Table of Contents
Mai Fujimoto is known as "Miss Bitcoin". Exclusive to her new challenge, whose mission is to give property rights to people around the world through "INTMAX", whose mission is to lower fees while maintaining the decentralization and security of Ethereum. Through the interview, we learned...
Please tell us about your current activities.
Mai Fujimoto (hereinafter Fujimoto): I am currently focusing on an Ethereum layer 2 project called "INTMAX".
Ethereum has the problem of rising fees (gas fees) because limited resources are shared when many users use it. This also affects the expansion of Ethereum's economic zone (scalability).
Some blockchain chains have strategies to lower fees at the expense of decentralization. However, in order to maintain the original benefits of blockchain, I believe that fees should be kept low while maintaining decentralization.
INTMAX's mission is to lower fees while maintaining the decentralization and security of Ethereum.
Please tell us about your career up to the present.
Fujimoto: When I was in university, I worked in education. Since we were a tutoring company for children who couldn't go to school or who were not good at studying, we came into contact with people who had a variety of problems.
It was very rewarding to see up close people who were able to study and had the opportunity to go to school through this job.
This experience led me to drop out of university at the age of 19 and work as a private tutor for about seven years.
Thankfully, I was able to achieve results that I was satisfied with through that job. When I turned 26, I decided that I wanted to work in industry that would help solve larger social issues.
Of course, I am not saying that the problems of the children who have been concerned about their studies up until that point are small.
However, when I learned that there were many children around the world who were having problems with their daily lives, I started thinking, "I wonder if I can do something about it?"
Therefore, we decided to take care of iKids Co., Ltd., which operates "Kids Watches".
The company was providing web content that connects the world around the smiles of children, but the Great East Japan Earthquake occurred around that time, and they started making donations to support children around the world in need. They were launching a platform.
During the project, when collecting and sending donations, we aimed to support individuals rather than just giving to organizations, but the high remittance fees became an issue.
The overseas remittance fee is approximately 7,000 yen for one transfer. It takes time and effort. That's when I discovered Bitcoin and was impressed by its extremely low fees (around 10 yen) and ease of use.
This encounter led to me preparing to start a business, founding Gracone Co., Ltd., and moving my base to Tokyo. After that, we will establish the crypto asset donation platform "KIZUNA".
How did your background lead you to the direction that INTMAX is aiming for?
Fujimoto: As I mentioned earlier, the appeal of remittances is that you can send money across borders at extremely low fees, but remittance fees for crypto assets have been rising in recent years.
That's when I started thinking about whether there was a way to solve this problem. I believe that blockchain should be equally available to people all over the world, but if fees become too high, it will only be available to wealthy people in developed countries.
Therefore, we began to aim for a blockchain that can be used equally by people living anywhere in the world, including emerging countries. Our mission is to "give property rights to people around the world."
Bitcoin already has low transaction fees thanks to its amazing Layer 2 technology, the Lightning Network. We will achieve scalability with Layer 2 on Ethereum.
What is Mai Fujimoto’s role in moving forward with the project?
Fujimoto: As COO, I am in charge of everything necessary for the entire business. When we closed our seed round last year, it was a small, unknown project, so we leveraged our commitment, trust, and connections in the industry over the past 12 years to raise funds and carry out the project. Ta.
I also saw that the idea was recognized by the Ethereum Foundation and a grant was issued.
Fujimoto: INTMAX takes many hints from the technology called Plasma, which became a hot topic in 2017 as a technology to solve scalability issues.
Co-founder Hioki has been involved in Plasma research and participated in cryptographic discussions for some time. I believe that this activity was recognized and led to this grant being awarded.
In fact, Plasma itself still had some issues as of 2017. However, in November 2023, Vitalik Buterin wrote an article on “Return of Plasma”.
Among them, INTMAX is also mentioned. I'm glad that this technology is once again attracting attention.
On February 25th, we will be launching Plasma Next, our mainnet launch alpha version, which will enable things that were said to be impossible with Plasma. I would be happy if you could pay attention to it.
