Because of the nature of the tokens within the Jibrel Network, it does provide users with stable coins, each of which represents a real-world value while remaining within the Ethereum blockchain. You can use the Jibrel DAO, the Jibrel Decentral Bank, to exchange volatile cryptocurrencies, such as BTC or ETH, for stable tokens, such as the various jCash. At any time in the future, you can exchange the stable jCash tokens for their underlying value, no matter the price of BTC or ETH at that time. This will be especially appealing for those who see the writing on the wall in terms of regulation in crypto markets.
- With the Jibrel DAO smart contracts governing the mechanisms that facilitate the user to redeem the CryDR for the underlying value at a future date, lawfully and compliantly.
- In the event that the underlying value of the asset deviates, or the JNT pledge becomes insufficient, the Partner is required to provide additional JNT.
- He has over 10 years’ worth of experience in the app development domain.
- In line with our continuous efforts to move towards decentralized governance for token holders, Jibrel Network Token (JNT) will be replaced by Tranche Token (SLICE).
- In addition, certain standards have not been defined for Ethereum / ERC20, so the team built out the necessary components and standards and submitted them on relevant Ethereum Improvement Proposals (EIPs).
I.e. A licensed broker will be able to send treasury bill tokens to buyers, but the buyers will only be able to send it back to the broker (no other wallets) — as they are not licensed to resell the treasury bill. We demonstrated how the treasury bill could be held by a specific set of users, and could only be sold by a subsect of those users. With our first public token release scheduled for September 25th, we thought it was important to update the community on the progress to date, as well as the overall direction of the network. Since JNT is a CryptoDepository Receipt (CryDR) in itself, with “Smart Regulation”, the contract itself must be read to check balances.
Shiraz is a cryptocurrency journalist and analyst living in Melbourne, Australia. When not exploring the emerging blockchain ecosystem, he loves to play the blues and dabble in the world of meditation. Since its inception in May 2017, the Jibrel Network has caught the attention of many blockchain enthusiasts around the globe. The project is currently headed by Yazan Barghuthi, who is also its co-founder.
Some of the core issues that Jibrel addresses are those of high transaction fees as well as slow transfer times. And the pre-sale of tokens before the official ICO is gaining traction, as well. Basically, a pre-sale allows for investors to get in on the ground floor of a token sale at typically better rates than the main ICO. The Jibrel Network is one such startup to use the growing popularity of pre-sales to garner over $3 million in sales for the purchase of over 19 million of the Jibrel Network token, JNT.
These are individuals or other entities that aim Jibrel to hedge against volatility by obtaining stable tokens. These are licensed financial entities that aim to use Jibrel technology to deliver cost efficiencies and generate an on-chain transactional profit. Three provided by Jibrel Strategic Partners, and three provided by the Jibrel Network infrastructure / Jibrel DAO. The Limited Alpha version of the network went live on Ropsten in May 2017. In September of that year, it had the presale for the Jibrel Network Token. November 2017 saw the release of the jWallet with an open-source license, the public sale, and the launch of jCash.
Jibrel Network (JNT) ICO
In addition, native Jibrel tokens can also be employed for use with decentralized financial instruments such as bonds and securities. Jibrel Network (JNT) – Traditional financial assets on the Ethereum blockchain. “For companies looking to incorporate blockchain technology in their operating models, integration can be a challenge.
SLICE token holders govern the Tranche platform, treasury and eco-system. The token aims to codify the alignment of incentives between token holders, development team, community members and the platform users (borrowers, lenders, creators and 3rd parties). Users can submit Tranche Improvement Proposals (TRIPs) to suggest any changes to the protocol. Lastly, Jibrel allows decentralized organizations and funds to diversify into traditional assets.
What Is the Jibrel Network?
For a refresher on smart contracts, take a look at this piece in Motherboard. “Blockchains are a database, a new way of storing data in a particular contract,”Barghuthi said. “Smart contracts are a way to execute certain commands in a decentralized way, and be able to remove trusted intermediaries, or middlemen, from the equation.” To create this contract, the Partner pledges value in the form of JNT, by locking the JNT in a smart contract. An additional buffer is required to account for price movement in JNT, as well as the price of the asset the contract is denoted in (in this case, USD). The Jibrel Network chose to create a dedicated token like JNT instead of relying on ETH or BTC because of their extreme volatility.
How Hacken helped Jibrel avoid major losses during an ICO phishing scam
This section outlines the set-up required for each participant to achieve their objectives on the Jibrel Network. In the examples above, we examined what happens with volatility in Jibrel Network Token. But safeguards need to also be put in place to protect against volatility in the crypto and traditional economies. Jibrel Network Token is the virtual exchange currency of Jibrel and the currency used to interact with the Jibrel DAO.
The main function of the Jibrel Network Token is purchasing and redeeming CryDRs. It also allows for transactions involving value exchanges of securitized off-chain assets. JCash will be Jibrel Network’s first rollout of its currencies for CryDR. In the future, Jibrel hopes to offer a much wider range of commodities, currencies, derivatives, and securities. Jibrel completed an Angel Round through a “Simple Agreement for Future Tokens”.
Today / Network Launch
According to his LinkedIn profile, Yazan has been in the financial sector for nearly a decade, and previously worked at management consultancies such as Oliver Wyman and Deloitte. Each of these sites featured an Ethereum address that was owned by the scammers. That unwitting investors would buy what they thought were JNT tokens, allowing them to make off with the funds and take that investment away from Jibrel. We imagine many of the participants of our token sale are eager to get their hands on their Jibrel Network Token (JNT). “We actually sat down and analyzed how all these wallets were built, and we’ve come to so many steps where we’re like, ‘Why did they build it like this?'”Barghuthi said.
In line with our continuous efforts to move towards decentralized governance for token holders, https://cryptolisting.org/ (JNT) will be replaced by Tranche Token (SLICE). Importantly, the Jibrel Network also makes use of guarantors to ensure that all of its tethered tokens remain stable in value. Jibrel makes use of a public blockchain, but company representatives indicated in the whitepaper that they will adopt a cross-chain communication module if such technology becomes scalable in the near future. From a functional standpoint, Jibrel has the potential to solve some of the major problems that are currently being faced by financial trading companies built on the blockchain.
Qubist Labs Inc. is a New York-based company focused on blockchain development. The team behind Jibrel Network has experience with financial services, smart contract development, and blockchain development. We launched our alpha on ropsten (ethereum test net) towards the end of May and completed the complementary front-end development in June. This alpha was a simple react front-end that relied on MetaMask for a connection to our smart contracts deployed on ropsten.
Using Etherscan to read the JNT contract and check your balance
The Jibrel Network is designed to help turn digital assets such as currencies and equities into ERC20-compliant tokens. Basically, makes cryptocurrency an investment vehicle that serious, “real-world” investors can invest in confidently. With crypto, there is a lot of potential, jibrel network token but also plenty of red flags that keep traditional investment funds from putting billions of dollars into these new decentralized currencies. It can fluctuate to the extremes and this can make investing the big bucks not only intense but possibly irresponsible.
