What Is Jibrel Network? Review? | Ecency

The Jibrel Network aims to allow people to tokenize and digitize traditional assets onto the blockchain. By bridging the gap between the existing financial infrastructure and the crypto economy, there can be a mutually beneficial situation for both sides. Problems affecting traditional banking such as high fees and slow transfer times can be eliminated. Making investing in crypto easier for the masses should help new and old investors alike.

The Jibrel Network will provide currencies, equities, commodities and other financial assets and instruments as standard ERC-20 tokens on the Ethereum blockchain. To achieve this they will create something called a CryptoDepository Receipts or CryDRs. CryDRs are tokens that represent a traditional financial asset’s value, and is expressed in Jibrel Network Token – JNT.

Key Features and Advantages of the Jibrel Network

Eliminate fraud and compliance risks – CryptoDepository Receipts will have smart regulations coded into them. Real-world rules and regulations can easily be written and deployed on the ethereum blockchain in the form of smart contracts. This ensures that while decentralized, CryDRs will always follow real world rules and regulations.

Decrease volatility – Crypto can be very volatile with large swings in value occurring over a very short time period. For those who rely on crypto for funding, this could make or break them. With Jibrel, people can sell their digital assets at highs and replace them with stable money market tokens (on-chain). Later on when the market is low they can re-deploy their capital into digital assets. As a result, users can benefit from volatility rather than fear it.

Increase liquidity – by tokenizing assets, the Jibrel Network allows for the easy transfer of things that would not be traditionally transferable. This can open up new opportunities for both buyers and sellers.

Fiat support – The first iteration of the Jibrel Network aims to support USD, EUR, GBP, RUB, CNY and AED. They will create tethered token or jCash. For tethered tokens to hold their respective value, a guarantor is needed. The guarantor will hold traditional assets and issue their respective tethered tokens. They will also redeem and destroy tokens in return for the release / transfer of ownership of the underlying traditional asset.

The Jibrel Network – Ropsten Alpha

Jibrel has already launched an alpha of their platform back in May. It was put on ropsten (an ethereum test net) and the complementary front-end development was completed in June. The alpha demonstrated two types of CryDRs, fiat and bonds. USD, EUR and a US Treasury Bill.

Jibrel – jWallet Release

Jibrel also has a functioning wallet called jWallet. It is currently in an alpha stage.
Features include:

➜Compatibility with most popular ERC-20 tokens right off the bat. Support includes ETH, JNT, OMG, EOS and many more.

➜They will have a bring your own token (BYOT) allowing users to add a token that isn’t listed or public yet.

➜Privacy of the wallet is also very high. All sensitive data never leaves your device. Private keys are never shared with anyone, including the wallet itself.

➜Tracking tools to keep you informed of your transactions and trades.

The Jibrel Network Token (JNT)

The Jibrel Network token (JNT) will have 200 million total supply. 70% will be available for sale (10% presale, 60% main sale). This is quite a high percentage of the total supply and should help to bolster the public’s faith in the team.Jibrel had their presale from September 25th until October 25th, 2017. They raised a total of ~US$ 3,219,299 selling 19,985,202.57 Jibrel Network Token (JNT) in the process. The main sale, launched in November, has also ended.

Uses of the Jibrel Network Token (JNT)

Jibrel Network Token (JNT) is a virtual currency used to purchase / redeem CryDRs. In addition, any value exchange associated with the securitized off-chain assets are transacted using Jibrel Network Token. Finally, CryDR transfers consume small amounts of JNT in the form of jGas.Jibrel also intends to list JNT on numerous exchanges within 90 days of public sale close.