Currently, technologies related to Web3.0 are progressing towards social implementation. What are your thoughts on the areas and products that our readers may have the opportunity to come into contact with in the near future.
Fujimoto: Actually, I'm still not used to the term "Web3.0" (laughs). If anything, I'm more familiar with the words "virtual currency" and blockchain. On the other hand, I think that the term Web3.0 was able to involve many people. Cryptocurrency assets tend to look a little scary, and blockchain can seem technical and difficult, but Web3.0 is a catchy term that can be seen as an evolution from Web2.0.
Another thing that I think has greatly contributed to the development of the industry is the popularity of NFTs. With the advent of NFTs, artists with many fans, the entertainment industry, and the music industry have had the opportunity to interact with crypto assets. I think it will be used even more in the real world in the future. For example, we believe that NFTs will be used in ways that create connections with the real world, such as issuing tickets as NFTs or using them for real estate transactions, and more natural ways of using blockchain will expand. .
I think it is too early to call it mass adoption. Mr. Fujimoto, what do you think?
Fujimoto: There are two major barriers to the spread of Web3.0-related technologies. The first step is to acquire the correct knowledge.
Although the UI/UX of cryptocurrency wallets has improved considerably in recent years, if you do not have the correct knowledge, you may end up losing your assets unexpectedly.
Also, even though there is a safe storage method, many people don't know how to do it and leave things unattended. Therefore, I think it will be especially important from now on to spread correct knowledge.
Another problem is rampant fraud. Particularly during the bubble period, there were many scams, and some people actually fell victim to them, and some people got scared after hearing rumors and left the market.
I myself have faced the problem of fake accounts, and sometimes fake accounts collect money and people misunderstand that I am actually scamming them.
The above two have something in common that makes them feel scary. I believe that the main reason why NFTs and crypto assets have not achieved mass adoption is whether they can be stored safely or not, and the risk of being deceived.
However, from a global perspective, the number of crypto asset users is constantly increasing. The real risk is to be left behind in this major change.
Through our business, we hope to help more people take on the challenges of a new era by acquiring the correct knowledge.
On January 11th, I saw that the official INTMAX Wallet by INTMAX had updated a feature that allows you to send crypto assets just by sending a link without requiring a wallet address. Could you please disclose the details?
Fujimoto: Until now, the process has started with the sender providing the recipient's wallet address, but with the newly released "Link Transfer Feature", the sender first generates a link.
That link is then shared with the recipient, who clicks on it and authenticates using their phone number, email address, or social media such as Discord or Twitter (now X). Once authentication is complete, a wallet with the tokens inside is automatically generated for the recipient.
If you already have an "INTMAX Wallet", the funds will be deposited into your existing wallet rather than a new one being generated.
For example, I could send a link to all the staff working today saying "Thank you for today", and once they authenticate, an INTMAX Wallet would be generated with 1,000 yen worth of Ethereum inside. This would be a nice surprise gift.
I thought it was groundbreaking from a business perspective. Are there any other features of INTMAX Wallet?
Fujimoto: Our wallet uses a new encryption technology called FHE (fully homomorphic encryption).
While most wallets use a single signature on the backend, our wallet uses multi-signatures.
This significantly improves security. Our strengths are the convenient feature of link transfers and the security, so we would like people all over the world to use it.
We are currently focusing on the Nigerian market, but secure hardware wallets for managing crypto assets are sold at a high price, about the same as the average monthly salary in Nigeria, making them difficult to reach.
For such people, INTMAX Wallet wants to provide a more affordable and secure option.
Another thing I noticed from a security perspective is that the INTMAX protocol seems to be able to hide some personal information. Please tell us about the protocol as well.
Fujimoto: The INTMAX protocol has an on-chain privacy function, so it is possible to hide transaction information and protect privacy. Therefore, it meets the necessary requirements to be used as a daily payment method.
Anyone can see the blockchain history, but from a privacy and security perspective, being able to see everything can be a problem.
