PLT Ecosystem White Paper Ι 001

Palette White Paper
０1｜Summary003

０2｜About Project004

2.1. Background2.2. Why NFT Matters2.3. NFT Market Expansion and Use Cases

０3｜Challenges and Solutions011

3.1. Challenges
3.2. Solutions

０4｜The Big Picture of the Project015

4.1. Token Economy Overview
4.2. Issuance and Recording of NFTs
4.3. Sales and Distribution of NFT
4.4. Participation in Palette Chain’s Governance

０5｜Technical Specifications019

5.1. Design Overview
5.2. Governance Function
5.3. Cross Chain Technology
5.4. Palette Token (PLT)
5.5. Non-Fungible Token (NFT)

０6｜About PLT

042

6.1. Token Sale (IEO) Overview
6.2. Distribution of PLT Holders

０7｜Roadmap

047

０8｜Team048

PLT Ecosystem White Paper Ι 002

０1｜Summary"Palette" is a blockchain network for issuing, managing and distributing
digital items. Users are free to transfer ownership of digital items andutilize them in applications.
In the past, the advent of the Internet brought information into thedigital space, and now with the advent of Bitcoin, the digitization ofcurrencies is about to be realized. Furthermore, with the advent of
Ethereum, various values beyond currencies have begun to circulate
on the Internet. On the other hand, since Ethereum is used in various
business areas and business models, issues such as soaring gas fees
and instability due to fluctuations in supply and demand are also
recognized.
Palette allows digital items to be handled as Non-Funjible Token (NFT)
on its own blockchain, Palette Chain. The Palette Chain is a blockchain
specifically designed for the issuance, management, and distribution ofdigital items in the entertainment field, and has been designed to fit
business models. Furthermore, Palette Chain can be connected tomultiple blockchains, including Ethereum, and can function as a crosschain platform that serves as a hub for the issuance and distribution of
NFTs.
Palette Token (PLT), a cryptocurrency, will be issued to ensure thestable operation of the Palette as a decentralized platform. By
developing foundations for NFT and cryptocurrency, we aim to bring an
update to the content industry which Japan takes pride in withblockchain technology.

PLT Ecosystem White Paper Ι 003

０2｜About Project
2.1｜Background003

The content industry has been positioned as an important area ofJapan's soft power and has been promoted as one of Japan's global
attractions. The media and content sector accounts for 47% (50.5billion yen) of the total investment by Cool Japan Fund, a public private
fund established in 2013 under the initiative of the Ministry of Economy,
Trade and Industry.
While the content industry is expanding, the economic and social
system is undergoing irreversible changes towards a “new normal” dueto the global epidemic. It is important to consider how the content
industry should respond to digitalization. We believe that blockchain
technology can be used as an important means to bring out the charmof content as digital items with the changing life style.
In September 2017, a new technical standard was proposed on
Ethereum, an open-source blockchain. With this new technicalstandard, the digital data which has been easily replicable, can now be
represented in a unique way. Digital data issued using this standard iscalled non-fungible tokens (NFTs). In the same year, CryptoKitties was
released and has since become a hit. It is a game for raising digitalcats and each CryptoKitty is a non-fungible token (NFT). After that,many applications that utilize NFTs have been also released.

1: Official homepage of Cool Japan Fund,
https://www.cj-fund.co.jp/about/company.html（Retrieved June 22, 2021）
2: Prime Minister's Office Intellectual Property Strategy Headquarters,"Intellectual Property Promotion Plan 2020-After the New Corona Intellectual
Property Strategy for "New Normal", May 27, 2020
3: ERC: Non-fungible Token Standard #721,
https://github.com/ethereum/eips/issues/721

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2.2｜ Why NFT Matters
The world view that Palette aims at is to utilize the power of NFT to003

visualize the various values which are produced every day and to
express them as economically valuable assets by circulating them on
the blockchain.
With the advent of the Internet, real-world information has beenbrought into the digital space as widely shared and replicable. Content
fields such as manga, sports, and music, which Palette focuses on, areshared in the digital space. By distributing and circulating thesecontents as NFTs on the blockchain, we believe that we can express
the economic value of digital data which has been difficult to berecognized in a new way, and find new markets in this area.
We also believe that NFTs will play an important role in thedevelopment of digital spaces such as VR. The recent epidemic ofinfectious diseases has dramatically increased the amount of time
people spend living online, blurring the line between the real and thedigital. In an age where people are spending more and more time inthe digital space, I believe that what will be important is the texture of
information as an "actual thing" which does not actually exist though.
By issuing information as an unreplicable "actual thing" on theblockchain, the digital space will feel more like the real world, and I
believe that the real and the digital will coexist as inseparable entities
in the future. In such a world, daily economic activities will be recordedon the blockchain, and a network of robustness and value will be madevisible by NFT.

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Specifically, we believe that NFT will enable digital items to acquire
three major characteristics, which are data uniqueness, secure003 andtransparent secondary distribution, and interoperability among
services. We believe that these features will create new networks andvalues in the society with NFT clarifying the ownership of digital items,
which used to be just data that could be reproduced on the Internet.
2.2.1 Data uniquenessOne of the reasons why digital items have not become widespread in
the midst of digitization is that it is difficult to guarantee the uniquenessof an item because existing digital data can be easily duplicated oraltered, making it difficult for users to feel that they own the item. Whendata can exist in a form that cannot be duplicated or tampered with,digital items will gain value as "actual thing" like actual products, then a
new world view will be created.
In NFT, each token is given unique data corresponding to the ID andservice, and this is proved on the blockchain to guarantee uniqueness.
Although NFTs are digital items, they are published and recorded on
the blockchain, so there is no need to stay in an app or game. In otherwords, if the service ends, the NFT will not disappear and will exist on
the blockchain.

2.2.2

Secondary distribution safety and transparency

Another feature of blockchain is the secure secondary distribution ofdigital items. When considering the secondary distribution of digital
items, there are various issues. First, determine the authenticity ofdigital items. Since all the history of NFT issued on the blockchain canbe traced and checked, it can be confirmed that whether it is an item

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that does not go through authenticity or illegal transactions. In addition,003

in secondary distribution transactions, escrow services are usuallyrequired because digital items and money must be sent to each other.
However, digital items issued on the blockchain can securely send
NFTs and cryptocurrency at the same time through smart contracts
without going through the escrow service.

