How "Japan No.1 Token" Breaks Through Regional Limitations

As the founder and CEO of Janction, Hara has become an important figure in the Japanese cryptocurrency industry. Although he worked in accounting at KPMG, accumulating experience in IPOs, mergers and acquisitions, and auditing, it was his involvement in the Jasmy project that truly made him feel a breakthrough.

As a professional in the traditional finance industry, Hara faced numerous doubts about blockchain technology. In 2016, Jasmy was still a semiconductor supply company focused on the development of IoT devices. It wasn't until the end of 2017 that the company decided to pivot into the blockchain field. Hara recalled: "At that time, the management had a vague understanding of blockchain technology, and the use and governance structure of tokens were unclear. I spent a lot of time researching ICOs and the cryptocurrency market and proposed the idea of making decentralized identity and data applications the core of the token economy." This experience, full of exploration and trial and error, has now become a valuable asset for Hara.

For Hara and Janction, "how to achieve innovation" and "how to nurture talent" have always been key issues. Hara stated: "The development of the Internet of Things and blockchain has shown me the immense potential of AI, so I decided to venture into this field." Janction's core business is to build Layer 2 platforms, providing GPU computing resources and data storage solutions, to offer technical support for academic institutions and startups, assisting them in developing large language models.

Hara explained: "AI has a natural connection with blockchain, especially in terms of data storage and computational power. By building GPU nodes and Layer 2 technology, we provide a powerful platform for researchers and developers, accelerating the development of AI technologies." Currently, about 4,000 nodes have been deployed on related platforms, with plans to provide computing resources to academic institutions such as the University of Tokyo to support breakthroughs in the field of AI.

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

Hara admitted: "The blockchain market in Japan has always faced huge barriers." Although Japan is one of the most advanced technology markets in the world, there are still many issues regarding blockchain acceptance and the regulatory environment. Particularly in the DeFi sector, Japan's regulatory policies are relatively conservative. He said: "One of the biggest problems when launching blockchain projects in Japan is the uncertainty of regulation. DeFi projects can hardly take root in Japan, and even DEX is banned. This is not only a policy barrier but also a limitation of the entire society's understanding of blockchain technology."

This became a recurring question for Hara during the entrepreneurial process. When he joined Jasmy as CFO in 2018, despite the project's original intention to focus on IoT innovation, he understood that to really grow Jasmy, it was necessary to go beyond the limitations of the Japanese market and move towards global expansion. Hara emphasized: "Although Jasmy has successfully listed in Japan, our market expansion has always aimed at overseas. This is not because we don't have confidence in the Japanese market."

Hara observed that many blockchain projects from Korea and China face significant language and cultural barriers when trying to enter the Japanese market, especially when there is no localized team, making communication and collaboration particularly difficult. He mentioned: "One of the biggest challenges when collaborating with large Japanese companies is the language and cultural differences. However, if we can find team members who speak Japanese, these issues can be overcome. When working with companies like Sony, we must face and resolve these challenges."

However, Hara also does not deny the potential limitations that may arise from over-reliance on the Japanese market. He admits: "When launching Jasmy, we initially chose to enter overseas markets, and this strategic decision means that we will not focus solely on Japan. We are clearly aware that relying solely on the Japanese market would impose significant limitations on the project. Although the Japanese market is large, its openness is relatively small; internationalization is the future."

In addition to technology, talent is also key. The blockchain industry is rapidly developing and faces talent turnover and the transition between old and new forces. Hara said: "In the Japanese industry, it is very difficult to recruit blockchain engineers, especially those who are proficient in large Layer 1 projects. At Janction, we recruit outstanding engineers from Argentina, Greece, and Spain, with our CTO coming from Australia, and the team includes members from Europe and South America. This global technical team brings us a significant advantage."

Hara pointed out that while Japan's acceptance of cryptocurrency is gradually increasing, most projects in the market are still limited to small-scale experimental applications, lacking sufficient innovation and breakthroughs. He said: "We see many overseas projects, especially blockchain companies from South Korea and China, hoping to succeed in the Japanese market, but both language barriers and cultural differences present significant challenges for these projects when entering Japan. Even when providing services with a global perspective, and even supporting Japanese, it is still difficult to overcome these barriers."

For overseas projects looking to enter small language communities, they often encounter obstacles in the Japanese market. The "besieged city" situation, where internal breakthroughs are needed while also integrating externally, has always been a hot topic among founders. However, Hara mentioned that overseas companies that can find localized teams in Japan still have the opportunity to cooperate with large Japanese companies, especially firms like Sony and Panasonic. However, such collaborations often require more patience and time to overcome language and cultural differences. He said: "In the early days of Jasmy, we chose to start from overseas markets, using this strategy to avoid the limitations of excessive reliance on the Japanese market."

Blockchain Idealism and Memes: Cultural Phenomenon or Market Bubble?

When it comes to the blockchain industry, Hara delves into the current two forces – blockchain idealism and the meme coin phenomenon. For projects like Jasmy, Hara firmly believes in the potential of blockchain technology, emphasizing: "The true meaning of blockchain lies in decentralization, data sovereignty, and transparency, rather than merely trading or speculation." He believes that truly valuable blockchain projects should bring long-term benefits to users, rather than short-term speculation. "Jasmy's goal has always been to establish a blockchain platform that can solve real-world problems, rather than just to attract attention."

As the cryptocurrency market thrives, the phenomenon of meme coins has gradually become a unique cultural phenomenon, causing confusion and unease among many industry professionals focused on technological innovation. Hara admitted: "The meme coin cultural phenomenon has its significance, allowing ordinary investors and the public to gain a better understanding of blockchain, but that does not mean they are sustainable projects." He continued: "For example, some of the recently popular coins attract attention due to their ability to generate quick profits, but lack practical application scenarios, making it difficult to support true value in the long run."

Regarding meme coins, Hara has a complex view. He said: "From a market perspective, meme coins can quickly attract a large number of investors and even bring short-term wealth effects. But in the long run, this speculative behavior will have negative effects on the entire industry. Personally, I do not invest in meme coins because they lack true technological innovation and do not align with my idealism about blockchain." He also pointed out that while meme coins carry risks, they also serve as a kind of social experiment, revealing the market's understanding and misunderstanding of blockchain technology. "This is also why many large companies have started to implement bans on such coins."

The success of these meme coins is undeniable, but this very point has also become a source of skepticism regarding speculative sentiment in the industry in recent years. Some believe it is merely driven by short-term speculation, lacking true technological support and intrinsic value; the bigger question is whether blockchain technology can still create a new technological ecosystem that surpasses current achievements?

For Hara, blockchain idealism should not stop at the pursuit of short-term profit phenomena, but should focus on technologies and applications that can genuinely solve real-world problems. He said: "Just like what we are doing at Jasmy, we are more concerned about how to leverage blockchain technology to bring innovation to the Internet of Things and data management, rather than simply relying on speculative market trends."