For example, in areas with poor security, it is possible to infer a person's assets by knowing their on-chain transaction information, which may lead to them being involved in crime.
When it comes to privacy, some people may be concerned about AML (anti-money laundering).
INTMAX allows validators to present transactions in the event of a request from the government, etc., so it is possible to operate in compliance with AML regulations.
The INTMAX Wallet and the INTMAX Protocol will be integrated in the future, and while the INTMAX Wallet currently supports Polygon, Arbitrum, Ethereum Mainnet, and Optimism, the INTMAX Protocol will also be integrated into these platforms.
The combination of a more secure wallet made possible by the latest cryptography and a decentralized protocol with fees that are arguably the lowest in the world makes this a product suitable for everyday payments for people all over the world, regardless of income.
I feel that INTMAX is making steady progress toward achieving our mission of "giving property rights to people around the world."
Spot Bitcoin ETF has been approved in the US. Your nickname is "Miss Bitcoin," so I think this is a topic that has a lot of affinity with you, right? How did you feel when it was approved?
Fujimoto: It's been about 13 years since I first got my hands on Bitcoin on December 15, 2011, and I feel that the approval of ETFs is a major turning point in our time. In the early days, there were many people with libertarian ideas, and they would talk passionately about Satoshi's white paper, tear up banknotes and say "This is just paper" and make performances that questioned the problems with the existing financial system. There were lots of people and lots of exciting activities. Oh, it's a crime to intentionally tear banknotes, so please don't tear them (laughs)
To tell you the truth, right after the ETF passed, Bitcoin did not cause a revolution, but instead became part of the existing financial system, and I felt that Bitcoin's revolutionary nature was lost. I felt lonely. But when I thought about it more closely, I realized that Bitcoin was not incorporated, but rather that Bitcoin incorporated the existing financial system.
Even if Bitcoin becomes an ETF, it cannot be controlled, so Bitcoin itself will not change. Now that the ETF has been approved, Bitcoin has become more widely recognized and accepted by many people, and I think it will have an impact, so I am currently looking at it positively.
Finally, please tell us about INTMAX and your future goals.
Fujimoto: INTMAX has inherited the wonderfulness of Bitcoin, such as the low fees for international remittances and the ability to provide equal property rights around the world, which was felt when Bitcoin was first created.
Although it has been more than 15 years since Satoshi Nakamoto's white paper was released, there are still issues with the payment aspect, which is the core of Bitcoin. I didn't want to end it like this, so I started the challenge as a business.
INTMAX's goal is to continue to provide convenience and security of payments to people all over the world.
My personal goal is to continue hosting "Japan Blockchain Week", which has been held for many years, and contribute to the healthy development of the industry while bridging Japan and the world.
The main conference of this year's Japan Blockchain Week, "Japan Blockchain Week Summit", will be held in Kyoto from July 4th to July 6th. See you there!
◉Mai Fujimoto
Co-Founder
She discovered Bitcoin in 2011 and has worked to popularize crypto assets and blockchain both domestically and internationally. She has been nicknamed Miss Bitcoin. She has contributed to the development of the industry by launching Japan Blockchain Week, one of Japan's largest blockchain conferences, and serving as an advisor to the Japan Blockchain Association. Founded "KIZUNA", Japan's first cryptocurrency donation site, "withB", an employment and job change support company specializing in the blockchain field, and "Gracone", a consulting company specializing in the blockchain field. Currently based in Switzerland, she co-founded INTMAX, Layer 2 of Ethereum, and is working on new innovations.
Related article [NEWS] INTMAX, a project to build global payment infrastructure, completes strategic round
Interview Iolite FACE vol.10 David Schwartz, Hirata Roi PHOTO & INTERVIEW "Yukos" Special feature "Trends in the cryptocurrency industry in Japan", "Trump vs. Harris: What will happen to the cryptocurrency industry?", "Was the reputation economy a prophecy?" Interview: Simon Gerovich, Metaplanet Co., Ltd., Kim Dong-Gyu, CALIVERSE Series Tech and Future Sasaki Toshinao...etc.
