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JR Kyushu Railway Company Launches NFTs on Astar Network To Boost Customer Engagement

Tokyo, Japan, May 11th, 2023, Chainwire

The initiative will bring real-world utility to NFTs in Japan, enabling the railway operator to strengthen its customer relationship

Kyushu Railway Company (JR Kyushu) – part of Japan’s largest rail network, the Japan Railway Group – today announced that it will issue NFTs on top of the Astar Network, the smart contract platform for multichain, in collaboration with P.R.O. Co., Ltd. By distributing NFTs to its users, JR Kyushu aims to create new touch points with its users and enhance its existing relationship with its customers.

The JR Kyushu NFT project will kick off in July 2023 and provide riders with new ways to enjoy Kyushu while maintaining a holistic track record of their travel experience. As a first proof-of-concept, JR Kyushu and PRO will distribute a free NFT during the Blockchain Expo in Tokyo from May 10th-12th displaying the new Nishi Kyushu Shinkansen.

As part of Japan’s largest railway network, JR Kyushu runs intercity rail services in the country’s third largest island Kyushu. It is also engaged in freight services, bus transportation, hospitality, and other related services. JR Kyushu serves more than 330 million people a year.

The collaboration will bring real-world utility to non-fungible tokens (NFTs) in Japan. While NFTs are often used for trading and digital art, JR Kyushu aims to leverage the technology to provide visitors with memorabilia and proof of visiting, riding, and using their system.

Astar Network Founder Sota Watanabe said, “At Astar Network, we’re excited to see more real-life use cases of enterprises exploring and leveraging NFTs to build closer relationships with their customers and provide new value. We look forward to supporting PRO Japan and JR Kyushu in their endeavor.”

The railway operator chose Japan’s first public blockchain Astar Network for its low fees, high scalability, and the team’s deep understanding of the Japanese market. Astar is at the forefront of the NFT craze that’s sweeping across Japan as dozens of leading brands embrace the possibilities of Web3. In the past, Japan’s leading corporations including Toyota Motor Corporation and Sony Network Communications have worked with Astar Network to explore the opportunities in Web3.

Once the project launches in July, riders will be able to purchase commemorative NFTs or obtain them through the usage of the railway system. Depending on the NFTs held, riders might qualify for further benefits and access to limited NFTs. Users will be able to purchase NFTs using the Japanese yen.

Astar Network is the leading Layer-1 in Japan, having been voted the most popular blockchain in the country by the Japanese Blockchain Association. It is also the first public blockchain from the country to be listed there despite Japan’s strict listing regulations. Astar’s native token ASTR is registered as a cryptocurrency, not a security, by the Japanese government.

About Astar Network

Astar is Japan’s most popular smart contract platform, supporting both EVM and WebAssembly (Wasm) environments, and interoperability between them using a Cross-Virtual Machine. Astar Network is friendly to all kinds of developers, and the tools and languages they already know. Backed by the shared security of Polkadot, Astar shines brilliantly on its own within a vibrant and healthy ecosystem, and is a leading star in the blockchain industry overall, driving international corporate adoption, and consumer interest in web3 technologies.

Astar’s Build2Earn program is designed to grow the network in an innovative way, while simultaneously rewarding participants and builders. It allows developers to earn incentives for building and maintaining their decentralized applications, and users to earn incentives for supporting their favorite projects, all while encouraging growth of the ecosystem overall.

Contact

Maarten Henskenspress@astar.network

Fireblocks Integrates Astar Network, Boosting Secure DeFi Access for Institutions

Digital asset management platform, Fireblocks, has now incorporated Astar Network, Japan’s leading blockchain, marking an expansion in the company’s secure services for institutional investors. With the new integration, over 650 banks and financial institutions can now tap into Astar’s thriving DeFi ecosystem, as well as trade, swap, and lend digital assets on Astar via Fireblocks.

Astar Network has rapidly become a preferred choice in Japan owing to its support for the popular Ethereum Virtual Machine (EVM) environment, as well as the addition of WebAssembly (WASM), transforming it into a multi-chain platform supporting interoperable applications.

