Tokyo, Japan - Sony Block Solution Labs Pte. Ltd, (Headquarter: Singapore, Chairman: Jun Watanabe. Hereafter Sony Block Solutions Labs) of the Sony Group has developed the blockchain "Soneium", which is the infrastructure network that forms the basis of Web3. In the future, we will explore and develop a plan to make the network available to the public, and aim to create new services by leveraging the various businesses and IP within the Sony Group so that Soneium becomes an infrastructure that everyone can use on a daily basis.

While the Internet has contributed to improving convenience worldwide, it has led to the centralization of a huge amount of information and the economic sphere online. Web3 makes it possible to decentralize that concentrated power. Today, Web3 faces two challenges: the current community of Web3 technology and services is limited to a few core users and there are numerous use cases that have yet to gain the traction to go mainstream with the general public. The creation of killer use cases is eagerly awaited.

Sony Block Solutions Labs will continue to explore the provision and development of the blockchain "Soneium" in the future. Soneium is a public blockchain with an open network that anyone can participate in. By developing blockchain, which is the basic infrastructure of Web3, we will be able to provide comprehensive Web3 solutions from the infrastructure to the application layer, rather than just providing partial services.

End users will be able to access Soneium through applications that are compatible with Soneium's network, and will be able to interact with Web3 games and NFT marketplaces provided by each app, as well as entertainment-related services. By utilizing blockchain technology, activity history within apps is managed in a more decentralized and autonomous manner than on the traditional Internet. Each app can be used by accessing it from your digital wallet.

In addition to the existing Web3 services that will be compatible with Soneium's future, we will investigate how new services that collaborate with businesses within the Sony Group can be developed as Soneium-compatible apps. We will work to create use cases that can spark the interest of people who have never used Web3 services. Soneium's Web3 technology can support the expansion of creators' potential and strengthen engagement with fan communities. Specifically, we will explore protecting the rights of content created by creators, new mechanisms for returning profits to support creators and fans, and opportunities for creators to be active across the digital and real worlds.

For developers and creators using Soneium, we provide tools and environments that are easy to use, efficient, and cost-effective. We are also planning to release a Soneium "testnet" for app developers soon. The purpose of this testnet is to co-create applications using Soneium's technology with developers inside and outside the Sony Group. In the future, we will continue to work towards making Soneium "mainnet'' publicly available, alongside the apps developed on the testnet. Mainnet will allow users to freely access various applications and use Web3 services.

Furthermore, by utilizing Web3 services, such as the crypto asset trading service operated by Sony Group's S.BLOX Inc., and adding new value to the various businesses and IP developed by the Sony Group we aim to create apps that can be used daily by people who have never had the opportunity to experience Web3, and to build a world where Web3 services permeate people's daily lives.

Comments from Jun Watanabe
Head of Advanced Infrastructure Business Search Department, Business Development Platform, Sony Group Corporation, and Chairman of Sony Block Solutions Labs

I think the development of a comprehensive Web3 solution based on blockchain is very significant to the Sony Group, which has developed a wide variety of businesses under its purpose of "Fill the world with emotion, through the power of creativity and technology." We will work to create diverse businesses and new use cases with the aim of delivering customer value that can only be enjoyed through Web3 technology to as many users as possible and making people's lives richer and more colorful.

Comment from Sota Watanabe
Director of Sony Block Solutions Labs

The Web3 industry is in the midst of a major transformation. We believe that the watershed moment for the entire Web3 industry will be whether we, as companies involved in Web3, can truly provide solutions that billions of people use as a matter of course in their daily lives and make Web3 mainstream in the next few years. We believe that Soneium has great potential to lead the world and realize this vision, and we would like to collaborate with a variety of developers and companies, transcending the boundaries of countries, regions, and industries.

[About related events]

Jun Watanabe and Sota Watanabe will be on stage at WebX, which will be held in Tokyo on August 28th and 29th, and Token2049, which will be held in Singapore on September 18th and 19th, and will give speeches regarding the overview and direction of Soneium.

• TOKEN2049 | 18-19 September 2024 | Singapore

* There will be no speak at Token2049.

[About Sony Block Solutions Labs]

Sony Block Solutions Labs is a joint venture with Startale Labs Pte. Ltd., a Sony Group company established for the purpose of building new network infrastructure using blockchain technology. We announced blockchain planning and development in September 2023, and changed our company name from Sony Network Communications Labs Pte. Ltd. in August 2024.

• Company name:
  Sony Block Solutions Labs Pte. Ltd.
• Address:
  105 Cecil Street #24-02 The Octagon Singapore 069534
• Establishment date:
  October 2023
• Representative:
  Chairman Jun Watanabe
• Capital:
  1,000,000 Singapore dollars
• Business content:
  Blockchain planning and development and related businesses
• URL:
  Sony Block Solutions Labs Pte. Ltd. Web site

[Technical terminology explanation]

Soneium functions as a Layer 2 solution for Ethereum, building a network on top of the existing Ethereum Layer 1 and handling data processing, solving issues such as slow data processing speed and increased fees that occur in Layer 1. Additionally, by leveraging OP Stack developed by Optimism Foundation, we are building a scalable, EVM-compatible, and developer-friendly blockchain.

• * Layer 2:By receiving a transaction processing request from the basic layer (layer 1) of the blockchain, performing the processing outside the basic layer, and returning the processing result to L1, the speed and transaction fees incurred in processing on the basic layer can be reduced.
• * Ethereum:Blockchain platform. The crypto asset Ether (ETH) is used to run the program.
• * OP Stack:A blockchain development kit using Optimism technology developed for users who want to build their own L2 blockchain.
• * EVM compatible:An environment that can execute Ethereum smart contracts (a system that automatically executes transactions according to preset rules on the blockchain).

• *Companies, product names, and service names listed are trademarks or registered trademarks of each company.