Japan's tech giant Sony is making a bold step into Web3, starting with its own Ethereum L2 Blockchain solutions

Today marks one of the significant moments in blockchain history. The giant tech company Sony launched a collaboration with AstarNetwork. Throughout the history of blockchain, we have seen many different innovations. We've also encountered significant changes from the inception of Bitcoin to the birth of Ethereum. Despite the many projects that have emerged since these two pivotal moments, undoubtedly the most crucial initiative had been the world's first official launch of a blockchain network by a tech company, conducted by Sony. Last year, Sony announced it would launch a network with Startale. With this tech giant, known for significant projects like Playstation entering Web3, it is observed that it will undoubtedly lead other tech companies and introduce millions of daily active users to blockchain.

Joint project between Sony Group and StarTale Labs

Sony Block Solutions Labs, the joint venture between Sony Group and Startale, has revealed the development of Soneium, a next generation blockchain based on Ethereum Layer 2. The project leverages Startale's blockchain expertise and Sony's extensive experience in technology, content creation, finance, gaming and consumer electronics. The mission of Soneium is clear, to make blockchain accessible, scalable, efficient, all while improving transaction speeds and cutting down on fees.

The blockchain is tailored to support various applications,from gaming to finance, leveraging Ethereum's security and decentralization, but with superior processing capabilities. This move reflects Sony's commitment to bringing decentralized innovation into the daily lives of consumers, making it accessible to a broader, less tech-savvy audiences. Soneium will be the tool that allows Sony to explore new opportunities in the group's already established sectors such as entertainment and gaming, creating compelling use cases that will stimulate the interest of those who have never used Web3 services before.

Built using the Optimism blockchain ecosystem's OP Stack

Sony leverages Superchain, an innovative network of chains that share Optimism's OP Stack technology. This strategy positions Soneium at the forefront Ethereum scaling efforts as the superchain aims to expand its capacity to the Internet-level scale.

To further support Soneium's upcoming testnet launch, several established Web3 powerhouses, including Optimism, Circle, Alchemy, The Graph, and Chainlink, have joined as technology launch partners. These collaborations with key industry players aim to contribute to Soneium's robust ecosystem, enhancing its capabilities across various blockchain functionalities.

Plans to build its native token

But one of the thornier issues the Soneium network has to face is its native token. As the network was designed as a Layer 2, it currently does not have any native token, and it seems that the network will be using Astar's native ASTR token for the time being. But I think that is very likely to change. With the launch of its own network, Song is bound to attract a significant amount of attention to its various products in music, entertainment, and cinema sectors. With Sony likely to adapt many of its Sony products to the Soneium network, it would seem inevitable that transactions worth billions of dollars will take place daily on the Soneium network. It seems reasonable to think that the network would invest some of its profit to create its own native token in the future.

Futures plans after the launch of testnet

With the integration into the Superchain, Soneium is gearing up for its next development phase.The Soneium Testnet is set to launch at the end of August and will offer developers and creators a first hand experience of the platform's capabilities. This testnet will serve as an environment for building and testing applications. Developers can look forward to advanced tools and resources that will make creating innovative solutions that can scale effectively easier.

Sota Wantanabe, the CEO of Startale Labs and director at Sony Block Solutions Labs, outlined a three-phase plan for Soneium's development: the first year will focus on attracting Web3 users and developers to the platform. The second phase involves integrating Soneium with various Sony products, including Song Bank, Sony Music, and Sony Pictures. The final phase aims to onboard enterprises and decentralized applications (dapps) to further expand the platform's ecosystem.

Soneium's mission statement reflects its aim to create an inclusive platform that overcomes social, economic, and regional constraints. The project envisions a space where innovation flourishes, empowering individuals and communities to collaborate and create.

Japan's blockchain environment

One of the indisputable key issues here is the stance of the Japanese government on blockchain and cryptocurrencies following the entry into Web3 by Sony, one of Japan's largest companies. In recent months, we have all observed the Japanese government's support for Web3. Furthermore, it is known that blockchain will be used as a solution to economic tremors in Japan.

Considering Sony's approach to Astar Network and past superficial partnership with companies like Toyota Mitsubishi, Calbee, and Mazda, it may be inevitable that news of an ETF from Japan will emerge in the coming days. One of the primary reason for this Astar network's recent work on decentralization mechanisms and governance, and the diversification of investment tools following partnership with large companies. Although this is an opinion, it has significant underlying infrastructure. Japan's major role in the global economy will initiate an important revolutionary process here.There is no doubt that Sony has taken the first step in a new revolution today.

Sony's further expansion into Web3

Sony has show that they are not just dipping their toes into Web3 with Soneium- they're diving in headfirst with this project being just the tip of the iceberg. The company has been involved in blockchain initiatives before. In February, the company reported the launch of a non-fungible token (NFT) and decentralized autonomous organizations (DAO) incubation program in partnership with Astar Network and Startale Labs. Furthermore, Sony has also been entering the Web3 and metaverse markets, with the company declaring it would have a more comprehensive metaverse approach, even acquiring a 3D animation company to create a metaverse around entertainment.

Obviously, Sony's vision for Soneium goes beyond just creating a blockchain platform. The company aims to build an open internet that transcends cultural and geographical boundaries, empowering individuals and communities to collaborate and create. With Soneium, Sony is set to make blockchain technology a part of everyday life, driving mainstream adoption and fostering innovation across multiple sectors.