FreeBit Co., Ltd. announced the release of "freebit web3 Blocks", which solves various problems with the existing blockchains. FreeBit also announced that in a demonstration experiment "TONE Coin" - a loyalty point system based on a smartphone operated, Ethereum-compatible Layer 1 blockchain “TONE Chain” - in about 10 months has exceeded 3,000 nodes in regular operation, making it the fifth largest Layer 1 blockchain in the world in terms of the actual operational scale. Since 2017, FreeBit has believed that the existing Layer 1 blockchains are fraught with problems such as the concentration of power and profit in certain groups due to the size of their farms and the bias of its owners, and has been working in close collaboration with Web3 core technology company, CountUp Inc. (Headquarters: Shibuya-ku, Tokyo; President: Atsuki Ishida; hereinafter referred to as "CountUp") to develop a technology to overcome these problems. This collaboration has resulted in "freebit web3 Blocks" powered "TONE Coin" DApp - the world's first point service using the Ethereum-compatible Layer 1 blockchain "TONE Chain", which is running on smartphones in a user cooperative demonstration experiment for "TONE e22".

FreeBit, using its underlying technologies (MVNE, eKYC, etc.) and in collaboration with TONE for docomo (MVNO), will propose a mechanism to build and maintain Layer 1 blockchains - the key element of Web3 - that can be operated and governed by the community itself "per community" and "per need", and run on a surplus of the community smartphones' resources. Furthermore, FreeBit will actively develop its Web3 strategy, including micro-investment, in the following directions: Demonstration use for Web3 start-ups, research institutions, consortium, etc. Using the "TONE Factory" mechanism to build and publish a community-based, real-use environment through the uniquely customized "TONE e22" device.