Created by several former senior executives at Sony altcoin The project experienced a sudden rally after receiving support from Binance, the world’s largest crypto exchange by trading volume.
JasmyCoin, a data democratization platform, is built on Ethereum and its native token JASMY allows owners to profit from their aggregated user data.
The platform is designed to power a digital marketplace that allows users to sell data generated by Internet of Things (IoT) devices to enterprise businesses.
JASMY token serves as the central payment currency within the ecosystem.
Following the news of the cryptocurrency being listed on Binance, JASMY witnessed a rapid 71 percent increase in its price from a low of $0.14 to $0.23.
Despite this increase, JASMY’s value is trading nearly 100 percent below its all-time high, losing post-announcement gains and retreating to $0.19 at the time of writing.
A recent JASMY blog post explains how the project plans to strike a balance between data sharing and privacy protection.
“JASMY has released a cryptocurrency to democratize data. JASMY’s goal is to let all users know that their user data is valuable. [ve] to enable users to benefit from the rewards earned by sharing the data.
[CFO Hiroshi] Harada: “We are currently developing an application that will ensure that unconscious characteristic data about people’s interests and behavior can be securely attributed to individual users and used appropriately.”
Data, ’21. It’s called the “oil of the century”. The grand plan to empower data with more value while ensuring data privacy has just begun.”
The project consists of key components working together, Data Marketplace, Secure Knowledge Communicator (SKC), device registrar named Smart Guardian (SG), and JasmyNet, where only authorized companies can participate.
According to Binance’s statement, JASMY; It will be traded in Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD) and Tether (USDT) pairs.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.