Jibrel Network provides traditional financial assets as ERC20 tokens on the Ethereum blockchain. Find out how it works today in our Jibrel Network review.
What Is Jibrel Network?
Jibrel Network plans to “tokenize everything” by providing currencies, equities, commodities, and other financial assets and instruments as ERC20-compliant tokens on the Ethereum blockchain.
These assets are listed as CryptoDepository Receipts, or CryDRs, which are used for transactions on the Jibrel Network. The network denominates these tokens in Jibrel Network Tokens, or JNTs. For example, a USD CryDR holds $1 USD worth of JNT.
Users can use fiat CryDRs for remittances, global payments, trading, and hedging. CryDRs can also be used to create automated and decentralized financial instruments – like bonds, commodities, debt instruments, and securities.
The first step for Jibrel Network is to roll out “jCash”, which are CryDRs representing popular global currencies. USD, GBP, EUR, RUB, AED, and CNY CryDRs will all be available through the platform.
You can purchase CryDRs at any time using Jibrel Network Tokens (JNTs) from the Jibrel DAO.
jCash is expected to launch in November 2017, with the JNT token sale taking place throughout September and October.
What Problems Does Jibrel Network Seek To Solve?
Basically, Jibrel Network aims to solve the same problems as other financial trading companies built on the blockchain. By bringing financial instruments to the blockchain, Jibrel Network aims to solve problems like high fees and slow transfer times.
Furthermore, Jibrel Network also wants to make it easy for users to store, send, and receive value in their local currencies with near-zero fees. You don’t have to trade any digital assets on the Jibrel Network platform. You can just use it to transfer fiat currencies in a more affordable way.
One final problem that Jibrel Network seeks to solve is that it allows decentralized organizations and funds to diversify into traditional assets. These parties can purchase asset-backed CryDRs.
How Does Jibrel Network Work?
Here are the core features of the Jibrel Network ecosystem and how they work:
- Public Blockchain: Jibrel Network will use a public blockchain for the near future (Ethereum) until full cross-chain communication is feasible. Many startups use a public and secure blockchain for early versions.
- Cryptocurrency Exchanges: Jibrel Network allows users to exchange cryptocurrencies for fiat currencies or asset-backed funds. Whatever you’re trading, you can easily convert it between crypto and fiat on the Jibrel Network platform.
- Tethered Tokens: All asset-backed tokens on the Jibrel Network will be genuinely backed by real assets. For every traditional asset held, a tethered token will be minted. If that asset is sold, the tethered token is destroyed.
- Guarantor: Guarantors are needed to ensure tethered tokens retain their value.
- Application Layer, Libraries, and Templates: Once a tethered token is established, developers can create applications that leverage those tethered tokens. Applications could include payment processors, wallets, and trading platforms.
- Fees and Charges: Here’s what the Jibrel Network whitepaper has to say about the platform’s fees and charges: “Transferring ownership of both digital and traditional assets have associated fees and charges that will need to be accounted.”
Who’s Behind Jibrel Network?
Jibrel Network is led by a joint initiative between Jibrel AG and Qubist Labs Inc. Jibrel AG is a Zug, Switzerland-registered company, while Qubist Labs Inc. is a blockchain development company based in New York.
Key members of the team include Project Lead and Co-Founder Yazan Barghuthi, Technical Lead and Co-Founder Victor Mezrin, and BizDev Lead and Co-Founder Talal Tabbaa.
The Jibrel Network Token Sale
Jibrel Network Tokens (JNTs) will be used to purchase tethered assets through the platform. The angel round of the token sale occurred between July 25 and August 25, during which time the tokens were sold for $0.15 USD.
The public pre-sale lasts from September 25 to October 25, where the tokens are priced at $0.20 to $0.225.
The network launches on November 27, during which the tokens will be priced at $0.25.
Jibrel Network is issuing a total supply of 200 million JNTs. 10% were sold during the angel round, 20% were sold during the public pre-sale, 40% are reserved for the network launch, 15% for the team, 10% for advisors and partners, and 5% for bounties.
Jibrel Network Conclusion
Jibrel Network is a unique project that aims to digitize assets by placing them on the blockchain. Jibrel Network will have a system in place where the tethered asset is linked to the physical asset at all times. If that physical asset is sold, then the token is destroyed. The end result is a blockchain-based ecosystem that facilitates the easy, secure transfer of physical assets – or any financial instrument – through the use of digital tokens.
To learn more about Jibrel Network, visit the company online today at Jibrel.network.