SBT and DID are attractive fields
Removing barriers to entry from the user's perspective
Japan is the only country in the world where the public and private sectors can work together to advance Web 3.0. It is an interesting market that will become a Web 3.0 pioneer with the emergence of new business models and use cases.
The spread of wallets is directly linked to the spread of Web 3.0. However, setting up a wallet and managing assets yourself is a major barrier for beginners and other inexperienced users, raising the barrier to entry.
UPBOND, which develops wallets, is working to simplify social logins and passwords, and is providing the ``UPBOND Wallet,'' which is easy to use not only for individual users but also for companies.
Representative Shun Mizuoka will take the reins based on his experience cultivated globally, and will develop the business with an eye on the future, such as 5 to 10 years into the future. What does Mizuoka, who develops an important product, the wallet, which is at the core of Web 3.0, think about the areas of interest and the challenges for its spread?
Mizuoka: Japan is the only country in the world where the private sector and the government can move forward firmly with Web 3.0, including the fact that the collapse of FTX had almost no impact on the country. Therefore, the focus in 2023 will be on whether new business models and use cases can be created. It can be said that this is a very interesting market environment for Japan to become a Web 3.0 pioneer in the world.
I think that new use cases that utilize Japan's unique assets, especially anime and game culture, are areas that can be easily advanced.
Business models that make full use of SBT (SoulBound Token) and DID, which is a decentralized ID, are attractive.
For businesses created by various consumers and enterprises, there may be many new business models that utilize SBT and DID this year.
From a security perspective, we are focusing on multi-party computing (MPC), account abstraction, and contract wallets.
I believe that the essential concept of Web 3.0 is for individuals to directly manage their assets and data. One of the themes is how to handle the private key between the private key and the public key of the wallet.
Currently, there are various barriers to entry for beginners to Web 3.0, but we are developing a wallet that can be accessed with social login and a four-digit passcode. I think that working on such products will lead to one answer to lowering the barrier to entry.
Regarding the often-talked-about cryptocurrency hacking, I recognize that companies that have cryptocurrency exchange businesses and provide exchange platforms have become quite mature in terms of private key management methods.
They are firmly adhering to the regulations of the Financial Services Agency and have accumulated know-how, such as introducing multi-sig, which manages cryptocurrency with multiple private keys. I feel that Japan is growing on the basis of a solid track record based on past experience.
Last year, we were able to make many attempts in the area of creating use cases. This year, we will team up with various companies to refine the use cases and focus on releasing products that will have an impact on the world.
Current security system in Japan
The asset management system is becoming more mature by utilizing various know-how.
◉Takashi Mizuoka
Profile│He started a business in Japan and China in 2011. In 2017, he co-founded UNDONE JAPAN, a customized watch manufacturer, and became its CEO. In 2019, he invested in COINBOOK, Inc., which aims to combine entertainment and blockchain, and became its executive CTO. He also serves as a technical advisor to several companies. In November 2019, he spun off the existing business and founded UPBOND, Inc., and became its CEO. The company provides Web3 wallet products. It has developed a wallet that provides an overwhelming UI/UX that is easy for consumers to use, and is currently promoting co-creation projects that fully utilize Web3 with major companies engaged in advanced initiatives in the IP, construction, and retail industries.
