An altcoin project created by several former top executives at Sony is rallying after earning support from Binance, the world’s largest crypto exchange by trading volume.
The data democratization platform JasmyCoin is built on Ethereum, and its native token JASMY allows holders to profit from their own aggregate user data.
The platform is designed to power a digital marketplace that allows users to sell information generated by Internet of Things (IoT) devices to corporate enterprises.
The token JASMY serves as the central payment currency within the ecosystem.
Following news of the coin’s listing on Binance, JASMY witnessed a swift 71% rise in price – from $0.14 to $0.23.
JASMY’s value has retraced to $0.20 at time of writing.
A recent JASMY blog post explains how the project intends to balance data sharing with privacy protection.
“JASMY has issued a cryptocurrency to democratize data. The goal of JASMY is to make all users aware that user data is valuable… [and] let users enjoy the rewards earned by sharing data.
‘We are currently developing an application that will enable unconscious characteristic data related to people’s interests and behavior to be attributed to individual users in a secure manner and to be used appropriately,’ said [CFO Hiroshi] Harada.
Data is dubbed the ‘oil of the 21st century.’ The grand blueprint for empowering data with more value while ensuring data privacy has just begun.”
The major functional components are the Data Marketplace, Secure Knowledge Communicator (SKC), device registrar called Smart Guardian (SG) and JasmyNet where authorized companies only may participate.
Binance says JASMY will be paired with Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD) and Tether (USDT).
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Featured Image: Shutterstock/iurii/Vladimir Sazonov