Real money trading (RMT), which buys and sells digital items, iswidely carried out mainly in the game industry, and its market size issaid to be over 260 billion yen 4. By utilizing NFT, we believe that it
will be possible to create a new market by guaranteeing improved
ownership of digital items and safe secondary distribution outside thegame industry.

4: ChillStack, Inc., "RMT Market Analysis Report", August 28, 2019

PLT Ecosystem White Paper Ι 007

2.2.3

Mutual use between services003

In addition, you can develop multiple apps that can use published
NFTs, so you can use the same NFT for different services. In otherwords, by using blockchain, it is possible to bring digital items directly
owned by oneself to different services and apps and use them, insteadof owning digital assets only within a specific service. For example, by
issuing fan club membership as an NFT, it is expected that the history
and contributions of multiple fan clubs can be managed collectively,
and that items issued as an NFT within a certain service can be usedin different games.
In addition, the Palette can interoperate with multiple publicblockchains such as Ethereum, allowing NFTs to move freely between
different blockchains. Therefore, NFTs published on the Palette canalso be used in applications on Ethereum.
Currently, people are spending more time in the digital space as theywork toward "new normal." Establishing a content economic zone in adigital space where there are no geographical conditions andpromoting user retention is an important issue. Palette sees NFTs,
which exist as "actual things" by ownership on the blockchain, as a
new community means between content and its users in the digitalspace. We also believe that co-creation between economic zones will
be promoted if people own NFTs and move between different
economic zones.

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2.3｜ NFT Market Expansion and Use Cases
NFT was proposed as a new token standard on Ethereum, an open003

source blockchain in September 2017, and became a hot topic in
December of the same year when NFT of a service called
CryptoKitties was traded for an amount exceeding 10 million yen5. In
CryptoKitties, the one and only Kitty (cat character) is compatible witheach NFT, and although it is a digital item, it can be cultivated with thefeeling of being a unique pet.
Following the success of CryptoKitties in 2018, we can see that therelease of services utilizing NFTs on Ethereum is expanding rapidly(Fig. 1). From around June 2018, when market services such as
OpenSea 6 that enables safe secondary distribution of NFTs began to
be developed, the number of NFT contracts registered on Ethereum
began to gradually increase, and from December 2017. By November
2020, the average monthly growth rate has increased by 15.53% 7.
Cumulative number of NFTs (by title)

Figure 1. Cumulative number of NFTs issued on Ethereum

5 : Kitty Explorer, https://www.kittyexplorer.com/prices/
6: OpenSea, https://medium.com/opensea/offer-crypto-for-your-favoritecollectibles-16f07908b214
7: From May 2020, the number of issued NFTs is slowing down temporarily due
to soaring gas prices on Ethereum

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As mentioned above, the use cases of NFTs on Ethereum have
expanded since 2017, and DeFi applications such as Compound andUniswap have become widespread in 2020 8, and the demand
003fortransactions on Ethereum is increasing.

Under such market conditions, multiple blockchains that specialize inuse cases such as NFT and entertainment areas have appeared. An
example is the blockchain Flow developed by Dapper Labs, theprovider of CryptoKitties. As of May 26, 2021, "NBA Top Shot," which
is a typical example of an application built on Flow, has sales of over $700 million (about 76 billion yen) and has reached 1 million users 9. In
addition, projects focusing on NFT such as LINE blockchain 10 and
WAX blockchain 11 have appeared.

Despite these market conditions, knowledge related to blockchain isalso important for the development of services using NFTs. Given that
free and easy issuance and sales of NFTs have been realized,
concentration on service development using NFTs is difficult. Just as
the development of secondary secondary markets such as OpenSea
improved user convenience and supported the expansion of NFTs, thedevelopment of NFT-related services will be facilitated and the newmarket of NFT will be expanded by developing a platform for issuingand selling NFTs.

8 : https://www.boj.or.jp/research/wps_rev/rev_2021/data/rev21j03.pdf,
Bank of Japan Review, April 2021
9 : https://www.coindeskjapan.com/109980/, May 26, 2021
10 : https://blockchain.line.me/ja/whitepaper/
11 : https://on.wax.io/wax-io/

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０3｜Challenges and Solutions
3.1｜ Challenges

003

As mentioned above, there is great potential for the market to berealized by the spread of NFTs, but in the entertainment area where
Palette are focused, there are still issues to be solved at present for
further market expansion, and the main example is Ethereum. So, I
think there are four major issues.
3.1.1

Instability of gas fees

Currently, the Ethereum blockchain used in major applications such as
NFT uses ETH, which is a cryptocurrency, as a payment method. The
ETH required as a fee is determined based on supply and demand, andthe fee rises as the network becomes congested.
Ethereum is designed as an open-access, general-purpose blockchain
and is known for its wide range of use cases, including new
cryptocurrency issuance, decentralized finance (DeFi), and NFT. In
particular, gas fees, which have soared due to demand from DeFi
applications with high unit prices, are unacceptable for applications that
handle NFTs with relatively low unit prices, and may be inconvenient for
both users and businesses.
3.1.2

Deterioration of user experience due to gas fees

Despite the soaring gas fees, we believe that the fact that users have toown cryptocurrency such as ETH and pay gas fees in order to use
applications related to NFT is also an issue from the viewpoint of
convenience. In recent years, proposals have been made to respond tosoaring gas fees such as layer 2 technology and side chains, but in the
NFT area, we believe that a design in which the user experience does
not include paying gas fees is also important.
PLT Ecosystem White Paper Ι 011

3.1.3Lack of cross-chain infrastructure003

The third issue is that the cross-chain infrastructure is not wellorganized to allow NFTs to move freely between different blockchains.
One of the attractions of NFT is that even digital items issued and soldin a certain application can be widely distributed via the blockchain, notjust within the service. Therefore, it is possible to use the same NFT for
multiple services. Here, if we can move freely between various
blockchains, not just Ethereum, it is thought that the expansion of theeconomic zone centered on NFTs will be further promoted.
3.1.4

Governance on blockchain

The fourth issue is about the governance on updating the blockchain
specifications. Ethereum, a general-purpose open source platform, hasdiverse stakeholders with different incentives due to the existence of
applications in a wide range of areas as use cases. In addition, thedeveloper community and the entities that operate many Ethereum
nodes are widely dispersed and updates of the specifications needconsents from multiple parties. Therefore, it is generally difficult to
update the blockchain design or add functions specifically for NFT andentertainment areas.

