5 Native Cryptocurrencies Made in JAPAN
©Image Created by Circuitops

5 Native Cryptocurrencies Made in JAPAN

By circuitops | The Crypto News | 4 Feb 2020


Japan is really #1. It is undoubtedly that everyone in Japan is going crazy about cryptocurrencies right now. Thanks to Japan's cryptocurrency regulation  (First in the WORLD by the way) that eliminates the Group of Twenty (G20) problems in regulating cryptocurrency fiat. With this regulation, buying cryptocurrencies will no longer have an 8% sales tax, protection on customers "Crypto Assets" is a must, custodian accountability in case of leakage or money laundering,  preemptive measurements against cyber-attacks, regulating anonymous coins transaction, and many more.

Japan's move on accepting blockchain technology into its economy and tradition enables its citizens to support and recognized cryptocurrencies as commodities. It is also interesting to take note that there are cryptocurrencies that are popular in japan such as bitcoin, ethereum, and ripple. Nonetheless, they're also native cryptocurrencies that grab the attention of Japan's trading volume and crypto enthusiasts.

 

The following are the cryptocurrencies proudly made in JAPAN:

1. MONACOIN

Monacoin also called "Monā" or "Mona" is one of the oldies and preferred native cryptocurrency in japan. Mona was built from the hard fork (which means copy or duplicate) of Litecoin which managed to improve and remove the weak points of Litecoin. This project was originally designed and developer last December 2013 by an anonymous developer called "Mr. Watanabe". A pseudonym to honor the great Satoshi Nakamoto (Bitcoin Founder). Like Satoshi, Mr. Watanabe identity was never revealed his or her actual name. The coin was inspired by the popular internet meme cryptocurrency called Dogecoin which represents a DOG while Monacoin represents a CAT (FYI: Monā means CAT).

Monacoin is an ASIC-resistant that adapted the Lyra2RE(v2) hashing and Scrypt algorithm to enable crypto mining in an inexpressive PC hardware built. Proof-of-Word (PoW) consensus mechanism is also included to deter denial of service attacks or spams. Monacoin is also the first cryptocurrency that implements SegWit which improves traction processing in block size limit on a blockchain.

The total number of supplies is 105,120,100 Mona and no coins are pre-mined before becoming available to the public. As a result, the developer never gains a profit because no mining activities have been conducted for her account in the early stages of Monacoin. The block processing times are a lean 1.5 minute which is faster than Litecoin's 2.5 minutes and much faster than Bitcoin 10 minutes. With this speed, it translates on low transaction costs and efficient means of moving between crypto-assets and real-world currency such as the Japanese yen.

©Image by CoinChoose.com

©Image by CoinChoose.com

Some rumored suggest that Mr. Watanabe introduce Monacoin as a game currency on his post in 2chan forum (also called 5channel japan 4chan version) which was based on the popular game Final Fantasy video game and Monacoin was not designed to be a cryptocurrency.

 

Monacoin was officially introduced in the public on January 1st, 2014, and its ICO (Initial Coin Offering) started trading on March 20th, 2014. Because of the flaws due to its hard fork on Litecoin, the Monacoin Foundation have continued the legacy of Mr. Watanabe to improve the original Monacoin source code making the currency very fast and relatively secure.

Monacoin has established itself as the first Japanese cryptocurrency and widely accepted crypto payment in several stores, both online and physical, mobile application, online gaming, and also tradable on several digital exchanges. Monacoin is permitted by Japan's Financial Service Agency (FSA) to be added into several exchange services known in japan which is why Monacoin tends to increase transaction volume in upcoming years. One notable community of Monacoin is called Monappy, an online platform where Monacoin crypto-assets can be exchanged into digital assets such as coupons, electronics, foods, manga, and many more. There are also third-party e-wallets that support Monacoin. In the future, japan's regulator is considering Monacoin as a legal method of payment which will also include a smart automatic teller machine (ATM) that is capable of handling cryptocurrency exchange.

 

2. ALIS

ALIS is Japan's first blockchain-based news and social media platform where users can create or find trusted and quality articles, blogs, and pertinent information. Powered ALIS token, ads, and stealth marketing are removed so people can enjoy high-quality articles without interruption. The developers were inspired by STEEM (https://steem.io) where one of their Project member Sota Ishii start posting travel articles which surprisingly earned $30 and they buy the most inexpensive pizza at Domino's.