Fireblocks, well-known for its commitment to security, has managed to have its digital asset infrastructure system certified by the Cryptocurrency Certification Consortium (C4), making it the first service provider to receive such recognition. Its multi-party computation (MPC) technology has won over traditional financial clients including BNY Mellon, ANZ Bank, and NAB, as well as Japanese trading platforms such as CoinTrade.

Stephen Richardson, Managing Director, Financial Markets and Head of APAC at Fireblocks, commented on the integration saying, “Fireblocks has always focused on facilitating institutional adoption in the digital assets industry. By leveraging our highly secure network and MPC-based wallet infrastructure, banks, exchanges, OTCs, and hedge funds can now seamlessly access Astar’s assets.”

The integration was celebrated at a special event during WebX in Tokyo, attended by more than 200 guests, including executives of global enterprises, web3 founders, and venture capitalists. The attendees gained valuable insights into the application of web3 technology in the corporate sphere, and the growing role enterprises play in web3, particularly in Japan, where the government is progressively exploring ways to utilize web3 technology.

Maarten Henskens, CEO of Astar Foundation, emphasized the impact of the integration stating, “We’re looking forward to leveraging this integration to enhance adoption while giving institutions looking to build on Astar a secure and robust way to safeguard their digital assets.”

Astar Network Publishes Tokenomics 2.0: A New Approach to Inflation, Fees, and dApp Staking

Astar Network has announced a comprehensive update to its tokenomics, referred to as Astar Tokenomics 2.0, aiming to drive sustainable growth and improve user engagement. The detailed explanation of the changes was posted on the Astar Network forum, and here’s a summary of the key aspects:

Current Tokenomics Overview

The current tokenomics of Astar Network involves a fixed inflation rate of roughly 9.5% per year, with each block emitting 253.08 new ASTR tokens. The distribution of these tokens goes to various actors within the network, including the collator responsible for authoring the block and the on-chain treasury.

Problems Addressed

The new proposal aims to address several issues:

High & Fixed Inflation: The current fixed block reward doesn’t adjust based on network utilization or the number of dApps.

Scalable & Inclusive dApp Staking: The existing dApp staking model needs to be more dynamic and scalable.

Native & Ethereum Fee Alignment: The fees between native Substrate and Ethereum are not aligned.

High Treasury & Collator Rewards: The current allocation to the treasury and collators is considered excessive.

Proposed Solution

The proposed changes are comprehensive and include the following key aspects:

Inflation: The new inflation rate will dynamically adjust every year based on the total supply, with an estimated yearly inflation of around 5.8% if the proposed model is deployed immediately.

Treasury: A fixed rate of 5% of the yearly inflation will be assigned to the treasury.

Collators: Collators will receive 3.2% of the yearly inflation, a reduction from the current rate.

dApp Staking: The new model introduces tiers and makes the system more inclusive for new dApps.

Transaction Fees: The solution aims to align Substrate native & Ethereum fees as closely as possible.

Rent Fees: Rent fees will be reduced by a factor of 100, making on-chain storage significantly cheaper.

Summary of Changes

The main modifications include adjustments to the inflation model, dApp staking protocol, transaction fees, and rent fees. Some of the highlights include:

If TVL (Total Value Locked) is not in the ideal range, not all staking rewards will be minted.

If empty slots are present in dApp staking during a period, the rewards for that period will be burned.

Transaction fees will incur a significant burn, with 80% being burned and 20% being deposited to the collators.

The inflation rate will constantly adjust to on-chain parameters.

Next Steps

The Astar Network team has outlined the next steps, including opening up community forum discussion, sharing the implementation plan & execution, and creating comprehensive documentation.

The proposed changes are seen as progressive steps to elevate Astar’s tokenomics for a sustainable future. The adjustments are not considered final and can be modified as needed for the stability and health of the network.

Astar, Kabocha Lead in Polkadot and Kusama Auctions

Bill Laboon, the Head of Education and Grants at Web3 Foundation, has provided critical updates on the ongoing parachain lease auctions for Polkadot ($DOT) and Kusama ($KSM) networks. In a Twitter thread dated August 31, 2023, Laboon shed light on the leading projects and upcoming changes within these ecosystems.