3.2｜Solutions
To address these issues, Palette proposes to use a private chain
specialized for NFTs instead of issuing NFTs on Ethereum. Private
chain refers to the case where the administrators of the blockchain
network are limited. At Palette, Palette Consortium which is composedof many companies will build a consortium-type private chain "Palette
Chain" in charge of operating the blockchain.

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Ethereum can be used as a blockchain platform with unlimited uses,
and has the properties of a general-purpose computer. Therefore,
003 while
various applications exist and the economic zone expands, it is overengineered for specific areas such as NFT. Just like the invention ofgame machines for personal computers, we believe that blockchainsspecialized in NFT and entertainment will be the solution.

Figure 2. Image changing from general purpose (left) to area specialization (right)

By using the Palette chain, we believe that we can provide the following
solutions to the four issues mentioned in the previous section.
3.2.1

Stabilization of gas fees

At Palette, we use the Palette Chain, which is a blockchain specialized
in the entertainment field as for Ethereum, which is a decentralized
world computer. Applications built on the Palette Chain are focused on
the entertainment areas, so it is possible to avoid instability of gas fees
due to applications such as DeFi which generates transactions with highgas fees and high frequency.
3.2.2

Gasless design for general users

At Palette, gas fees for NFT transfers are free so that users canpurchase and send NFTs without using any cryptocurrencies including
PLT. Cryptocurrency and NFTs are both assets issued on theblockchain, but they do not necessarily have to coexist. Palette helps
make NFTs more widespread by free charge of gas fees.
PLT Ecosystem White Paper Ι 013

3.2.3 Development of cross-chain infrastructure003

At Palette, it is possible to transfer from the Palette Chain to multiple
blockchains including Ethereum. A cross-chain module called Poly
Network is used to connect the Palette Chain and other block chains.
Users are free to move NFTs between blockchains such as Ethereum,
Neo and Ontology.

3.2.4 Governance by consortium
At Palette, the Palette Consortium governs changes of Palette Chain
specifications. Palette is a blockchain network optimized for content
distribution using NFT, and it is possible to make decisions specific tothat application. Members of the consortium, who are also Palette's
stakeholders will carry out decentralized governance on gas fee systemand cross-chain design.
When using a private chain including a consortium type such as Palette,
there is a demerit that the characteristics as a decentralized system arelost because the blockchain is operated centrally compared to a publicblockchain such as Ethereum. Therefore, Palette will build adecentralized consortium with cryptocurrency as a reward. In Palette,
crypto assets serve as an incentive for participants participating in the
consortium to operate the private blockchain in a decentralized manner.
In addition, by distributing different contents on the same blockchain, we
aim to promote collaboration that transcends the boundaries of contents
and expand the economic zone while enhancing the network effect.

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０4｜The big picture of the project
Palette is a decentralized NFT platform consisting of three players:

003

users, Palette Consortium, and content holders. The Palette
Consortium operates the Palette Chain, which is a private blockchain,providing the functions of issuing, distributing, and secondary
distribution of NFTs.

4.1｜ Token Economy Overview
By using the Palette Chain, content holders will be able to publish theirown content as NFTs on the blockchain. When issuing an NFT, PLT
will be paid as gas fee. Users can get NFTs of the content they
support from the content holders. In addition, by holding acryptocurrency, PLT, users can participate in blockchain governancethrough the Palette Consortium through the voting function, and canearn the PLT required to purchase NFTs as a reward. The Palette
Consortium manages the Palette Chain in a decentralized way andcan receive the gas fee as a reward which is paid by the content
holders when issuing NFTs.

Figure 3. Overview of the Palette ecosystem
PLT Ecosystem White Paper Ι 015

4.2｜ Issuance and Recording of NFTs
NFTs in the Palette ecosystem are issued on the Palette Chain, a003

consortium-type private chain. The Palette Chain uses the Proof of
Authority (PoA) as a consensus algorithm which is operated stably bymultiple reliable companies.
When the content holders publish a new NFT, PLT is paid as fees andthe Palette Consortium generates the NFT on the blockchain. The PLT
paid here is stored in the Palette reward pool managed by the smart
contract. In addition to the fee income from using the blockchain, a partof the total amount of PLT issuances will be allocated to the Palettereward pool as an ecosystem reward at the initial stage of launch, andwill be used for the stable operation of the Palette Chain. Eachcompany participating in the consortium will earn management feesfrom the Palette compensation pool according to the amount of PLT
they hold.

Figure 4. Issuance and recording of NFTs on the Palette Chain

PLT Ecosystem White Paper Ι 016

4.3｜ Sales and Distribution of NFT
003
Content holders can freely distribute and sell NFTs issued on the
Palette Chain to users on their own services. Even in the distribution of
NFTs, the history is recorded on the Palette Chain. In addition, users
can exchange, buy and sell NFTs, and such secondary distribution isprocessed while maintaining transparency on the Palette Chain.
As an NFT primary distribution service from content holders to users,
we released a test product of "Comikabu" specialized in the manga
field in May 2020, and 5,000 NFTs were sold out in 6 days. Comikabu
issues NFTs on Ethereum, and the secondary distribution of theissued NFTs is realized in collaboration with external services such as
miime and OpenSea. In the future, we plan to publish NFTs of mangaand other contents on Palette Chain. When content holders publish
NFTs on the Palette Chain and release application services that utilize
them, Palette will also implement a grant program to support
application construction.

Figure 5. Sales and distribution of NFTs on Palette Chain

PLT Ecosystem White Paper Ι 017

4.4｜Participation in Palette Chain’s Governance
PLT holders can delegate their PLT to specific members of003
the Palette
Consortium and participate in the governance of the Palette Chain.
Delegation refers to locking your PLT to a specific node. As explained
in detail in Chapter 5, the ecosystem rewards that nodes participatingin the Palette Consortium receive in PLT are proportional to theamount of PLT each node has. That is, a node can earn more rewards
by being delegated a PLT from a PLT holder.
PLT holders can evaluate the nodes participating in the consortiumand distribute more rewards to specific nodes through a delegation
mechanism. Therefore, PLT holders, including users, act as auditorsof the Palette Consortium and promote the sound operation of theentire Palette Ecosystem.
The delegation mechanism increases the amount of compensationthat each company participating in the consortium receives, so it ispossible to return part of that compensation to PLT holders at any rate
(described later in Chapter 5). Since the rate of return is arbitrarily
determined for each company, competition among nodes is also
promoted. In addition, if the content holders themselves also
participate in the Palette Consortium, various designs are expected,
such as distributing their own content's NFT as delegation fee.

