It’s clear that the Ethereum network is a highly valuable addition to the blockchain and cryptocurrency ecosystem. While the Ethereum blockchain is still under active development and requires a significant amount of work until all of its various kinks are ironed out, it has dramatically improved in both scale and quality over the last couple of years.
The issue of Ethereum wallets, however, is a pressing one. A new platform, however, aims to provide a solution to this problem with the jWallet, a Swiss-made wallet that provides a wide range of functionality beyond simple wallet use.
In this article, we’ll take a look at the jWallet and find out what it does to help you find out whether it could shape up to be the best Ethereum wallet solution in the cryptocurrency world.
What the jWallet Network Does…
Multi-currency wallets already exist, and come in many different shapes and forms. While these solutions are able to deliver convenience and store a range of different cryptocurrencies at the same time, they don’t usually deliver much more in the way of functionality than simple storage.
Many cryptocurrency investors and enthusiasts desire only convenience and simplicity. This has led to a paradigm in which users generally seek out a wallet solution specifically for crypto currency investments, and choose another solution strictly for traditional investments.
More Details About the Creators of jWallet
Jibrel Network, the creators of the jWallet, are aiming to bridge the gap between traditional and crypto investments by creating a wallet solution that supports cryptocurrencies and digital tokens in addition to a range of different traditional investments, including bonds, commodities, and equities.
At this point in time, the jWallet is designed to store Ethereum and other Ethereum blockchain based digital assets and cryptocurrencies. Creating a wallet from scratch as a new startup company is a surprising achievement, one that has been achieved with $3 million worth of venture capital from a variety of sources.
Some of the investors that have provided capital in order to facilitate the creation of the jWallet include the TaaS Fund, ArabianChain, and Aurora Parters. This capital has assisted Jibrel Network in creating a highly secure, robust wallet solution in an ecosystem that is currently fraught with phishing scams, sites, and other security issues.
The alpha version of the jWallet currently supports Ethereum and other ERC20 tokens, and makes it possible to store, convert, and transfer them. Importantly, jWallet doesn't store any user information, and doesn’t store user private key information either.
All of the data generated by the jWallet is stored locally, which is important in the cryptocurrency world. As a wallet that provides a high degree of security and convenience without compromising user data, the jWallet solution is unique indeed. The jWallet development team advise that users run it locally, or use the jWallet mobile app, which is currently in an early alpha stage.
Interestingly, the jWallet also supports a range of different fiat currencies. This functionality is provided by the creation of tokens that are created by Jibrel Network. At this point in time, six different fiat currencies are represented by tokens on the jWallet platform- USD, EUR, GBP, AED, RUB, and CNY.
It appears that these fiat tokens are intended to compete with tether, but there is currently a lack of information regarding the technical specifics of the tokens. The most logical explanation for jWallet fiat tokens is that users will convert them for real fiat currency, although the exact mechanism that will allow this is yet to be revealed.
The biggest feature of the jWallet solution, however, is the support it offers for commodities, equities, and bonds. The jWallet will need to store these in a digital form on the Ethereum blockchain, which means the jWallet team will likely have a significant amount of conversion and interoperability work to complete before a full release.
At this point, it’s unclear whether the jWallet team are referring to traditional bonds or digital assets that will be issued on the Ethereum blockchain directly. If it’s the former, then the jWallet platform will necessitate the creation of an official conversion process that will facilitate the transfer of traditional bonds into digital assets.
The jWallet Network Verdict
While the jWallet Network solution is not yet complete, an alpha is available for public testing. If you’re looking for a different type of ERC20 or Ethereum wallet, the jWallet is definitely worth trying out, although it’s best to avoid depositing large amounts of capital due to the unstable alpha version of the product.