Astar’s Dominance in Polkadot Auctions

With just half a day left in the current Polkadot parachain lease auction, Astar has been in the lead for the majority of the Ending Period. Laboon’s tweet, which has garnered 8,934 views, 12 reposts, and 61 likes, confirms Astar’s strong position.

Astar is Japan’s top smart contract platform and supports EVM and WebAssembly environments, enabling interoperability through a Cross-Virtual Machine. It’s user-friendly, utilizing familiar tools and languages, and part of the Polkadot network, contributing to blockchain ecosystem and driving web3 technology adoption.

Kabocha’s Unwavering Lead in Kusama Auctions

On the Kusama network, Kabocha has maintained its lead throughout the entire Ending Period of the current parachain lease auction. With three and a half days remaining, the project has already attracted significant attention.

The Growing Importance of “Blockspace”

Laboon also touched upon the increasing discussions around “blockspace” within the Polkadot ecosystem. He directed followers to an article by Rob Habermeier, titled “Blockspace over Blockchains,” for an in-depth understanding of the subject.

Educational Opportunities and Grant Programs

For developers interested in the Polkadot and Substrate platforms, Laboon highlighted a free on-demand course offered by the Blockchain Training Alliance. Additionally, the Web3 Foundation’s Grants Program aims to encourage innovation within the Polkadot ecosystem.

Implications and Future Developments

The parachain lease auctions are a pivotal element for both Polkadot and Kusama networks, as they allow projects to secure a slot on the respective blockchains for a specific duration. The strong performance by Astar and Kabocha indicates robust community interest and investment.

The early leads by these projects could set the stage for their increased influence within their respective ecosystems. Moreover, the ongoing discussions about “blockspace” suggest that Polkadot is actively working to optimize its infrastructure, which could have broader implications for the crypto community.

Polkadot Developer Parity Technologies Reportedly Cuts Over 300 Staff This Week

After making a statement on the 10th of October 2023 outlining changes in its operational emphasis, the blockchain technology company Parity Technologies, which is the service provider behind the Polkadot (native token: DOT) blockchain, is said to have let go of more than 300 workers this week. According to a tweet published by Parity Technologies, the firm is “sunsetting its go-to-market functions” in order to make room for more extensive community-driven initiatives amid the expansion of Polkadot’s ecosystem.

In a series of tweets, Parity Technologies focused on its strategy move towards a more community-centric approach, highlighting its view that the “strength of any ecosystem lies in the diverse builders, where competition meets collaboration.” This was done in order to highlight the company’s strategic transition toward a more community-centric approach. The move also aligns with a bigger narrative around Polkadot’s development and the obstacles faced by its ecosystem, including an imminent huge supply event with over 400 million parachain unlocks slated in less than two weeks, followed by a 110 million unlock in January. Specifically, the move coincides with an impending large supply event with over 400 million parachain unlocks scheduled in less than two weeks.

Concerns have been raised among community members as a result of the supply dynamics, which have been contrasted with what seems to be a lack of demand, as seen by the fact that recent parachain auctions have garnered just 1-2 million dollars in interest. Notably, Astar, Polkadot’s most active parachain, has changed its attention towards becoming an Ethereum Layer 2 solution utilizing Polygon, which further emphasizes the difficulties that are present within the ecosystem. As a result of the scenario, some have begun to wonder whether or not Polkadot will be able to keep its market valuation of $5 billion by the end of the year, particularly in light of the fact that other projects, such as Optimism, are presently valued at $4.2 billion.

On social media, members of the community have expressed a range of opinions, with some expressing worries regarding the supply and demand dynamics of Polkadot in the near term, while others have shown an interest in seeing how the lifespan of a mature blockchain ecosystem evolves. The possible influence of these developments on the larger blockchain ecosystem, in particular for other alternative Layer 1 solutions, was another topic that was brought up throughout the conversations.

The dedication of Parity Technologies to bringing Polkadot’s next-generation technology to market, enhancing the overall quality of the developer experience, and cultivating a robust developer community has been reaffirmed. There are high hopes that many teams from Parity will continue to contribute to the expansion of Polkadot with the introduction of the new financing scheme offered by the Web3 Foundation.