Figure 6. Participation in Palette Chain governance

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０5｜Technical Specifications003
5.1｜Design Overview
5.1.1

Palette Chain

The Palette Chain is a consortium-type private blockchain using
Quorum 12 . Quorum is a private blockchain developed by JPMorgan
Chase, a major US financial company, based on the public blockchain
Ethereum. Also known as a permission-type blockchain, it canmanage access rights to the blockchain network and is operated by aspecific authorized company.
The Palette Chain limits network participants to palette ecosystem
partners (Palette Consortiums), enabling high-speed processing with asmall number of nodes while achieving decentralization. Here, thepartners who participate in the Palette Consortium are called“members”. At the beginning of the Palette Chain's launch, we plan tooperate with more than 10 validator nodes, and we plan to add morenodes as the number of members expands.

12 : Quorum, Github, https://github.com/jpmorganchase/quorum/

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■ Overview of Palette Chain

003
Blockchain name

Palette Chain

Technology baseQuorum●Issuance and distribution of NFT

Main applications

Consensus algorithm

Node operator
Node operation reward●Building an application using the issued NFT

Proof of Authority, PoA

Palette Consortium
PLT
Rewards will be distributed to participants in the Palette
ecosystem as follows:●Node management fee: Distributed according to the numberof locked PLTs

Distribution of rewards- Number of PLTs locked by each member-

Number of PLTs earned by each member by delegation●User reward: Distributed according to contribution to theecosystem
The reward distribution system is subject to change at thediscretion of the Palette Consortium.

On the technical operational side, Hashpalette will add new nodes to join the Palette
Consortium. However, participating in the Palette Consortium as a new member requires
off-chain approval by the consortium and lockup of a certain amount of PLT.

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■ Overview of Palette Chain's Reward Design003

Figure 7. Reward distribution flow on the Palette Chain

5.1.2

Ecosystem rewards

34% (340,000,000 PLT) of the total PLT issuance will be allocated as
an ecosystem reward of the Palette Chain and will be distributed tomembers and users of the Palette Consortium over a six-year period.
Each time a block of Palette Chain is generated, a certain amount will
be unlocked and transferred to the Palette reward pool. The total
number E of ecosystem rewards transferred to the Palette reward poolis expressed by the following relational expression.

PLT Ecosystem White Paper Ι 021

（1）
003
（2）

（3）

5.1.3

Gas fee design

To improve the user experience, users can use some transactions in
the Palette Chain for free. This means that users who send specifictransactions on the Palette Chain do not have to pay gas fees.
However, as an incentive to the Consensus Node, we will set gas fees
for some of the operations listed below, and the fees incurred will be
distributed to the Palette Consortium via the Palette reward pool.

PLT Ecosystem White Paper Ι 022

003

Figure 8. Gas fee design

A gas fee will be charged on the Palette Chain in the following cases.
◆ Issuing (deploying) NFT contracts◆ Issuance of NFT

ⅰ. Issuing (deploying) NFT contracts
All NFT projects can issue NFT contracts on the Palette Chain, but
you will have to pay a gas fee with PLT.

ⅱ . Issuance of NFT
If the NFT contract is successfully issued, the NFT project canissue a new NFT on the Palette Chain. The gas fee required to issue
an NFT will be paid with PLT. Also, since the PLT price is not always
constant, the commission fee will be adjusted according to the voting
system which will be described later.

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Therefore, the PLT transferred to the Palette reward pool as gas fee G
is shown below using the NFT contract issuance fee gcontract
and the003
NFT issuance fee gmint.
（4）

5.1.4

Reward distribution design

The Palette Consortium that operates the Palette Chain can get PLT
as a reward from the Palette reward pool. P, the total number of PLTs
stored in the Palette reward pool consists of the ecosystem reward E,
which uses 34% of the total number of PLT issuance, and the gas fee
G collected on the Palette.

（5）

P： Total number of PLTs held by the Palette reward pool
E： Ecosystem rewards transferred to the Palette reward pool
G：Total number of PLTs transferred as gas fees to the Palette reward pool

The PLT stored in the Palette reward pool will be distributed tomembers and users of the Palette Consortium. Here, the distribution
to the consortium members is defined as the node operation reward
Rn, and the distribution to the Palette users is defined as the user
reward Ru. Node management rewards are distributed to eachmember of the consortium every three days, user rewards are stored
in the user reward pool, and then managed and distributed to users
by Hashpalette.

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ⅰ. Node management reward
Node management reward Rn are distributed according to 003
theamount of PLT locked by each member. The node management
reward Rn, i of each member participating in the consortium arecalculated by the following relational expression.

（6）Here, the total number of PLT Li locked by each member includes the
mandate from general users, which will be described later. By
contributing to the robustness and transparency of node operationand the activation of the ecosystem, it is possible to collectdelegations from users and increase node management rewards.
That is, the total number Li of PLT locked by each member is shown
below.
（7）

In other words, the node management reward received by eachmember can be expressed as follows.

（8）

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ⅱ. User reward
In building the Palette ecosystem, users (including businesses) who
participate in the platform are important players . As user rewards, apart of the Palette reward pool is allocated according to the following
relational expression.
（9）

Ru ： User reward
α ： Percentage of Palette reward pools distributed to user rewards (α = 0.20)* α = 0, 6 years after launch
P ： Total number of PLT held by the Palette reward poolIn the long run, we are considering automating the distribution target
of user rewards by algorithm, but in the early stage of ecosystemconstruction, it will be examined and distributed by Hashpalette or
the Palette Consortium. In addition, user rewards will be abolished
six years after building a self-propelled ecosystem, and direct
rewards will be distributed to users only by mandate rewards.

5.1.5

Delegation

Users and general investors participating in the Palette ecosystem canalso participate in the governance of the Palette Chain by delegating
their PLT to specific members of the Palette Consortium. Here,delegation means to associate the PLT you have with a specificmember and lock it on a smart contract.

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Node management rewards are proportional to the amount of PLT
that members have locked, so more delegated members will receive
more rewards. Members can also distribute PLT as a delegation fee
to PLT holders who perform delegation. Each member can set any
percentage of the PLT received as a node management reward as adelegation reward. The percentage set here can be arbitrarily
determined by each member in the range of 0% to 100%.The
delegation fee Rd, j from the member to the delegating user iscalculated by the following relational expression.
（10）

In this way, the delegation by PLT holders is equivalent to a voting
system that affects the distribution ratio of node management rewards
distributed from the Palette reward pool to each member in the Palette
ecosystem. Governance by PLT holders is expected to increase thetransparency and robustness of node operations by members, andmembers participating in the Palette Consortium will be able to receive
more rewards through delegation.

