FreeBit Co., Ltd. Announces 'freebit web3 Blocks', a Solution to Various Problems of Blockchains.
FreeBit Co., Ltd. (Headquarters: Shibuya-ku, Tokyo; President, CEO and CTO: Atsuki Ishida; hereinafter "FreeBit") today announced the release of "freebit web3 Blocks", which solves various problems with the existing blockchains. FreeBit also announced that in a demonstration experiment "TONE Coin" - a loyalty point system based on a smartphone operated, Ethereum-compatible Layer 1 blockchain “TONE Chain” - in about 10 months has exceeded 3,000 nodes in regular operation, making it the fifth largest Layer 1 blockchain in the world in terms of the actual operational scale.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230309005884/en/
freebit web3 Blocks (Graphic: Business Wire)
Since 2017, FreeBit has believed that the existing Layer 1 blockchains are fraught with problems such as the concentration of power and profit in certain groups due to the size of their farms and the bias of its owners, and has been working in close collaboration with Web3 core technology company, CountUp Inc. (Headquarters: Shibuya-ku, Tokyo; President: Atsuki Ishida; hereinafter referred to as "CountUp") to develop a technology to overcome these problems. This collaboration has resulted in "freebit web3 Blocks" powered "TONE Coin" DApp - the world's first point service using the Ethereum-compatible Layer 1 blockchain "TONE Chain", which is running on smartphones in a user cooperative demonstration experiment for "TONE e22". By providing this service to users of the "TONE Labo" project, and conducting demonstration experiments, we were able to solve the following problems:
[Problems with the existing Layer 1 blockchains and how "freebit web3 Blocks" solves them]
-
Failure to reach the node scale that corresponds to the network’s asset value.
-->> Reaching the fifth largest number of operational nodes in the world, in a single community. -
Centralization of node operators.
-->> Formation of a community where each TONE mobile user operates a node. -
High environmental impact of mining
-->> Use of surplus resources when charging smartphones. -
Slow transaction processing speed
-->> Achieving a specification that meets community and services’ needs. -
High technical threshold for general users
-->> Automatic setup with the pre-installed "TONE Store" application -
High volatility of crypto assets to incentivize node operators
-->> TONE coin (token) has no volatility
In this demonstration experiment we first verified the actual reachability of smartphones, which are assumed to have high network redundancy, since they can use Wi-Fi, as well as cellular networks. After obtaining user’s consent, the "TONE Store" technology will automatically install the TONE Coin app, issue Ehtereum-compatible accounts, create private and public keys, request participation in the "TONE Chain" network, and automatically set permissions through voting, allowing users to join the web3 world without having to worry about a complicated web3 subscription process. Automatic backup of private and public keys is also possible if desired.
FreeBit, using its underlying technologies (MVNE, eKYC, etc.) and in collaboration with TONE for docomo (MVNO), will propose a mechanism to build and maintain Layer 1 blockchains - the key element of Web3 - that can be operated and governed by the community itself "per community" and "per need", and run on a surplus of the community smartphones’ resources. Furthermore, FreeBit will actively develop its Web3 strategy, including micro-investment, in the following directions:
- Demonstration use for Web3 start-ups, research institutions, consortium, etc.
- Using the "TONE Factory" mechanism to build and publish a community-based, real-use environment through the uniquely customized "TONE e22" device.
