How "Japan No.1 Token" Breaks Through Geographical Boundaries

Hara, the founder and CEO of Janction, has become an important figure in the Japanese cryptocurrency industry. Although he accumulated extensive financial experience at KPMG, it was his involvement in the Jasmy project that truly allowed him to "leap over".

As a professional in the traditional finance industry, Hara faced skepticism towards blockchain technology. In 2016, Jasmy was still a semiconductor supply company focused on developing IoT devices. By the end of 2017, the company decided to pivot into the blockchain industry. Hara recalled: "At that time, the management of Jasmy had a vague understanding of blockchain technology, and the purposes and governance structure of the tokens were also unclear. I spent a lot of time researching ICOs and the cryptocurrency market, proposing to make decentralized identity and data applications the core of the token economy." This journey filled with exploration and trial and error has now become a valuable asset.

For Hara and Janction, there are always two challenges: how to achieve innovation and cultivate talent. Hara stated, "The development of IoT and blockchain has shown me the immense potential of AI, which is why I decided to venture into this field." The core business of Janction is building Layer 2 platforms, providing GPU computing resources and data storage solutions, offering technical support to academic institutions and startups to help develop large language models.

Hara explains: "AI and blockchain have a natural connection, especially in terms of data storage and computing power. We provide a powerful platform for researchers and developers by building GPU nodes and Layer 2 technology, accelerating the research and development of AI technology." Currently, about 4,000 nodes have been deployed on the platform, with plans to provide computing resources to academic institutions such as the University of Tokyo, supporting breakthroughs in the AI field.

Barriers in the Japanese Community: Dual Challenges of Culture and Regulation

Hara admitted that the Japanese blockchain market faces huge barriers. Although Japan is one of the world's most advanced technology markets, there are still issues with the acceptance of blockchain and the regulatory environment, especially in the DeFi sector, where regulatory policies are relatively conservative. "One of the biggest problems we face when launching blockchain projects in Japan is regulatory uncertainty. DeFi projects can hardly take root in Japan, and even DEXs are banned. This is not only a policy barrier but also a limitation in the entire society's understanding of blockchain technology."

In 2018, when Hara joined Jasmy as CFO, he understood that to expand the project, it was essential to go beyond the limitations of the Japanese market and move towards the global stage. "Although Jasmy successfully went public in Japan, we have always focused on overseas markets. This is not because we are pessimistic about the Japanese market."

Hara observed that many blockchain projects from Korea and China face language and cultural barriers when entering the Japanese market, especially when there is no localized team, making communication and collaboration particularly difficult. "One of the biggest challenges when collaborating with major Japanese companies is the language and cultural differences. However, if a team member who speaks Japanese can be found, these issues can be overcome."

Hara also acknowledged that over-reliance on the Japanese market could bring limitations. "When we launched Jasmy, we first chose to enter overseas markets, which determined that we would not focus solely on Japan. We realized that relying only on the Japanese market would pose significant limitations for the project. Although the Japanese market is large, it is less open, and internationalization is the future."

In addition to technology, talent is also key. The rapid development of the blockchain industry faces talent replacement and the transition between new and old forces. Hara pointed out that it is difficult to recruit blockchain engineers in Japan who are proficient in large Layer 1 projects. "At Janction, we recruit excellent engineers from Argentina, Greece, and Spain, the CTO is from Australia, and the team includes members from Europe and South America. This globalized technical team brings significant advantages."

Hara stated that although Japan's acceptance of cryptocurrencies is gradually increasing, most projects in the market are still limited to small-scale experimental applications, lacking innovation and breakthroughs. When overseas projects enter the Japanese market, they often face significant challenges due to language barriers and cultural differences.

For overseas companies that can find localized teams in Japan, there are still opportunities to collaborate with large Japanese companies, but it requires more patience and time to overcome the differences. Hara said: "In the early days at Jasmy, we chose to start from overseas markets to avoid the limitations brought by over-reliance on the Japanese market."

Blockchain Idealism and Memes: Cultural Phenomenon or Market Bubble?

When it comes to the blockchain industry, Hara analyzed the two forces of blockchain idealism and the meme coin phenomenon. For projects like Jasmy, Hara firmly believes in the potential of blockchain technology: "The true meaning of blockchain lies in decentralization, data sovereignty, and transparency, rather than merely transactions or speculation." He believes that valuable blockchain projects should bring long-term benefits to users, rather than short-term speculation.

As the cryptocurrency market thrives, the phenomenon of meme coins has become a unique cultural phenomenon, leaving many industry professionals focused on technological innovation feeling confused. Hara admitted: "The meme coin cultural phenomenon has its significance, allowing ordinary investors and the public to gain more understanding of blockchain, but this does not mean they are sustainable projects. The recent hype around 'TRUMP' lies in its ability to bring quick profits, but it lacks practical application scenarios, making it difficult to sustain real value in the long term."

Hara has a complex view on meme coins: "From a market perspective, meme coins can quickly attract investors and bring short-term wealth effects. However, in the long run, such speculative behavior will have a negative impact on the entire industry. Personally, I do not invest in meme coins because they lack real technological innovation and do not align with my idealism about blockchain." He pointed out that while meme coins carry risks, they also serve a certain social experiment role, revealing the market's understanding and misunderstanding of blockchain technology.

Meme coins are undeniably successful, but they have also become the subject of skepticism regarding speculative sentiment in the industry. Some believe that they are merely driven by short-term speculation, lacking technical support and intrinsic value; more issues arise around whether blockchain technology can create a completely new technological ecosystem that surpasses current achievements.

For Hara, blockchain idealism should not stop at pursuing short-term profits but should focus on the technology and applications that solve real-world problems. "Just like what we do at Jasmy, we are more concerned with how to leverage blockchain technology to bring innovation to the Internet of Things and data management, rather than simply relying on speculative market trends."