In addition, there is a limit to the amount of PLT each member can bedelegated to. Users can be delegated up to four times the amount of
PLT that each node locks up on its own.

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5.2｜Governance Function
There are two major different ecosystems on the Palette, each with its
own governance function. The first is governance by the Palette
Consortium, where decisions are made regarding the Palette Chain
from which NFTs are issued. The other is governance regarding theissuance of additional PLT. It is managed entirely by smart contracts
on Ethereum, independent of the operation of the Palette Chain, and
all PLT owners can participate in governance.
The operation of the Palette Chain by the Palette Consortium and theissuance of new PLTs on Ethereum are independent, so thegovernance of one does not affect the other.
5.2.1 Governance for Palette Chain
Members of the Palette Consortium can participate in the necessary
decisions regarding the Palette Chain. Voting targets for Palette Chain
include changes of the gas fee structure. Voting takes place throughsmart contracts on the Palette Chain and is reflected by the approvalof more than two-thirds of the members of the Palette Consortium.

Each member can get a voting ticket proportional to the amount of
PLT they have locked and participate in governance voting.

5.2.2 Governance for token issuance
PLT will be issued on the Ethereum blockchain as ERC20 tokens witha total amount of 1,000,000,000 PLT at the time of launch of the
Palette Ecosystem. Six years after the initial issuance, all PLT will be
unlocked, at which point PLT holders will be able to propose newissuance of PLT and vote for approval. Voting takes place on

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Ethereum smart contracts, and all PLT users can submit proposals
and participate in voting. Each stakeholder is given the right to voteaccording to the amount of PLT held. The proposal will be approved
with the approval of at least two-thirds of the valid votes.

5.3｜Cross Chain Technology
As mentioned above, Ethereum and Palette Chain are operated
independently as different blockchains, and NFTs and PLTs issued byeach blockchain are not interoperable.

Therefore, in the Palette, the cross-chain technology is used toconnect Ethereum, which issues PLT, to the Palette Chain, whichissues NFT. Users can lock PLT by sending their PLT to smart
contracts on Ethereum and use PLT on the Palette Chain as well. The
amount of PLT held by each user is recorded on the smart contract,and it is possible to activate the smart contract at any time and retrieve
the locked PLT to the address on Ethereum.

By utilizing cross-chain technology, PLT, which is a crypto asset, canbenefit from liquidity and price stability on the public Ethereum
blockchain, and meanwhile users can use services with PLT and NFT
without problems such as gas fees and transaction clogging.

PLT Ecosystem White Paper Ι 029

5.3.1 About cross chains
Cross-chain is a protocol for realizing interoperability between
blockchains and building the next-generation Internet. Poly Network, across-chain protocol used in Palette, is based on side-chain and relay
modes and uses a two-tier architecture. Poly Network uses Poly Chain
as a cross-chain coordinator and adopts a structure called relayer as a
porter of cross-chain information. By solving chain data reliability,
security, transaction problems, etc., we have realized a safe, easy-touse and efficient cross-chain system.
Features of cross-chain technology
・Easy integration
・ Cross-chain support for multiple blockchains
・ Secure and reliable cross-chain protocol based on cryptography

13: Poly Network, Github, https://github.com/polynetwork

PLT Ecosystem White Paper Ι 030

5.3.2 Framework for connecting Ethereum and Palette Chain

Figure 9. Cross-chain overview

As shown in Figure 9, the cross-chain framework consists of Palette Chain, relayers, Poly
Chains, Ethereum relayers, and the Ethereum they work with. The user's proof oftransaction on Ethereum is first transferred by relayers to the Poly Chain, and then by eachrelayer to the Palette Chain.

About each layer◆Cross-Chain Coordinator: Poly Chain is a key component of the cross-chain ecosystem,

validating cross-chain messages and communicating information between relayers.
◆Relayer: Every chain has a relayer that monitors the transactions taking place on thecorresponding network. They basically send transaction information to the Poly Chain andconnect to the outside world.
◆Palette Chain: Palette Chain is a consortium block-chain and NFT issuing platform. By

using a Poly Chain, it is possible to cross-chain with Ethereum.

PLT Ecosystem White Paper Ι 031

5.3.3 Flow of PLT tokens from Ethereum to Palette Chain on cross-chain

Figure 10. Transfering PLT from Ethereum Palette Chain

The process flow of cross-chain transactions from Ethereum to Palette Chain is as follows.

ⅰ When a user sends a cross-chain transaction to Ethereum, it calls a contract to lock the
PLT token to the user account. After checking the user's balance, the user's PLT is locked in
the contract and a cross-chain message is generated and stored in the block header of thenext block.
ⅱ. Ethereum relayers are constantly checking for cross-chain transactions from Ethereum,and upon receiving a cross-chain message, they will obtain proof of this cross-chain
message and send the cross-chain transaction to Poly Chain.
ⅲ. If the cross-chain message is successfully validated, the Poly Chain verifies if the crosschain transaction is valid then Poly Chain will generate a new cross-chain message.
ⅳ. The Palette Chain relayer confirms the cross-chain transaction from the Palette Chain,
and when it receives the cross-chain message, it gets the proof of this cross-chain message
and sends the cross-chain transaction to the Palette Chain.
ⅴ.

