JasmyCoin posted a 24-hour return of over 30%, but the altcoin quickly came back to earth on Friday as the initial wind got off the sails and European traders tried to strike a price equilibrium.
Jasmy’s dollar price was around the $ 0.01600 mark on October 5, but the real rise came the following day when the coin posted spectacular but very short-lived gains. The price peaked at 0.065, which was hit yesterday. Jasmy has lost a lot of it in the last few hours.
The latest price for Jasmy was 0.41 at the time of writing. The coin appears to have locked in some of this week’s gains, at least temporarily.
JasmyCoin builds trust in the IoT equation
JasmyCoin is based on ether and drives its namesake Jasmy, an organization that works on platforms of the Internet of Things. The aim is to decentralize the coordination of IoT devices and data networks through edge computing and storage on IPFS. Its outstanding feature is the lack of a central data storage strategy. Jasmy can also support the transfer of tokens between devices to enable payment for network services. Barter someone?
Part of the interest came as Coinbase Pro said it would start accepting incoming transfers of new tokens. Among them were Jasmy, Function X and tBTC.
Coinbase said the new asset listings would be rolled out in four phases – broadcast only, post only, limit only, and full trade. Coinbase Pro has specifically stated that some of these coins reserve the right to hold the book on one level – just because a coin is only transferable doesn’t mean it is guaranteed to enjoy full trading privileges.
The Jasmy platform looks like it is positioning itself as a key solution for the fourth industrial revolution. “From this ‘big wave’ new goods and services such as the sharing economy like car shipping services, automated driving and the robotics industry with AI as well as free unmanned convenience stores are born,” says Jasmy.
Everything revolves around data democracy
Jasmy claims it is a supporter of “data democracy”: giving personal data back to the person who owns it. Her cornerstone is the solid relationship of trust she wants to build between the companies using her platform and the end users. She wants to create an environment where data can be securely exchanged as a valuable asset to build a new era of information.
This is a cocktail for some solid and much-needed security technologies that underlie IoT developments. We also like the fact that Jasmy is firmly based in Japan and could gain momentum with Japanese electronics and technology companies. You have to be careful there.
As for the recent price action, this should help JasmyCoin establish more realistic prices in the market. It seems to us that traders were trying to find a new price for the coin when it hit Coinbase, resulting in extreme volatility. We would try to see a little more price stability here when we go into the weekend.