FreeBit Co., Ltd., a Japanese technology company, has announced the launch of “Freebit Web3 Blocks,” a solution to the various problems faced by blockchains. The new solution was developed in collaboration with CountUp Inc., a Web3 core technology company, to address problems such as the concentration of power and profit in certain groups and the high environmental impact of mining.
As part of a demonstration experiment, FreeBit launched “TONE Coin,” a loyalty point system based on a smartphone-operated Ethereum-compatible Layer 1 blockchain known as “TONE Chain.” In just ten months, TONE Coin 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.
What does this new feature solve?
According to FreeBit, the existing Layer 1 blockchain suffer from several problems, including the failure to reach the node scale that corresponds to the network’s asset value, centralization of node operators, high environmental impact of mining, slow transaction processing speed, the high technical threshold for general users, and high volatility of crypto assets to incentivize node operators.
To solve these problems, FreeBit developed “Freebit Web3 Blocks,” which uses the surplus resources of the community smartphones to build and maintain Layer 1 blockchains that can be operated and governed by the community itself “per community” and “per need.” The technology also allows for an automatic backup of private and public keys, making it easy for users to join the Web3 world without having to worry about a complicated Web3 subscription process.
FreeBit plans to use its underlying technologies and collaborate with TONE for docomo (MVNO) to propose a mechanism to build and maintain Layer 1 blockchains. The company will also develop its Web3 strategy, including micro-investment, to support startups, research institutions, consortiums, and more.
What this means for Web3
The launch of “Freebit Web3 Blocks” represents a significant milestone in the development of blockchain technology. By addressing the problems faced by existing blockchains, FreeBit is paving the way for a more secure, decentralized, and efficient blockchain ecosystem. With the launch of “TONE Coin,” FreeBit is also proving that blockchain technology can be used for practical applications beyond cryptocurrencies, such as loyalty point systems.
The successful demonstration experiment of “TONE Coin” has provided evidence of the actual reachability of smartphones, which are assumed to have high network redundancy, since they can use Wi-Fi, as well as cellular networks. The automatic setup of the app with the pre-installed “TONE Store” application has also made it easy for users to participate in the “TONE Chain” network, making blockchain technology more accessible to general users.
In conclusion, FreeBit Co., Ltd. has announced the launch of “Freebit Web3 Blocks,” a solution to the various problems faced by blockchains. The technology was developed in collaboration with CountUp Inc. and has been successfully demonstrated through the launch of “TONE Coin,” a loyalty point system based on a smartphone-operated Ethereum-compatible Layer 1 blockchain.Â
