The Jasmy 107 Million User Mystery: Why the Old Numbers May Be More Positive Than They First Appear

If you have followed Jasmy for any length of time, you may have come across an extraordinary old target:

107 million users.

Alongside it were two other targets:

US$500 of data value per person and a PDR of 16.7.

At first glance, there is an obvious problem.

Where are these 107 million people?

Jasmy doesn't report anything remotely resembling 107 million people using a Jasmy app today. Its Secure PC product currently advertises more than 5,000 licences.

So was the 107 million figure unrealistic marketing? Was the old presentation fake? Or have investors misunderstood what Jasmy meant by a "user"?

After digging through Jasmy's old white papers, Japanese announcements and the development of its technology, I think there is a much more interesting explanation.

And, potentially, a much more positive one.

It starts with a strange number: 529,100

An early Jasmy white paper included a table showing 529,100 "users sharing individual information".

That sounds enormous for a young company.

The figure was made up of:

• 426,600 associated with the Secure PC business

• 2,500 associated with its "New Normal" business

• 100,000 associated with awards, social media and events

Those three numbers add up exactly to 529,100.

The obvious interpretation would be that Jasmy already had 529,100 people using its technology.

But that almost certainly wasn't what the table meant.

And this is where the mystery starts to unravel.

426,600 people weren't using Secure PC

Today, Jasmy's Secure PC website says the product has exceeded 5,000 licences.

So how could Jasmy have had 426,600 Secure PC users years earlier?

It probably didn't.

Jasmy was working with Japanese BPO and contact-centre giant Transcosmos. Jasmy later described a use case involving approximately 21,000 telephone operators working remotely.

But those operators interacted with much larger numbers of customers.

That distinction is crucial.

Jasmy wasn't necessarily counting computers running Secure PC.

It appears to have been modelling the number of people its business channels could potentially connect to its data ecosystem.

Think of it this way.

A company might have 20,000 employees using a system, but those employees could interact with hundreds of thousands of customers.

Those hundreds of thousands of customers are not 20,000 software licences.

They represent the much larger population the system could potentially reach.

That appears to be what was happening in Jasmy's early projections.

Then the numbers start making sense

Jasmy's early white paper actually contained two very different measures.

One projected the number of people sharing information through its ecosystem.

That was forecast to grow from approximately:

529,100 → 5.7 million

over five years.

Elsewhere, Jasmy described approximately 6 million individuals eventually participating in data transactions.

Those numbers line up remarkably well.

But the white paper contained another, much bigger figure:

100 million potential ecosystem users.

And that's the key.

Jasmy wasn't saying 100 million people were already actively using Personal Data Lockers.

It was describing the population that could potentially be reached as Jasmy's technology became integrated into businesses and services.

Then came the famous 107 million

By February 2021, Jasmy presented its three major KPIs.

One was:

107 million Active Users / Data Lockers

The slide divided that target into:

7 million in Japan + 100 million overseas = 107 million

Suddenly the earlier roadmap becomes very interesting.

Jasmy had already been talking about millions of participating users and a potential ecosystem of around 100 million people.

So the 107 million figure does not appear to have been invented out of nowhere.

It looks like the next stage of a much larger strategy.

And that changes how I interpret the target.

Jasmy doesn't need 107 million people to download a Jasmy app

This may be the biggest misunderstanding surrounding the KPI.

When most of us hear "107 million users", we imagine:

107 million people download Jasmy → create an account → open the app → use it regularly.

But that may not be the model at all.

Jasmy's Personal Data Locker, or PDL, is increasingly becoming infrastructure behind other services.

Imagine using:

a company service → PDL

or:

a digital identity service → PDL

or:

a local government service → PDL

or:

a healthcare service → PDL

The person may be interacting primarily with another organisation's service while Jasmy technology operates underneath it.

That is very different from trying to convince 107 million people to download a niche cryptocurrency application.

And this is where the developments since 2021 become important.

Jasmy has spent years building the infrastructure

When Jasmy announced these enormous targets in 2021, much of the ecosystem required to achieve them didn't yet exist.

Today the situation is different.

PDL has evolved.

Secure PC has been commercialised.

Jasmy has worked with Panasonic Advanced Technology on a Web3 platform connecting personal information with IoT data.

JasmyChain has moved to mainnet, creating blockchain infrastructure where JASMY itself has utility as the gas token.

And perhaps most importantly, PDL has developed an identity dimension.

Japan's JPKI public personal authentication infrastructure has now become relevant to Jasmy's PDL technology.

JPKI is connected to Japan's My Number digital identity infrastructure.

That creates potential applications involving things such as identity verification, healthcare, certificates, municipal services, digital money and transactions requiring reliable proof of identity.

Think about the difference.

In 2021 Jasmy effectively had:

Here is our vision for a huge personal-data economy.

In 2026, there is substantially more infrastructure capable of supporting that vision.

Why I think that is positive

The bullish part isn't that Jasmy has achieved 107 million users.