©Image by Alisproject

©Image by Alisproject

Because of this (Not the Pizza :D), they researched the scheme and concept of  STEEM to create their own platform. After days of research, they found out the following:

  • The STEEM Token is too complicated and takes a lot of time to understand. There are several types of token used by STEEM: STEEM, STEEM SP, and STEEM dollars. In order to acquire this token, you need to follow complex rules to operate the platform which is difficult to understand for first time users.
  • STEEM is not localized for Japanese users or the market. Not at all - 0% of Japanese users.
  • Plagiarism or Stealing other originals work is being floundered by STEEM.

©Image by Alisproject

©Image by Alisproject

To solve these problems, they developed and launched the ALIS Project which initially has three (3) mains features that customary social media need:

  • Easy and Quick accessibility of high-quality article - All rated or commendable articles will earn more ALIS coins. Which means, this social media platform can show trustworthy articles by the number of likes, and the amount of ALIS coins being paid. In addition, a list of authors is shown including their information, tags, and field of specialization. ALIS developers plan to include neutral language to assign the best tags for an article uploaded. With these function, users can find the best match or interest on what his or her looking for which makes ALIS is different from STEEM. Other features or services such as dialect/group of onlookers, center area, predominant, exchange, and other related will be added in the upcoming revisions.
  • The value of the platform is passed onto the users - ALIS token can't be profitable without their supportive users. As of 2017, The STEEM platform has already gained more than 378 Million dollars.  ALIS believes that its platform can be valuable as time goes. All ALIS Token will be valued and traded at a higher price in exchanges. Like STEEM, ALIS believe the probability of the success of their scheme.
  • Dependability of data that is possible with Blockchain at a lower cost than previously. ALIS aims to build a more fitting technology for securing on the blockchain as an anchor that solidify the situation in the market as the main player (like Bitcoin). They also aim to build each user's trust to use the blockchain in japan.

ALIS is about to procure funds into ICO (Initial Coin Offering) by issuing a 250 million token which was exchange to ethereum and another 250 million tokens will be shared by the stakeholders and ALIS Team (which they can't sell this tokens) which will be used for improving the platform.

 

Right now, ALIS is currently available for the preregistered user who has an SMS or a Japanese telephone number. ALIS is available in Android, IOS, and Web App. Additionally, they plan to expand their platform which ventures the Japanese market. Some of these are specialty zones such as anime and manga, verbal sites for eateries, travel, school, marriage, vehicles, and real state.

 

3. OTAKU Coin

OTAKU coin is a community currency that uses blockchain technology for the development and preservation of otaku culture which goal is to bring people together worldwide who love anime, manga, and video game industries to revolutionized the anime consultation and funding the structure of creators and relevant organizations. Otaku was initially released to the press last December 2017 and intended to launch an ICO last 2018 which never happened (they don't need it).

OTAKU is based on the open-source cryptocurrency Ethereum and designed by Tokyo Otaku Mode (TOM), a company popular anime merchandise store in japan with over 20 Million fans worldwide. Also, they focus on news, a product associated with Japanese pop culture, and delivers merchandise over 130 countries worldwide.

©Image by 18hall.com

©Image by 18hall.com

The main goal is to let fans (worldwide) to earn coins as a reward on the things they like about otaku. This includes watching anime, reading manga, sharing content, and playing games. Fans can spend their coins on shopping, events, artist and creator, and other production.  Otaku Coin Association (OCA) also have a vision on how to use Otaku coins:

  • Provide a mechanism to allow fans to vote and fun projects to contribute to the growth and prosperity of the otaku culture.
  • With otaku coins, we aim to eliminate foreign currency conversion fees and other hidden or surcharges.
  • With the cooperation of our business partners, we aim to implement a reward program for otaku actives such as watching anime online (official partner only), sharing information or content about otaku, and purchasing a licensed product.

©Image by #otakucoin of instagram

©Image by #otakucoin of Instagram

This reward system is called Otaku Coin Bounty Program (XOC) which was released last December 2018 but due to complications with local and internationals cryptocurrency regulatory laws, they are planning to relaunch in or after the spring of 2020 at Tokyo Japan. They also plan to initially issue 100 Billion Otaku coins in the future, additional opportunity to obtain Otaku coins in other ways, launch trading game and merch, and launch an Anime News Dapps. Other updates will be available on their official road map. [They never cited ICO when they plan  to relaunch otaku coin]

 

The Otaku Coin Association Members are composed of local and international business, community, originations, and advisors. Here are the following:

  • Akibatan
  • AKIHABARA AREA TOURISM ORGANIZATION
  • Anique Inc.
  • Anime!Anime!
  • SSS LLC.
  • AnyPay Inc.
  • asura film co., ltd.
  • TokyoFigure
  • HAKUHODO
  • whomor Inc.
  • Cluster, Inc.
  • Sumikai
  • double jump.tokyo 株式会社
  • Tudukimi
  • Tokyo Otaku Mode
  • Toyo Institute of Art and Design
  • Honey's Anime
  • Honeyfeed
  • FUN'S PROJECT
  • BlockBase Co.,Ltd.
  • Rakuten Collection
  • Leo Akahoshi CEO of qdopp Inc.
  • Masayuki Ikegami CEO of SAKURAS Co., Ltd.
  • Hitoshi Kakizawa Blockchain Accountant, Certified Public Accountant
  • Jun Kawasaki CEO of GIFTED AGENT
  • Kizuna AI Virtual YouTuber / Otaku Coin Ambassador
  • Kenji Saito Keio Research Institute at SFC, Senior Researcher
  • Hiroshi Shimo Founder & CEO of Consensus Base Inc
  • Seigen Takano Sprout Inc. CEO
  • Hisashi Tsujimura Founder & CEO of Poppin Games Japan Co., Ltd.
  • Palmer Luckey Oculus Founder
  • Ryota Fujitsu Anime Critic
  • Mai Fujimoto MissBitcoinBand CEO

©Image by Kizuna AI Virtual, Otaku Coin Ambassador

©Image by Kizuna AI Virtual, Otaku Coin Ambassador

Currently, you can get free Otaku coins by supporting studios and watching anime trailers on their official Android and IOS app. These coins are used to buy items in the otaku merch shop or contribute to otaku's partnered anime or manga studio. Other features discussed are currently under development and some are being considered (planning) by the association.

 

4. MINDOL

Just like OTAKU coins, MINDOL (MIN) project aims to revitalize the Japanese "subculture market" also known as otaku culture worldwide and support the Japanese government "COOL Japan" promotional strategy to revitalize its economy.

©Image by mindol.net

©Image by mindol.net

According to MINDOL's whitepaper, the MINDOL project will adopt and create content in the fields  (COOL Japan) of animation, movies, games, cartoons, music, film production, tv programs, and Japan festival such as Japan Expo. Also, security and safety must be managed and operate using blockchain technology. The circulation of MINDOL Tokens will also take a big leap online to create a market called "eMINDOL" to enable fans or users to vote, post, donate, buying a ticket, and settle the said fields. The head of the MINDOL project - Fumihiro Fukuhara stated that he believed that their business model will succeed and establish itself as a profitable business.

MINDOL ICO initially launched last June 2018 with an initial price of $0,2278 and currently has a price of $2.03 (as of Feb 4, 2020). It has a circulating supply of 170, 303, 676 MIN and a maximum supply of 240,000,000 MIN. MINDOL is based on the platform of ethereum and its type us ERC20.

 

Right now, MINDOL is currently developing an exclusive wallet for the smartphone. The company is also participating in various production of movies, events like the MINDOL Japan Festival, and online game presence. Some movie and anime production under its belt is TO DO & DIE a Hollywood movie, SORANO OSHIGOTO (anime), and other link tv shows from  Locomotion Co., Ltd., and Touch Planning Co., Ltd.

 

5. ANIME Coin

Unlike other native cryptocurrencies above, ANIME Coin or ANIME (old name was ANI) is a platform to create a community that enables users such as anime fans and anime creator can issue, sign, hold, and exchange anime-related digital items using the blockchain technology. Anime Creator can create rare digital artwork and collectibles that can be bought, sell or even resold while anime Fans can own rare digital artwork of their favorite anime, they can also buy or sell their collection using Anime coins. All counterfeit is not allowed since ANIME Coin can verify and authenticate the exact origin of each artwork.

©Image by anime-coin.com

©Image by anime-coin.com

ANIME was originally a hard for ANI, a trade and exchange cryptocurrency launched last January 2014. This hard fork was initialized to take place last May 2018 where existing holders of ANI coins can transfer their crypto assets to ANIME coins.

As of now, all anime coins can be obtained by purchasing in Cryptopia cryptocurrency exchange, running a master node in AnimeCoin Network (20% block reward), or mining (10 Billion coins minable).

 

©Image by anime-coin.com

©Image by anime-coin.com

Anime coin has been around for 6 years (and counting) were many criticisms about cryptocurrency being weird (maybe because of the panty logo), but with an active community and loyal fans who are willing to pay hundreds, thousands, and millions of dollars for an artwork - Anime coins can technically serve as "Pretty Dope Crypto Currency". 

©Image by anime-coin.com

©Image by anime-coin.com

Why Dope? The image above is called "Greatest Shortstop that ever lived" a 1909 card of Honus Wagner was sold around $4 Million.

 

Other Native Coins in Japan: QASH, NEM (XEM), and CARDONO (ADA)


circuitops
circuitops

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