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). 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.
For example, by holding USD, Jibrel can represent numerous currencies on-chain, which are pegged to the US Dollar in the real-world. 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.
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.
The second reason is that most digital currencies are completely decentralized and have nothing that backs them or makes them legal in countries around the world. This can cause issues with large investment funds when it comes to regulations. Much has been made of all the ways blockchain and cryptocurrencies can potentially displace existing infrastructure. For all the ways it can’t—and there are many—Jibrel is leading the way in integrating the cutting edge technology with traditional assets, laying the foundation for blockchain implementations on a global scale. While still in its infancy, the Jibrel Network is already offering the market a unique platform that will digitize various assets by placing them on the blockchain.
- Using the Jibrel Decentral Bank, also known as the Jibrel DAO, users can exchange their JNT tokens for CryDRs.
- They can be used for trading, hedging, global payments, and remittances.
- Jibrel is gradually building the infrastructure to automate the consumer banking funnel.
- For a refresher on smart contracts, take a look at this piece in Motherboard.
- They have the choice of redeeming CryDRs for their underlying value in the form of JNT or minting new CryDRs with their JNT.
If Jibrel were to issue tethered tokens and hold ETH or BTC, it would be susceptible to market / credit risks. But up until blockchains and cryptocurrencies, the piping was missing. If you are still holding JNT on HitBTC or Bibox(or any other centralized jibrel network token exchange), please move your tokens out of these exchanges and move them to Bittrex, Gate or your personal ETH wallet. Since launching with a base value of US$0.42 on the 6th of February, the token’s price had climbed to US$0.62 by the 11th.
Token Performance History
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.
Jibrel Network is the first protocol to allow anyone to put traditional assets like currencies, bonds, and other financial instruments on the blockchain in a form of Crypto Depository Receipts (CryDRs). Our CryDRs have smart regulation built in; real-world rules and regulations are translated into solidity code to ensure that while decentralized, tokenized financial assets always follow real world rules and regulations. The Jibrel Network gives users traditional https://cryptolisting.org/ financial assets 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. The Jibrel Network provides traditional financial assets such as currencies, commodities, debt instruments and securities, as standard ERC-20 tokens, on the Ethereum blockchain.
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”.
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.
Debt Instruments, Securitized / Collateralized Instruments
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.
As a result, users may gain access to a blockchain-based ecosystem providing a secure way of transferring physical assets through the use of a digital currency. Additionally, we can see that this platform is designed to make asset storage as well as local currency conversions easier. In a nutshell, users can simply transfer their digital assets to the Jibrel platform without having to trade them first. 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.
With a smart contract, respective parties set terms and agree to them through blockchain, and these agreements are executed automatically henceforth. Ethereum introduced the concept, but now a host of other blockchain networks employ them, including Cardano, NEO, TRON, Qtum, among many others. Each of these networks implements smart contracts through their own “in-house” tokens. What Jibrel is doing is figuring out how you could enable this same system, but with traditional currencies.
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).