Jibrel Network Is Bridging The Gap Between Crypto And Traditional Markets

Jibrel provides traditional financial assets such as currencies, commodities, debt instruments and securities, as standard ERC-20 tokens, on the Ethereum blockchain. Jibrel AG is registered in Zug, Switzerland, Qubist Labs Inc is a software development company based out of New York, US. The Jibrel Network gives users traditional financial assets jibrel network token in addition to standard ERC-20 tokens along the Ethereum blockchain. The traditional assets include currencies, securities, commodities, and bonds.

Eventually, the Jibrel Network hopes to create consumer banking that is fully decentralized and automated. Jibrel AG is a public limited company domiciled in Zug, Switzerland. An investor can tokenize financial assets by transferring liquid assets to the Jibrel AG Fund located in Zug, Switzerland, where they are held.

MetaMask

They can be used for trading, hedging, global payments, and remittances. You can also use them to create decentralized and automated financial instruments, such as securities, commodities, bonds, and debt instruments. CryDRs, or CryptoDepository Receipts, are an important part of the Jibrel Network. These tokens represent a traditional financial asset’s value but have the denomination of a Jibrel Network Token, JNT. Our token sale gives users the opportunity to purchase Jibrel Network Tokens (JNT) which power the underlying mechanics of the network. The alpha was a simple barebones example of how certain tokenized assets can adhere to real-world regulations, although completely decentralized.

Tokenized Assets

Illiquid assets receive their securitization via JNT for the underlying currency. Any transaction that involves that tokenized asset in question will then be done using JNT. Because the tokenized assets are a type of standard ERC-20 token, users can rely on any ERC-20 wallet to send, receive, and exchange their CryDRs. “Does the user need to know that he’s holding an Ethereum wallet, that these are stored in tokens?” Barghuthi said. With a smart contract, respective parties set terms and agree to them through blockchain, and these agreements are executed automatically henceforth.

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. 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.

Today / Network Launch

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. Jibrel is engaged with New Alchemy for Security Audits and PwC for financial audits. In addition, we have formed a strategic agreement with Arabian Chain to bring smart regulation to MENA markets, as well as TaaS fund to provide smart tokens (CryDRs). With the architecture built-out, the network will be able to begin piloting an on-chain completely automated consumer banking funnel. We are currently in advanced talks with strategic banking partners to conduct a pilot.

This smart regulation essentially allows CryDRs to be both decentralized and follow the regulations and rules found in the real world that apply to assets. 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). These are tokens that represent a traditional financial asset’s value, which will be denominated in Jibrel Network Token (JNT). So, if you own $50 USD in gold, a USD CryDR will hold $50 worth of JNT.

What Are CryDRs?

1. JCash will be Jibrel Network’s first rollout of its currencies for CryDR.
2. The main function of the Jibrel Network Token is purchasing and redeeming CryDRs.
3. This will be especially appealing for those who see the writing on the wall in terms of regulation in crypto markets.
4. 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.
5. 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.

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. To leverage blockchain technology and cryptography to fully automate and decentralize consumer / retail banking (and respective investment banking activities).

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. 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 user either needs to rely on a third party to store keys (sacrificing security) or host the keys at the cost of user experience (usability). Updates continue to be made on the back-end, and the team has engaged New Alchemy to conduct a full security audit. Similar to most system failures, human error and subjectivity drove the eventual collapse.

Traditional banking, the process of issuing debt, securitizing it, reselling it, etc. is an effective tool in allocating capital efficiently. That being said, conflicting incentive structures, convoluted processes, bloated organizations, and an array of other problems, plague existing systems, causing them to fail repeatedly. 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. The Jibrel wallet is named jWallet and is available now for anyone to use at the official website.

While the Jwallet should detect your JNT automatically, the tokens will need to be added to MyEtherWallet, imToken, MetaMask or Eidoo to be recognized. 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. The interface is simple and sleek, and provides a simple way to store, transfer and convert ERC20 tokens.