Coincheck to Launch Japan’s First IEO

ASIA BLOCKCHAIN REVIEW

September 2, 2020

Coincheck Co., Ltd. and Hashpalette Co., Ltd., a joint venture company of Link-U Co., Ltd., a company listed on the First Section of the Tokyo Stock Exchange that operates a total of 10 million MAU manga applications, and HashPort Co., Ltd. , Is pleased to announce that they have launched a joint project to realize Japan’s first IEO (Initial Exchange Offering).

“IEO (Initial Exchange Offering)” is a crypto asset exchange that supports the formation and strengthening of the community by issuing tokens and financing.

Among ICO (Initial Coin Offering), which is a mechanism for issuers of companies, projects, etc. to issue utility tokens electronically, crypto token exchanges are the main players in the sale of issuer tokens.

This joint project aims to further develop Japanese cultural contents such as manga/animation, sports, and music, and has utility in the Hashpalette jointly established by Link-U and HashPort in March 2020.

The token “Palette Token (PLT)” will be issued and the token will be sold at the crypto asset trading service “Coincheck”. The tokens issued and sold will be used on the Palette, a blockchain platform for content such as manga/animation, sports, and music.

About the blockchain platform “Palette”

“Palette” is a blockchain platform for issuing, managing, and distributing digital items that utilize content in the fan community.

Digital items are issued as non-fungible token (NFT) blockchain assets. The consortium block chain “Palette Chain”, which is the foundation of “Palette”, will be operated by multiple content companies that meet certain conditions as a consensus node.

Consortium participants are currently in discussions with multiple companies and will be announced in the future.

About “Palette Token (PLT)”

“Palette tokens” are issued on the Ethereum blockchain and used for purposes such as payment of consensus node management fees on the “Palette chain”, smart contract issuance fee (GAS), and settlement of NFT sales.

By using a “pallet token” for NFT settlement, it is possible to send NFT and receive money at the same time, and you can build a safe secondary secondary market without using the escrow service.

In addition, the “pallet token” also plays an important role in incentive design in the maintenance and operation of the “pallet chain”. In addition, the “pallet token” can freely move between the “pallet chain” and the Ethereum block chain using cross chain technology.

About Coin Check

Coin Check has been considering the commercialization of IEO since August 2019. In the “pallet” provided by Hashpalette, the project partner of this time, various contents that Japan is proud of in the world are digitized as NFTs distributed on the blockchain, and anyone can easily own or sell it.

In addition, in the future, the company will create an ecosystem where creators and artists can provide customers with new experiences that were difficult to achieve in the past, such as “manga limited read-only access” and “limited concert participation”.

In such an ecosystem, the company will accelerate the growth of the ecosystem with crypto assets by supporting payment and voting, or sales and distribution of “pallet tokens” that are provided as incentives for operating nodes.

Through this project, the company will work to create crypto assets that have social significance, not crypto assets that are speculative targets.

About Hash Pallete

Hashpalette aims to digitize the content industry using blockchain. Link-U Co., Ltd., which co-operates Hashpalette, has been digitizing the content industry mainly in the field of e-books since its foundation, and has grown to a scale of 12 million readers in the e-book area.

On the other hand, looking at the content industry as a whole, the company is facing a major turning point such as the increasing importance of the global market and the change of business model due to the influence of the Covid-19 pandemic.

Therefore a new ecosystem led by fans that organically connects digital and real is required. “Pallet” aims to be a blockchain ecosystem that both creators and fans can use with ease and peace of mind, together with Japan’s leading cryptocurrency exchange company,

Coincheck, which is a leading company in various content areas. .. “Limited viewing rights for read-only manga”, “commemorative photos for games that can be used in sports games”, “comic book” of “manga fan club membership with limited illustration” that Hashpalette conducted a demonstration experiment in May this year, etc.

The collaboration will build services that were difficult for us on a “pallet” together with our partner companies. They would like to further expand Japanese content, which has strong global competitiveness, globally using blockchain.

Source: Coincheck

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