When the Palette Chain receives a cross-chain transaction, it verifies that the cross-chain message is valid. This will call the same contract (PLT) as Ethereum's ERC20 andissue the same amount of PLT to the user wallet on the Palette Chain.
PLT Ecosystem White Paper Ι 032

5.3.4 Flow of PLT tokens from Palette Chain to Ethereum in cross chain

Figure 11. Transfering the PLT from Palette Chain to Ethereum

The processing flow of the cross-chain transaction from the Palette Chain back to Ethereum is
as follows.
ⅰ. When the user sends a cross-chain transaction to the Palette chain, the Palette chain
calls the contract to write the PLT to the user account. After checking the user's balance, thecontract incinerates the PLT of the user account, generates a cross-chain message and storesit in the block header of the next block.
ⅱ. The Palette Chain relayer is constantly checking for cross-chain transactions from the
Palette Chain, and when it receives a cross-chain message, it gets proof of this cross-chain
message and sends the cross-chain transaction to the Poly Chain.
ⅲ. Poly Chain verifies that the crosschain message is valid and generates a new crosschain
message.
ⅳ. Ethereum Relayer constantly confirms cross-chain transactions from Poly Chain, and if it
receives a cross-chain message, it will obtain proof of this cross-chain message and send thecross-chain transaction to Ethereum.
ⅴ. If Ethereum receives a cross-chain transaction, check the validity of the cross-chain
message. After confirmation, call the PLT contract to unlock as many PLTs as incinerated on
the Palette Chain.
PLT Ecosystem White Paper Ι 033

Also, when connecting from the Palette Chain to Ethereum using thecross chain, the tokens that can be moved are not limited to
cryptocurrency such as PLT. It is possible to lock the NFT issued on
the Palette Chain to the smart contract on the Palette Chain and issue
the corresponding NFT on Ethereum.
Therefore, users can not only receive NFT primary and secondary
distribution services on the trading platform built on the Palette Chain,but also move NFTs on Ethereum and trade on NFT exchanges on
Ethereum such as miime and OpenSea.

5.4 Palette Token (PLT)
5.4.1 Issuing blockchain: Ethereum
Ethereum, a public blockchain, is used to issue the crypto asset PLT
used in the Palette. Ethereum was conceived by Vitalik Buterin in2013 and was academically organized by Gavin Wood et al 14. After
that, a test product was launched in 2015, and it is an open source
distributed application construction platform that has been
continuously operated since then.
Blockchain can be broadly classified into public chain and private
chain. The public chain is accessible to everyone from the Internet,
and the authority to generate transactions and blocks is open to
everyone. On the other hand, in a private chain, the authority toapprove transactions is limited to a specific node, and it operates in aclosed community.

14: Buterin, V., 「Ethereum white paper」, GitHub repository, 22-23.

PLT Ecosystem White Paper Ι 034

For the issuance of PLT, the adoption of public blockchain is expected
to improve the liquidity and price stability of PLT, and also to promote
the participation of a wide range of users beyond the ecosystem in the
network.

When comparing Ethereum with other blockchains, PLT is issued
taking into consideration the number of network users participating in
the ecosystem, the degree of activity of the community, the activity of
application development, and the fact that the development
environment is in place. We have adopted Ethereum as the technicalfoundation for the application.

PLT Ecosystem White Paper Ι 035

5.4.2 Technical standard ：ERC20
The PLT issued on Ethereum adopts Ethereum's original token
standard called ERC20. ERC stands for Ethereum Request forComments and represents individual token standards by assigning
numbers to new implementation proposals on Ethereum. ERC20 was
proposed and discussed by Vitalik Buterin et al. 15 16, and published in2015 17. Since then, ERC20 has been used as a typical token standard
when issuing new crypto assets on Ethereum 18.

5.4.3

Utility

Palette Token (PLT) is a cryptocurrency issued on Ethereum, and in
the Palette ecosystem, PLT mainly has the following utilities.
Utilities related to Palette Chains ：◆Payment of NFT issuance fee◆Payment of Palette Chain node management fees
◆Delegation to members of the Palette Consortium

Built on a Palette Chain
Applications related utilities ：◆ Buy NFT
◆ Granting rights by holding PLT◆ Subscription payment

15: https://github.com/ethereum/wiki/wiki/Standardized_Contract_APIs/499c
882f3ec123537fc2fccd57eaa29e6032fe4aStandardized_Contract_APIs
16: https://github.com/ethereum/EIPs/issues/20
17: https://github.com/ethereum/EIPs/blob/master/EIPS/eip-20.md
18: https://etherscan.io/tokens

PLT Ecosystem White Paper Ι 036

Payment of
NFT issuance
fees

Payment of NodeOperation Fees
for Palette Chain

Delegation to
the Members of
the Palette
Consortium

Buying NFT

Granting rights byholding NFT

Subscription
payment

Figure 12. PLT's Utility

In addition to these utilities, content holders participating in the Palette ecosystem can build
their own applications that leverage NFTs, in which case PLT utilities may also be added.
ⅰ. Payment of NFT issuance fee

When a content holder issues an NFT on the Palette chain, the fee must be paid by PLT. The
PLT used for payment is stored in the Palette reward pool and then distributed to members of
the consortium as node operation fees for the Palette chain. All movement of these PLTs
takes place on the Palette chain.
If the amount of NFTs issued increases as the Palette ecosystem expands, the revenue of the
Palette reward pool will increase. In the early stages of launching the ecosystem, we are also
considering paying the cost equivalent to the NFT issuance fee on behalf of the content holder
by using the marketing cost that is part of the IEO sale.
ⅱ. Payment of Palette chain node management fees

As mentioned above, the PLT stored in the Palette reward pool is distributed as a nodeoperation reward to the Palette consortium that operates the Palette chain. PLT acts as an
economic incentive to keep the Palette chain stable.
As mentioned earlier, more content holders will join the Palette ecosystem and issue NFTs toincrease revenue in the Palette reward pool. In other words, assuming that the total number ofnodes operated by the Palette consortium is constant, the node operation fee of each member
will increase as the amount of NFT issuance increases.
PLT Ecosystem White Paper Ι 037

ⅲ. Delegation to members of the Palette Consortium

As mentioned above, each member can increase the nodemanagement fee by being delegated by a general PLT holder. Here,
since each member is willing to receive more delegation from theusers, there is an incentive to compete among the members byadjusting the partition coefficient β of the delegation fee to the users.
Here, PLT holders can delegate PLT by selecting the member who canbring them the highest delegation rewards. In addition, the PLT earned
from the delegation reward can be used for delegation again.

ⅳ. Buy NFT

With the service built on the Palette chain, it is possible to makepayments using PLT in addition to Japanese yen payments using credit
cards. In applications released on the Palette chain, there is no fee for
PLT payment, so it is possible to set a discount rate compared to credit
card payment.
PLT acts as a payment method for seamless value transfer in the
Palette ecosystem.

