One of the main advantages of blockchain technology is that it allows users to be custodians of their data. Almost every major cryptocurrency project aims to give users complete control over their on-chain activities, be it trading tokens on a decentralized exchange (DEX), minting non-fungible tokens (NFTs), or making cross-border payments in crypto.
One notable project with similar aspirations is Jasmy, which seeks to become the ultimate blockchain where users can incentivize data while having complete control over their personal information.
Today we will be discussing various aspects of the Jasmy project and how it functions, alongside the tokenomics of its native cryptocurrency JasmyCoin (JASMY). Most importantly, this article will analyze the project to find out: Is Jasmycoin Scam?
So, let’s dive right in.
What is Jasmy (JASMY)?
Jasmy is a blockchain project founded by former Sony executives Kazumasa Sato, Kunitake Ando, and Tadashi Morita that utilizes blockchain technology to give Internet of Things (IoT) users the opportunity to safeguard their data on a distributed ledger network.
According to the Jasmy whitepaper, the IoT platform is on a mission to provide the infrastructure that will allow anyone to store and exchange personal data safely and securely over the internet. The platform’s developers want to achieve “decentralized data democracy” and also accelerate the safe use of data across the World Wide Web.
What is JasmyCoin?
Jasmy Platform is powered by its native cryptocurrency called the JasmyCoin (JASMY). The token is mainly used to pay for transactions conducted on the network. The token can also be used by individuals and businesses to transfer value and as payment for services offered through the Jasmy blockchain.
JasmyCoin is said to be the first legally compliant Japanese cryptocurrency and is listed on all domestic cryptocurrency exchanges. The token adheres to all crypto regulations issued by the Japanese government, which are some of the strictest in the world.
JASMY Tokenomics and Allocation
A total of 50 million JASMY was issued when the blockchain was launched. 30% of the total supply is allocated as rewards to users for allowing third parties to use their data. 13% is given to Jamsy’s institutional investors, 18% to the development team, 14% is set aside for the platform’s business operations, 20% is for business financing, and 5% is allocated for incentives.
Price Performance
Since its inception, JASMY has had a volatile price action. Based on the earliest available price data chart from 2021. JASMY surged by 300% from $1.29 on February 12, 2021, to an all-time high of $4.99 on February 16, 2021.
However, the token failed to maintain momentum and dropped more than 60% in a week to trade at $1.77. By July, the token had tumbled to $0.011 as the market suffered.
JASMY recovered slightly in the last quarter of 2021 following a brief rally that took it to $0.27 on November 2, 2021. Which was due to the crypto exchange Coinbase listing the token. However, JASMY declined further to close the year at $0.085.
JasmyCoin hit a low of $0.0081 in June 2022 as the cryptocurrency market succumbed to a “crypto winter” event that saw some major industry players calling it quits following some sketchy dealings.
By November, the token sank to its lowest ebb that saw it trade at just $0.00274. JASMY closed the year at $0.00294, signifying an annual drop of more than 95%.
Come 2023, JASMY has been one of the cryptocurrencies that is making somewhat of a recovery. Over this year, a buoyant market has seen JASMY reach a peak of $0.00828 in February before falling to $0.00431 in March.
As of December 26, 2023, JASMY is priced at $0.00722 – up 1.3% in the last 24 hours. With a market cap of $349 million and a circulating supply of 48.4 million tokens. JASMY has experienced year-to-date growth of 136.4%, which is rather promising.
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Is JasmyCoin a Scam?
Jasmy is a decentralized network that enables users to access the Internet of Things (IoT) through a safe and user-oriented ecosystem. Where they can store and exchange personal data with third parties while maintaining complete control and getting incentivized for it.
The blockchain is designed specifically to grant users the ability to take control of their data and be custodian for it instead of trusting external service providers.
JasmyCoin is an ERC-20 standard token issued on the Ethereum network that can be used to store user-owned data in secure lockers on the Jasmy blockchain. The token can also be used to transfer value across the network and to pay for transactions.
All things considered, I can surely say that JASMY is a legitimate cryptocurrency powering an all-important blockchain project. Since Jasmy is registered in Japan, JasmyCoin will have to adhere to local crypto regulations, which are regarded as one of the strictest in the world.
Therefore, there is less chance for the project’s founders, who are former executives of Japanese electronics giant Sony, to defraud investors. Jasmy is a truly credible blockchain and IoT project with huge potential.
Despite the token’s volatile price action, it could a be decent investment in the long run as data is the new oil and there will always be demand for it.
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