A Conversation with Mai Fujimoto
With EDCON Tokyo just a few short weeks away (don’t forget to register for free here), we took the time to speak with one of the conference’s native Japanese speakers and homegrown cryptocurrency-enthusiasts.
Popularly known in her home country as “Miss Bitcoin”, Mai Fujimoto has been involved in the Crypto space since 2011.
For over a decade, she has contributed to the industry’s development by launching Japan Blockchain Week, the largest blockchain conference in Japan, and serves as an advisor to the Japan Blockchain Association.
Additionally, she has founded several projects including Japan’s first cryptocurrency donation platform “KIZUNA”, a blockchain-focused recruitment and career support company “withB”, and a blockchain consulting firm “Gracone”.
Currently based in Switzerland, she co-founded INTMAX, a Layer 2 solution for Ethereum, and is engaged in new innovations.
(Video via Ruptly on X)
Mai, thank you for sitting down with us. Let’s start here – can you describe the attitudes towards cryptocurrency in Japan from when you first got started in 2011 versus today? What have been the most significant changes you’ve witnessed in Japan specifically?
Thank you for having me. When I first stepped into the world of cryptocurrency in 2011, many people were quite skeptical and had little understanding of the potential of Bitcoin and blockchain.
When discussing Bitcoin, it was often met with suspicious looks and comments like, “You’ve gotten into some weird new-age religion, starting a pyramid scheme.” It was clear that Bitcoin was seen as a toy only geeks would like, and no one else cared about it.
Fast forward to today, and we’ve seen a significant shift. Cryptocurrency has gained much more mainstream acceptance in Japan, with increased awareness and interest from both the public and investors.
As an advisor to Japan Blockchain Association, I have accompanied Mr. Taira, Japanese congressman, on his European tour. The purpose was to learn EU/Swiss approach to blockchain/crypto industry. The government is quite proactive and keen to provide more clarity and protection to help the industry to grow.
As a follow up, what would you personally like to see change or improve in terms of Japan’s overall policy in these areas, now and in the future? Is there anything Japan can learn / adopt from the Swiss government or are there too many cultural and political differences between them?
Japan has made impressive strides in crypto regulation, but there is always room for improvement. Progress has been made in tax regulations, albeit slowly, but there is still much room for improvement. Industry associations have been collectively addressing this issue for years, yet if Japan truly aims to make itself a hub for web3 technologies, rapid decision-making is imperative.
Japan could look to Switzerland’s example, particularly in how they balance innovation with regulation. Switzerland has created a very supportive environment for blockchain and crypto startups, with clear guidelines and a welcoming approach.
While there are cultural and political differences, Japan can certainly adopt best practices in regulatory clarity and industry support to foster a more dynamic crypto ecosystem.
Can you tell us about INTMAX, the Ethereum L2 you co-founded? When did your interest in Ethereum form?
INTMAX is a Layer 2 solution for Ethereum, which I co-founded with Leona, who was a deep researcher at the Ethereum scalability problem in 2018. He has been research about Plasma. Around 2018, Plasma was considered the top scalability solution.In fact, the technical architecture of INTMAX draws heavily from the insights gained from Plasma.INTMAX aims to enhance scalability, reduce costs to mere 0.5 cents per transaction, and at the same time keep on-chain privacy, making Ethereum more accessible and efficient for all kinds of users.
Vitalik mentioned INTMAX in his blog “Return of Plasma” published in November, and we are very excited about the return of the Plasma era, as we made possible what was deemed impossible back in 2018.
At PlasmaCon, a side event at EDCON, we provide an opportunity to thoroughly learn about Plasma in just one day. If you are interested, please join us at our event.
How do you describe the key differences between Bitcoin and Ethereum to those who are unfamiliar (or casually familiar) with cryptocurrency?
Generally, Bitcoin is known as “digital gold” because it can store value independently of central banks and governments. On the other hand, Ethereum not only allows for transactions but also enables the building and execution of applications on its platform using smart contracts.
As I mentioned earlier, Bitcoin is known as “digital gold,” but technologies like the Lightning Network have emerged, providing scalability for micro-transactions. If the Lightning Network becomes more widespread, Bitcoin will be recognized not only as digital gold but also as a regular means of payment.
Bitcoin and Ethereum have taken on the technically challenging task of enhancing scalability while maintaining their decentralization, essentially preserving the benefits of blockchain. It was considered nearly impossible, but talents from around the world have come together to work on the scalability of Bitcoin and Ethereum.
Having spent a lot of time in countries like Argentina and Nigeria, where the national currencies have failed, I’ve seen an increase in people storing their assets in cryptocurrencies like Bitcoin instead of their local currencies. At the same time, because of Bitcoin’s volatility, many people also use USDC, a stablecoin pegged to the USD built on Ethereum, as a means of payment.
What other Ethereum projects are you paying attention to at the moment? Are there any projects native to Japan that interest you?
Sora Suegami, a Japanese cryptographer and developer of ZK Email, is someone to look forward to in the future .To briefly explain his project, it verifies Vemo payment emails and performs on-ramp and off-ramp transactions in a trustless manner.
Until now, on-ramp and off-ramp transactions were typically handled by centralized exchanges, but he has created a product that can operate in a trustless manner. It is very attractive and intriguing.
What excites you most about speaking and partnering with EDCON this year and what are you hoping the conference and events help achieve locally in Tokyo and for the Ethereum community at large?
I’m thrilled to be a part of EDCON this year because it’s a fantastic opportunity to share insights and collaborate with some of the brightest minds in the Ethereum community. Using my strong network in the industry in Japan, I want to support connecting global KOL with Japanese people to raise more awareness about the potential of Ethereum and blockchain technology in Japan, inspire new collaborations, and accelerate the adoption of decentralized technologies.
In closing, what is your ideal vision for crypto in the future and what resources would you personally recommend for those newly onboarding to crypto?
My ideal vision for crypto is a world where these technologies empower individuals, enhance transparency, and foster global collaboration without the barriers imposed by traditional systems. For those new to the world of cryptocurrencies, I recommend starting with a clear vision of what you want to achieve with this technology.
First, if you don’t already own any cryptocurrencies, start by acquiring some. Then, try using decentralized applications (DApps). Previously, I mainly used Twitter, but for better information gathering, I feel that the decentralized platform Farcaster might be more beneficial. Starting with simple, accessible tools is a good way to begin.
Participating in industry conferences can also provide valuable insights and connections. I’ve found that people in the blockchain industry are generally less likely to discriminate based on nationality, gender, or age.
The atmosphere is very open, and they will surely welcome you. However, since this is an industry where large amounts of money are involved, scams are prevalent, so be cautious. It’s crucial to have a mindset that isn’t easily swayed by too-good-to-be-true stories. Enjoy the journey!
To hear more from Mai, don’t forget to register for free to EDCON 2024 Tokyo (July 24th-30th) where you can hear from her and other key opinion leaders in the cryptocurrency space.
EDCON is the essential Ethereum community event, emphasizing development, interoperability, and collective progress within the Web3 and blockchain sectors.