ⅴ. Granting rights by holding PLT

Applications on the Palette Chain can grant specific rights to PLT
holders. Accounts (users) who meet the PLT holding conditions canuse the rights set for each service.
The following is an example of PLT holding conditions and confirmation
method.
◆ Have a wallet linked to the service account provided by theapplication on the Palette◆ Must have more than the standard amount of PLT in the wallet

PLT Ecosystem White Paper Ι 038

By checking the wallet balance linked to the service on the Palette
Chain, you can confirm the possession of PLT. It is possible to grant
specific rights to accounts that have been confirmed to have PLT.
The number of PLTs held, the duration of holding, and the confirmation
method may differ or change depending on the service.
Examples of rights granted include access to pre-sale of NFTs andvoting tickets for community voting.

ⅵ. Subscription payment

Applications on the Palette Chain can implement PLT subscription
payments. Users can use the subscription services provided by eachapplication by paying for PLT.

5.5｜Non-Fungible Token (NFT)
5.5.1 Issuing blockchain ：Palette Chain (Quorum)
We choose Ethereum, a public blockchain, as the PLT issuanceplatform, while we choose Quorum, which is an optimized version of
Ethereum as a private chain, as the technical platform for NFT
issuance. Quorum is a private blockchain developed by US financial
giant JP Morgan Chase.

Ethereum, the basis of Quorum, has been extensively researchedsince its launch in 2015 and can use smart contracts and token
standards that allow for flexible design. In the Palette chain, in addition
to PLT, by using the token standard called PRC721, which will be
described later, it is possible to issue tokens that can record various
information for each work.

PLT Ecosystem White Paper Ι 039

5.5.2 Issuance standard ：PRC (Palette Chain Request forComments) 721
The NFT issued on Ethereum uses a typical token standard called
ERC (Ethereum Request for Comments) 721. In the Palette chain,
PRC721 is implemented as the same specifications as Ethereum's
ERC721, and NFT is issued according to this standard.
In the Palette, NFT records the user's contribution to the content
holder and also realizes secondary distribution. This is a token
standard implemented on Ethereum, but it is also reflected in the
Palette chain.
Prior to the proposal of ERC721, Ethereum could only handle
alternative tokens (fundable tokens) using the ERC20 standard.
However, with the advent of ERC721, each token can contain unique
metadata, and each token can be represented as unique. In addition,
the Palette Chain inherits the contents corresponding to
OpenZeppelin's ERC721 library commonly used in Ethereum.
5.5.3 Use of NFTs in applications
NFTs can be issued and transferred on the Palette Chain. NFTs
issued by content holders can be purchased and used in applications
provided by each company, and can also be used as a marketing toolby each company through free distribution. Furthermore, since the
NFTs issued by each content holder exist in the same standard andon the same blockchain, system cooperation is easy. Therefore,
mutual use between contents is also possible.
Applications on the Palette Chain are assumed to be decentralizedexchanges for NFTs and new application services by content holders.
To facilitate application development by content holders, we plan toimplement a Palette grant program to support development costs andpromote the expansion of the ecosystem available to NFTs.
PLT Ecosystem White Paper Ι 040

We are also planning to develop a secondary trading function that allows you to buy and sell
NFTs with an application on the Palette Chain. The transfer of NFT in the secondarytransaction is done on the Palette Chain, and the user does not have to pay the gas fee, so it
is possible to manage and trade NFT without preparing cryptocurrency and managing private
keys.
In addition, content holders can also add the function to transfer NFTs from the Palette Chain
to Ethereum using the cross-chain technology described above. Therefore, NFTs issued by
the Palette Chain can be used by applications outside the Palette Chain such as Ethereum.

Comic
Animation
Art

Contents
from Japan

Game

Music

Sport

Figure 13. Image of cross-chain

PLT Ecosystem White Paper Ι 041

０6｜About PLT
6.1｜Token Sale (IEO) Overview
PLT is issued on the Ethereum blockchain based on the ERC20 standard, and falls under theso-called "No. 1 cryptocurrency" stipulated in Article 2, Paragraph 5, Item 1 of theAmendment Fund Settlement Law.

Sales of PLT will be carried out on "Coincheck IEO", an IEO platform operated by Coincheck.
Details are as described in "Token Sale (IEO) Overview" below.

The usage status of the funds raised by IEO will be published regularly on the website of theissuer, Hashpalette Inc.
■ Token Sale (IEO) Overview
Token name

Palette token（Palette Token）

The issuer

Hashpalette Inc.

TickerPLT

Token standard

ERC20（Can be cross-chained to Palette Chain）

Legal position

The so-called "No. 1 cryptocurrency" stipulated in Article 2,
Paragraph 5, Item 1 of the Revised Funds Settlement Law

Total number of issues

1,000,000,000 PLT

IEO sales volume

230,000,000 (23% of total issuance)

IEO practitioner

Coincheck IEO（Operator: Coincheck, Inc.）

How to sell

Selling in Initial Exchange Offering (IEO) format* Pleasecheck the Coincheck website for details.

Intended purchasers

Users who applied from "Coincheck IEO"(Need to open an
account at Coincheck)
July 1 Start of purchase application

Schedule

July 15 End of purchase application
July 20 Lottery and delivery of Palette Token
July 27 Coincheck will start handling Palette TokenPLT Ecosystem White Paper Ι 042

6.2｜Distribution of PLT Holders
6.2.1 Initial distribution of PLT
The entire amount of PLT is issued at the time of token sale, and after issuance, it isdistributed in the following proportions. Node management fees distributed to validator nodes
participating of the consortium are paid through the Palette reward pool.
◆ 23% (230,000,000 PLT)

: Investor ownership (IEO sales)

All quantities sold at IEO will be distributed in the market without lockup.
◆ 34%（340,000,000 PLT）： Ecosystem rewards
It will be distributed to the Palette reward pool and will be distributed to the consensus
nodes that operate the nodes and the users who participate in the ecosystem.
◆ 27%（270,000,000 PLT）：Team self-owned
It is used as an incentive for development teams and shareholders.
◆ 16%（160,000,000 PLT）： Partner rewards
It is used as an incentive to encourage content holders and users to participate in the
Palette and expand the ecosystem.

Partner rewards
Investor ownership

Team self-owned

Token distribution
after IEO

Ecosystem rewards

PLT Ecosystem White Paper Ι 043

6.2.2

Use of funds raised

The breakdown of the uses of the funds raised by IEO is as follows.
◆ 35%：Palette Grant Program, PGP
It is used in the "Palette Grant Program" that supports development funds to promote thedevelopment of applications that utilize NFTs issued using Palette.
◆ 28%： Marketing
It is used to expand the users of the Palette ecosystem and acquire new content thatuses the Palette.
◆ 12%： Contractor
It is used to pay to external companies such as cryptocurrency exchange companies,
accountants and lawyers, which are necessary for the stable operation of Palette.
◆ 8%：Operation
It is used to reward the management staff.
◆ 17%： Reserve fund
It will be stored as a reserve expense.

