We are a Japanese company operating our proprietary private blockchain technology, Grid Ledger System (“GLS”), to leverage blockchain technology in various applications in a range of industries. (Incorporated in Japan)
In Japan, there have been several incidents of information leakage from the databases of various companies, and there is a demand in Japan for stronger information security. In order to provide stronger information security, various companies in Japan are conducting tests of systems utilizing blockchain technology. Among those continuing tests, as of the date of this prospectus, very few systems have been completed and are fully operating. We believe that Japan is lagging behind the international progress of blockchain system development. One reason for the slow development progress is the extremely small number of engineers in Japan who can handle blockchain technology and the high cost of learning. There is an assumption in Japan that no blockchain technology in use can process a large number of transactions at high speed while guaranteeing security. Public blockchains generally have slow transaction processing speeds and poor real-time data processing capacity, and since there is no administrator on public blockchains, users are responsible for dealing with any problems that may arise in transactions.
In order to address these challenges, we believe blockchain technology needs to be transformed to facilitate high-speed and real-time data processing, while ensuring security and usability. We believe our proprietary blockchain technology, GLS, can provide a solution to those challenges. GLS has the characteristics of traditional blockchains, such as tamper-resistance, security, and reliability; in addition, GLS also demonstrates high-speed processing capacity.
Since our founding in May 2018, we have continued our research and development efforts. Such efforts have been led by our Chief Technology Officer, Hiroki Yamamoto, with advice from large Japanese companies such as NTT Docomo, Inc. and NEC Communication Systems, Ltd., and academia representatives such as Professor Shudo who is currently affiliated with Kyoto University, among others. We have verified the applicability of GLS in virtual space (Metaverse), financial domain and other domains. Currently, we are working with AMBITION DX HOLDINGS Co., Ltd., which is a listed company in Japan, to apply our GLS to an online lease signing system.
We aim to increase the number of use cases of GLS, and offer a general-purpose System Development Kit (“SDK”) for external engineers to improve GLS. SDKs are software development tools for developers to create applications for platforms and systems. Our mission is to keep updating GLS and make it an infrastructure in the coming Web3/metaverse-like data society.
**Note: Revenue and net loss figures are for the fiscal year that ended April 30, 2022.
(Note: Earlyworks Co. Ltd. priced its micro-cap IPO on July 24, 2023, in sync with the terms in its prospectus: 1.2 million ADS at $5.00 to raise $6.0 million. Earlyworks Co. Ltd. changed its sole book-runner to US Tiger Securities from Univest Securities, set its assumed IPO price at US$5.00 – the mid-point of its previous $4.00-to-$6.00 price range – and updated its financial statements for the six-month period ending Oct. 31, 2022, in an F-1/A filing dated May 19, 2023. Background: Earlyworks Co., Ltd. set terms for its IPO in an F-1/A filing dated Jan. 12, 2023: 1.2 million American Depositary Shares (ADS) at an assumed IPO price of US$5.00 – the mid-point of a price range of $4.00 to $6.00 – to raise $6.0 million. In that Jan. 12, 2023, prospectus, Earlyworks also said that selling shareholders planned the resale of 1.8 million ADS at an assumed public offering price of US$5.00, noting that the company will not receive any proceeds from the resale of the selling shareholders’ ADS. Earlyworks filed its F-1 on Dec. 29, 2022; it filed confidential IPO documents on Sept. 19, 2022. )