There is no evidence that it has.

The positive part is that the original strategy makes considerably more sense when viewed through what Jasmy has subsequently built.

Five years ago, 107 million looked like an extraordinary number attached to a relatively small blockchain project.

Today we can see a possible mechanism for achieving very large scale:

PDL embedded inside other platforms and services.

One enterprise integration could potentially expose PDL to thousands of users.

Multiple major enterprise integrations could expose it to millions.

Identity infrastructure could potentially expand that much further.

And importantly, growth wouldn't necessarily require Jasmy to acquire every individual user itself.

Its partners could bring the users.

That is potentially a much more scalable business model.

Think of Jasmy as the plumbing

Here's a simple analogy.

You probably don't know which technology companies operate every piece of infrastructure behind your online banking.

You don't need to.

You use your bank.

The infrastructure underneath performs its job.

Jasmy's long-term opportunity could work similarly.

The consumer might see:

hospital

employer

local government

sports organisation

digital wallet

IoT service

while underneath some of those services sits:

PDL → identity → permission → personal data → Jasmy ecosystem

If that model succeeds, asking "How many people downloaded Jasmy's app?" becomes the wrong question.

The better question becomes:

How many people are interacting with services that use Jasmy infrastructure?

That number could eventually be vastly larger.

But there's still a clear reporting issue

Jasmy needs to improve its reporting.

If the company continues to regard 107 million PDL users as an important KPI, investors should be able to see progress towards it.

For example:

PDLs created: Xverified PDL identities: Xactive PDL users: Xenterprise integrations: Xmonthly data transactions: X

We don't currently have that transparency.

That matters.

It would be wrong to turn a lack of disclosed numbers into evidence that enormous adoption is secretly occurring.

We don't know.

But equally, a lack of reported app users doesn't prove that the strategy has failed.

The architecture appears to be designed for something much broader than a consumer app.

And this changes how I see the old 107 million target

Originally, 107 million sounded almost absurd.

How does a relatively unknown Japanese technology company get 107 million people to use its product?

But that's probably the wrong question.

The question is:

Could Jasmy's technology eventually sit underneath services collectively used by 107 million people?

That's still an enormous target.

But it is a completely different proposition.

If Jasmy had to individually acquire 107 million retail customers, I would be extremely sceptical.

If Jasmy can become an infrastructure layer used by enterprises, identity providers, IoT platforms, digital services and potentially public-facing services, 107 million endpoints becomes conceptually possible.

Not guaranteed.

Not achieved.

But understandable.

And now the US$500 KPI makes more sense too

Remember the second KPI on that old slide:

US$500 of data value per person.

Jasmy wasn't simply trying to accumulate users.

Its thesis was that individuals' data has economic value.

The PDL gives the individual control over that data, including how it is stored, supplied and potentially used within the ecosystem.

So ultimately Jasmy's model wasn't:

Get 107 million crypto traders.

It was closer to:

Build a data infrastructure capable of connecting 107 million people to an economy in which personal data has measurable value.

That's far more ambitious — but also much more aligned with everything Jasmy has subsequently been building.

The mystery isn't completely solved

There are still important questions.

We still don't have a satisfactory current count of active PDL users.

We still need to establish precisely how Jasmy calculated that mysterious 426,600 figure in the early white paper.

And we certainly shouldn't treat the old 107m × US$500 × 16.7 calculation as a guaranteed future JASMY valuation.

But we've uncovered something more useful.

The early numbers weren't necessarily contradictory.

They were describing different layers of the ecosystem:

5,000+ Secure PC licences= people/organisations directly using that particular product

529,100 early information-sharing opportunity= people associated with Jasmy's initial business channels

~6 million participants= longer-term projected data-transaction participants in the early roadmap

100 million potential ecosystem users= population potentially reachable through the ecosystem

107 million PDL users= the later long-term scale ambition

Once those distinctions are made, the old Jasmy documents become much easier to understand.

Why this matters for JASMY

This is ultimately what investors care about.

If PDL remains interesting technology used by a few thousand people, the 2021 valuation model isn't particularly useful.

But if PDL becomes infrastructure used across large enterprise and consumer ecosystems, the economics change dramatically.

More users could mean more PDLs.

More PDLs could mean more data.

More data could mean greater economic value moving through the ecosystem.

More applications running on Jasmy infrastructure could create greater utility for JasmyChain.

And because JASMY is the gas token of JasmyChain, successful expansion of activity on that infrastructure could create genuine token utility.

That's why I think the developments are positive.

Not because Jasmy has achieved its 107 million target.

It hasn't demonstrated that.

It's positive because we can finally see how a target that sounded almost impossible in 2021 could theoretically be approached without 107 million people ever needing to become "Jasmy users" in the way crypto investors usually imagine.

The technology could go to the users instead.

And if that was the strategy all along, the old 107 million KPI suddenly looks a lot less mysterious.

In fact, it makes Jasmy potentially bigger than Ben Hur!