations, Japan Open Chain significantly enhances transaction speed while ensuring reliability.
Validators Composed of Diverse Japanese Companies
To address the low decentralization issue associated with the Proof of Authority algorithm, Japan Open Chain's validators are composed of prominent Japanese companies. It includes 21 socially trusted entities like Sony Group, Dentsu Group, universities, and publicly listed companies ranking in Japan's top 10 by revenue. To further ensure validator diversity, the project plans to include reliable cryptocurrency firms and startups capable of contributing to the ecosystem in the future.
Achieving High Speed and Low Gas Costs
Japan Open Chain can handle complex contract executions, such as ERC20 token transfers, at speeds up to 400 TPS (transactions per second) and simpler gas token transactions at around 2,000 TPS. This represents a 10x to over 100x increase compared to Ethereum mainnet's 15 TPS.
Quick Definitive Finality
While Ethereum 2.0 achieves definitive finality through the PoS algorithm, it typically takes several minutes. In contrast, due to its algorithm's nature, Japan Open Chain can achieve definitive finality in just 5 seconds, which is crucial for financial settlement transactions.
Ideal Ethereum-Compatible Chain for Financial and Business Sectors
In summary, Japan Open Chain is a practically balanced blockchain in terms of decentralization and scalability, operating under Japan's politically and legally stable jurisdiction. It serves as a safe option for those looking to use an Ethereum-compatible chain, particularly in the financial and business sectors.
For more details, please refer to the following content.
Considering Web3 Business
If you are considering providing or developing web3 services, you can utilize the support services offered by Japan Open Chain partners.
Want to Use Japan Open Chain
If you're interested in learning about web3 businesses or developing blockchain solutions, you can use the dashboard.
Interested in Business Alliances
If you're considering alliances using Japan Open Chain or connecting to this chain, please contact us through here.