*) Based on the in-house research of the number of nodes per blockchain network published on the internet as of March 9, 2023.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230309005884/en/
Contact information
Eriko IWAKI
+81-3-6416-1965
fb-pr@freebit.net
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
H.I.G. Capital Announces the Sale of DGS S.p.A.11.6.2024 12:00:00 CEST | Press release
H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $62 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company, DGS S.p.A. (“DGS” or the “Group”), a leading firm in the Italian Information Technology market, to DGS Co-Founders and management team in partnership with ICG, a global alternative asset manager. Since its inception in 1997, DGShas supported blue-chip customers in the design, integration, and maintenance of complex IT systems, with a specialization in digital transformation and cybersecurity services. The Group currently has over 1,900 employees, revenues of approximately €300 million, and maintains a group of highly loyal clientele. During H.I.G.’s ownership, DGS has tripled in size and consolidated its position as a leading Italian firm in cybersecurity services and digital transformation. DGS offers its clients sophisticated and proprietary digital transformation
Evertas Names Nick Selby Head of European Underwriting11.6.2024 12:00:00 CEST | Press release
Evertas, the world’s first crypto insurance company, has named Nick Selby as its new Head of European Underwriting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611141887/en/ Nick Selby, Executive Vice President and Head of European Underwriting at Evertas (Photo: Business Wire) Selby, an accomplished information and physical security professional, brings two decades of expertise in public and private sector information security, physical security, and complex incident handling, as well as seven years of experience leading teams securing billions of dollars in cryptoassets. Previously, his roles included VP of the Software Assurance Practice at Trail of Bits, Chief Security Officer at Paxos Trust Company, and Director of Cyber Intelligence and Investigations at the NYPD Intelligence Bureau. “Nick is an extremely valuable addition to our European team,” said Evertas CEO and Co-Founder J. Gdanski. “His public and private
Owlet utvider globalt fotavtrykk med lanseringen av medisinsk-sertifisert Dream Sock™ i Storbritannia og over hele Europa11.6.2024 11:00:00 CEST | Pressemelding
Owlet, Inc. («Owlet» or the «Company») (NYSE:OWLT), pioneren innen smart spedbarnsovervåking, kunngjør i dag den britiske og europeiske lanseringen av Dream Sock. Dette er en smart babymonitor med levende helseavlesninger og varsler for friske spedbarn mellom 0-18 måneder og 2,5-13,6 kg. Dette innovative medisinske utstyret gir foreldre helse og viktig informasjon i sanntid, noe som gir uovertruffen trygghet. Denne pressemeldingen inneholder multimedia. Se hele pressemeldingen her: https://www.businesswire.com/news/home/20240611820341/no/ (Photo: Business Wire) «Vi er svært stolte over å lansere Dream Sock til omsorgspersoner over hele Storbritannia og Europa og gi millioner av foreldre mer trygghet mens babyen sover,» sa Kurt Workman, Owlets administrerende direktør og medgründer. «Dream Sock er nå et globalt produkt som er anerkjent som medisinsk nøyaktig og trygt, etter å ha gjennomgått regulatoriske autorisasjoner og sertifiseringer innenfor flere geografier. I dag er misjonen vår
V-Nova Surpasses 1000 Patent Milestone in Media Technology Innovation11.6.2024 10:00:00 CEST | Press release
V-Nova, a leading provider of data compression solutions, video compression technology, XR technology, AI acceleration and parallel processing for a multitude of industries including media and entertainment, today announced its milestone achievement of 1000 active technology patents. This accomplishment underscores V-Nova’s dedication to research and development and its commitment to protecting its intellectual property globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611724561/en/ V-Nova’s patent portfolio spans more than 50 different jurisdictions. Including over 400 patents in Europe, over 200 in the Americas, over 100 in the United States specifically, and over 200 in Asia. V-Nova forged new directions in data processing to enhance digital experiences, maximize efficiency, reduce costs, and increase sustainability. The company leads the way with key international data compression standards for the video indust
Alipay+ Reveals Top Scorer Trophy Design for UEFA EURO 2024™11.6.2024 09:24:00 CEST | Press release
Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International and an Official Partner of UEFA EURO 2024™, today revealed the trophy that will be awarded to the most prolific marksman at the UEFA EURO 2024™ finale on July 14 in Berlin, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610328619/en/ The UEFA Top Scorer Trophy presented by Alipay+ is unveiled for UEFA EURO 2024™ (Photo: Business Wire) Sculpted in the shape of the Chinese character “支” (pronounced zhi, and meaning payment as well as support), the trophy reflects Alipay+’s dedication to supporting consumers to enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad. The character also resembles the fleeting moment of a barefooted striker poised to shoot, evoking the original beauty and power of football – a game that united people across the wo