Jibrel Network Is Bridging The Gap Between Crypto And Traditional Markets

We encourage the community to download the applications and provide user-feedback so that we may continue to perfect the offering ahead of building planned functionalities. CryptoGround.com is an independent publishing house that provides Cryptocurrency & Blockchain Technology News. It is a News Media Platform which serves its audience with accurate News and Analytical Articles. Our team is committed to providing unbiased News & Reports related to various Cryptocurrencies, Decentralized Apps, Initial Coin Offerings (ICOs) and Blockchain technology. “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.

  1. This post will briefly touch on the achievements of the year, as well as provide a forward looking analysis of our products, token and business initiatives.
  2. This will be especially appealing for those who see the writing on the wall in terms of regulation in crypto markets.
  3. Additionally, users can simply stake SLICE directly through Tranche .
  4. After providing liquidity on Uniswap, users can lock their SLICE-LP(from Uniswap) tokens on Tranche to earn additional SLICE rewards.
  5. Moving forward, a TRIP can be offered to add to additional AMM/DEXes.

What Else Should You Know about JNT?

Similar to most system failures, human error and subjectivity drove the eventual collapse. Most of us graduated university during or around the 2007–2008 global financial crisis and felt the full brunt of it with regards to employment opportunities.

JNT Price Chart

These are tokens that represent a traditional financial asset’s value, which will be denominated in https://turbo-tax.org/ (JNT). So, if you own $50 USD in gold, a USD CryDR will hold $50 worth of JNT. In Q1 of 2018, the Jibrel Network releases its dedicated CryDR block explorer that will allow users to track CryDRs in more detail on the network.

Using Etherscan to read the JNT contract and check your balance

To deliver this contract on-chain, six key components are required. Three provided by Jibrel Strategic Partners, and three provided by the Jibrel Network infrastructure / 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. While the off-chain fund will not directly hold all the assets it issues on-chain, it will always maintain a one to one value and correlation.

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A dedicated token is needed to power Jibrel in order to establish equilibrium / duality in the system. Jibrel maintains an off-chain portfolio of assets and the Jibrel Network Token is used as a medium between on-chain and off-chain value. In the future, Users will be able to exchange JNT for a wide range of assets. But up until blockchains and cryptocurrencies, the piping was missing. If you are still holding JNT on HitBTC or Bibox(or any other centralized exchange), please move your tokens out of these exchanges and move them to Bittrex, Gate or your personal ETH wallet.

To deliver this solution, Jibrel needs to tokenize real world assets and instruments. We call the tokenized version of a real world asset or instrument a “CryptoDepository Receipt” or “CryDR” for short. 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.” The Jibrel Network chose to create a dedicated token like JNT instead of relying on ETH or BTC because of their extreme volatility.

In the medium to long-term, Jibrel will focus on tokenizing debt instruments and their derivatives, thereby streamlining large portions of retail investment and investment banking operations. Jibrel provides traditional financial assets such as currencies, commodities and equities, as standard ERC-20 tokens, on the Ethereum blockchain. 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. With a smart contract, respective parties set terms and agree to them through blockchain, and these agreements are executed automatically henceforth.

The Jibrel team completed this as part of the Jwallet, created an easy to use plug-in, and released it under an MIT Open License. The site itself holds no user data and all keys are stored locally. The wallet itself can be run locally and is of course, open source. jibrel network token Most wallets have to make the decision to either sacrifice security or usability. Updates continue to be made on the back-end, and the team has engaged New Alchemy to conduct a full security audit. During the crisis, most believed the financial system to be broken.

We thought we’d clear this up, as well as provide a way for people to check token balances. In this system, CryptoDepository Receipts were created using the underlying asset and a third-party guarantor. Furthermore, CryptoDepository Receipts were fully asset backed and required full compliance with local and international regulation. That being said, other successful projects, such as MakerDAO, have found their place within this ecosystem by providing users with an interesting, decentralized and fun way to buy crypto-currencies using leverage. Users are afforded leverage to purchase ETH by accessing leveraged Dai. We were pleased to release both the iOS and Android Jwallet versions ahead of schedule.

“It’s governance without governance. We can ensure that we still meet the KYC standards, the anti-money laundering, the anti-terrorism financing standards—all without killing the decentralized dream.” Barghuthi sees this as the optimal way to future-proof Jibrel as blockchain moves from a hyped technology to one that is just the functional backbone of existing systems. During this period, while the Pledge value is insufficient, the user can exercise the contract at any time, receiving the full value back (including the premium). In the example, the Partner is creating a US$ 10,000 ‘crypto-bond’, with 30 day maturity, and charging a 10% premium for this ‘Forward Contract’.

Our token sale gives users the opportunity to purchase Jibrel Network Tokens (JNT) which power the underlying mechanics of the network. After providing liquidity on Uniswap, users can lock their SLICE-LP(from Uniswap) tokens on Tranche to earn additional SLICE rewards. SLICE tokens that are used for rewards are not minted by inflation, rather, they are bought from any fees generated by the Tranche Protocol. Additionally, users can simply stake SLICE directly through Tranche . 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).

The Jibrel network is one that allows anyone to digitize, list, and trade traditional assets such as bonds, currencies and other investment vehicles, all on chain and with the security improvements common in blockchain improvements. This will be especially appealing for those who see the writing on the wall in terms of regulation in crypto markets. This all may sound understandable enough, but ensuring that this is a practical solution for users across many different verticals requires a self-regulating receipt-based system. For that, Jibrel is also rolling out CryptoDepository Receipts, (CryDRs).

Users can submit Tranche Improvement Proposals (TRIPs) to suggest any changes to the protocol. Finally, within the network, Jibrel Network Token (JNT) was used to levy any fees incurred on the Ethereum blockchain by on-chain users or entities. The past year wasn’t great for the crypto-economy, but the team is still determined to build-out the network, the token and Jibrel products across B2B and B2C offerings. 2019 will focus on perfecting the products shipped in 2018, as well as incorporating Jibrel Network Token (JNT) into all products and functionalities. This is overseen by a collection of smart contracts known as the Jibrel DAO. The user sends 1 BTC (valued at US$ 11,000 at the time) into the smart contract, and receives one US$ 10,000 CryptoDepository Receipt token.

It effectively means, that the organization must hold a specific amount of risk adjusted asset value, against the liabilities it holds. Jcash has been limited by several key issues that impede user experience across both Enterprise and Consumer use-cases. We have received extensive community feedback on Jibrel Network Token (JNT) utility and how to maximize network effects and usage. This post will briefly touch on the achievements of the year, as well as provide a forward looking analysis of our products, token and business initiatives. “All transfers on jCash are always AML KYC compliant,”Barghuthi said. To implement this system, we need to create accessibility pools for Network Users, Partners and the Jibrel DAO.

For this reason, certain jurisdictions such as US, Singapore and China will not be allowed to participate in the token sale. A tethered token cannot be backed by ETH or BTC, as they are too volatile. If Jibrel were to issue tethered tokens and hold ETH or BTC, it would be susceptible to market / credit risks. With no robust Ethereum wallets available, with numerous hacks in the last few weeks alone, the team sought out to build its own. Jibrel must focus on what can be done today, with an eye for the future landscape.

But safeguards need to also be put in place to protect against volatility in the crypto and traditional economies. Users will be able to purchase jUSD, jEUR, jGBP, jAED, jRUB and jCNY tokens. We expect to launch these shortly after the close of the Jibrel Network Token (JNT) pre-sale.

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