FreeBit Co., Ltd. (FreeBit) released “freebit web3 Blocks”, which solves various problems with the existing blockchains. FreeBit 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 terms of the operational scale.
Since 2017, FreeBit has believed that the existing Layer 1 blockchains are fraught with problems like 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 tech company, CountUp Inc. (CountUp) to develop a tech to overcome these problems.
What does the solution mean for stakeholders?
This collaboration has resulted in “freebit web3 Blocks” powered “TONE Coin” DApp – the 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, they were able to ultimately 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 experiment they first verified the actual reachability of smartphones, which are assumed to have high network redundancy, since they can use Wi-Fi, and cellular networks.
Why is FreeBit’s solution a game changer?
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 tech (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 governed by the community itself “per community” and “per need”, and run on a surplus of the community smartphones’ resources. Also, 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.