Reserve fund
PGP
Operation

Uses offund raised
Contractor

Marketing

PLT Ecosystem White Paper Ι 044

In addition, the use of funds raised may be adjusted within the following range after theamount of funds raised by the IEO has been finalized.
◆ 35-41% ： Palette Grant Program, PGP◆ 28-31% ： Marketing◆ 9-12% ： Contractor◆

6-8% ： Operation◆ 13-17% ： Reserve fund

6.2.3 Lock up and unlock PLT
Lockups will be set for all tokens except those held by investors and those held by partners,
and the lockup will be released in stages. Six years after the initial issuance, all tokens will be
unlocked and the total amount of 1,000,000,000 PLT will be distributed.

◆ 23%（230,000,000 PLT）：Investor holding- There is no lockup on investor holdings sold by IEO. After the token is sold, the entire
amount will be distributed to the market.

◆ 34%（340,000,000 PLT）： Ecosystem rewards- All ecosystem rewards will be released over 6 years. A certain amount of PLT is unlocked
according to the block of the Palette chain, and it is transferred to the Palette reward pooleach time. First of all, 67% of the total amount of ecosystem rewards will be released for 3
years after launch. After that, the unlocked amount per block will be halved, and 33% of thetotal amount of Ecosystem reward will be released in the next 3 years.

Figure 16. Schedule of lockup release
PLT Ecosystem White Paper Ι 045

◆ 27%（270,000,000 PLT）： Team self-owned- From 6 months after the token is sold, it will be released evenly in 10 batches every 3months.

◆ 16%（160,000,000 PLT）：Partner reward- It is given to individuals / corporations who participate in the Palette each time.

Ecosystem rewards

Percentage of unlocked cards in total
pallet token issuanceTeam self-owned

Elapsed time from initial issuance
Figure 16. Schedule of lockup release
PLT Ecosystem White Paper Ι 046

０7｜Roadmap
003
Palette started closed testing in November 2020, confirming stable blockchain operation andcompletion of NFT issuance and relocation. From March 2021, a total of 12 consensus
nodes, including 4 of the world‘s top tier blockchain projects, 3 currency exchanges, andcompanies operating manga services and game services, will jointly operate a test net. In the
future, the increase in consensus nodes is expected to further improve decentralization andecosystem sustainability. After the IEO, the main net will be officially launched anddevelopment will proceed according to the roadmap.

Figure 17. List of consensus nodes

Aug 2019: Start of Palette ProjectJan 2020: Commenced development of atest product, "Comikabu"
Mar 2020: Founded Hashpalette Inc.
May 2020: Release of "Comikabu"

Aug 2020: Commenced development of
a Palette Chain
Nov 2020: Palette Chain Closed Testnet
Mar 2021: Testnet by Palette Consortium
Aug 2021: Mainnet launch

Decentralizationof theNFT platform
Figure 18. Roadmap

PLT Ecosystem White Paper Ι 047

2021-:
Dapps andContent Expansion(Two grant programs will
be held every quarter.)

Economic
Expansion

０8｜Team
003
Jointly with HashPort Inc., which has a wealth of development and consulting experience inblockchain-related fields, and Link-U inc., which is a leading company in the e-book field
centered on manga and is listed on the First Section of the Tokyo Stock Exchange,
Hashpalette Inc. which was established in Japan, will be the operating body of this project.
■ Hashpalette Inc.
CEO ： Seihaku Yoshida, Hiroki Matsubara
Date of establishment ：March 2, 2020
Head office ：〒107-0062 5-17-2 Minami Aoyama, Minato-ku, Tokyo
Business content ： R & D of blockchain technology
URL ：https://hashpalette.com/

PLT Ecosystem White Paper Ι 048

Seihaku Yoshida
Co-founder / Representative Director Co-CEO
After graduating from the Faculty of Law, Keio University in 2013, he joined the Boston
Consulting Group in 2016. He is engaged in projects in Japan and China as the youngest
Venture Architect (investment and business development manager) in the Tokyo office at
BCG Digital Ventures, the company's digital business development division. He founded
HashPort Co., Ltd. in 2018 and became CEO. In addition to providing consulting systems tomajor domestic cryptocurrency exchange companies, he also supports the expansion ofmany projects in Japan, including IOST, Enjin, Qtum, Tron, Tezos, Ontology, and Neo. He is
also a collaborative researcher at the University of Tokyo Graduate School of Engineeringand a collaborative research member at the Keio University Global Research Institute "Cryptocurrency Research Project".

Hiroki Matsubara
Co-founder / Representative Director Co-CEO
After gaining experience at Rakuten, CyberAgent and Dentsu, he founded Link-U Co., Ltd. inAugust 2013 and became president in December 2014. He has a track record and strengths
in the fields of "ebooks" and "video distribution." It provides one-stop server development,
application development, and operation, and provides manga app "Manga One" incollaboration with Shogakukan and "Pocket Language" jointly developed with NHK.

PLT Ecosystem White Paper Ι 049

■ HashPort Inc.
HashPort is developing its business as a solution provider that supports the social application003
of blockchain with the mission of "digitizing all assets". We provide new cryptocurrency
handling related services and consulting services to many companies in Japan, including
cryptocurrency exchange companies. We also provide accelerator programs to support thesuccess of leading overseas blockchain projects in Japan, and have succeeded in deploying
many projects in Japan.
CEO ： Seihaku Yoshida
Date of establishment ：July 13, 2018
Head office ：〒113-8485 7-3-1 Hongo, Bunkyo-ku, Tokyo University of Tokyo South ClinicalResearch Building No. 360
Business content ：Consulting business, system development business
URL ：https://hashport.io/■ Link-U inc.
With the management philosophy of “solving the problems of the world with technology”,
Link-U is developing a one-stop server platform business which combines data distribution
based on an original server designed in-house and an AI solution that appropriately stores,
analyzes, and processes the data.
CEO ：Hiroki Matsubara
Date of establishment ：August 20, 2013
Head office： 〒 101-0021 2-2-3 Sotokanda, Chiyoda-ku, Tokyo
Business content：Server platform business
URL ：https://www.link-u.co.jp

PLT Ecosystem White Paper Ι 050