Skip to main content

JOC Token

JOC Token is a 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 amount of JOC Tokens used for fee payments grows, there is an investment aspect where the price of JOC Tokens can rise.

JOC Token as Gas Fees

Gas fees are the fees needed for various transactions and smart contracts on the blockchain network. Just as you need a fee when transferring money at a bank, you need to pay JOC Tokens as those fees on the Japan Open Chain. Unlike other chains where randomly selected anonymous validators perform verification, JOC is verified by reliable companies as validators, making it suitable for financial transactions that need to meet legal requirements.

The series of flows where gas fees are used

  • User A pays the gas fees,Requests for sending NFTs and transferring stablecoins
  • Edge node transmits to validator node
  • After verification and approval by the validator, which is an operating partner, the sending and transfer are completed.
  • Validators receive gas fees (JOC Tokens) as an incentive for verification

Fee Mechanism

The mechanism of transaction fees (gas) is determined by the protocol, similar to the Ethereum mainnet. The amount of gas needed for each transaction varies depending on the complexity of the transaction. Simple transfers of JOC Tokens require 21,000 gas, but more complex transactions (e.g., those used in decentralized finance DeFi) may require more than 1,000,000 gas. Gas has a price, known as the "gas price," expressed in gwei, with 1 JOC = 1× 10^9 (1,000,000,000) gwei. If the gas price is 100 gwei, a transaction with 21,000 gas costs 21,000 × 100 = 2,100,000 gwei (0.0021 JOC) in gas fees.

JOC Token as Currency

JOC Token's value is determined by its demand, similar to Ethereum's ETH.For example, the more people use JOC Tokens as gas fees (fees), the higher the value of JOC Tokens rises.

Like Ethereum, the transaction fee mechanism of JOC Tokens is dynamically adjusted along with market supply and demand, ensuring fairness and transparency. As the demand for Japan Open Chain increases, JOC Tokens rise, and when demand heats up, rising prices help suppress traffic. By balancing supply and demand in this way, the traffic stability of Japan Open Chain is maintained.

A total of 1 billion JOC Tokens were minted at the time of network creation and will not increase in the future. Since Japan Open Chain applies the London hard fork, the total number available for future use will gradually decrease.