Beginners Guide & How to Buy Jibrel Network JNT Information & Review

An additional buffer is required to account for price movement in JNT, as well as the price of the asset the contract is denoted in (in this case, USD). As the token appears on exchanges across geographies, Jibrel Network Token (JNT) will be able to deliver its utility and the team will be able to undertake pilot programs. This post discusses the underlying mechanics of the network, the required set-up phase, and the on-boarding process of network participants. Jibrel AG is a registered entity in Zug, Switzerland and is responsible for the development of the network. Jibrel team has undertaken the necessary legal and compliance measures to ensure a fully compliant token sale. Jibrel is gradually building the infrastructure to automate the consumer banking funnel.

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This system requires technological and regulatory build-out / governance. This role is undertaken by the Jibrel Team, with the ambition of winding down their involvement in developing and managing the system over the medium to longer term. This is the collection of Smart Contracts facilitating lawful and compliant transactions between Partners and Network Users on the Jibrel. This is the collection of Smart Contracts facilitating lawful and compliant transactions between Partners and Network Users on the Jibrel Network. This section outlines the set-up required for each participant to achieve their objectives on the Jibrel Network. Jibrel Network Token is the virtual exchange currency of Jibrel and the currency used to interact with the Jibrel DAO.

The token page shows information such as price, total supply, holders, transfers and social links. Using the Jibrel Decentral Bank, also known as the Jibrel DAO, users can exchange their JNT tokens for CryDRs. They have the choice of redeeming CryDRs for their underlying value in the form of JNT or minting new CryDRs with their JNT. Previous architectures have been superseded by the latest developments in our Github repositories and it is likely that the architecture outlined in this post (and in our repositories) will continue to evolve and change over time.

“A huge benefit of smart contracts that people don’t touch on jibrel network token enough is how it removes subjectivity,” Barghuthi said. “And you can imagine why that would be something incredibly useful with some of the bloated processes or bureaucratic processes in financial services.” For a refresher on smart contracts, take a look at this piece in Motherboard. “Blockchains are a database, a new way of storing data in a particular contract,”Barghuthi said.

How Is the Jibrel Network Token Distributed?

In Q3, it will deploy an institutional-grade solution that banks and other types of financial institutions can use to directly tokenize then transact using their off-chain assets. In Q4, it will launch the Jibrel DAO and the network will begin its full decentralization, known as Project Pinocchio. The Jibrel Network chose to create a dedicated token like JNT instead of relying on ETH or BTC because of their extreme volatility. It would have been too challenging to keep fiat currency liabilities while holding the uncorrelated and volatile crypto-assets. By creating JNT, by contrast, there is a closed system that can self-balance. To create this contract, the Partner pledges value in the form of JNT, by locking the JNT in a smart contract.

Token Sales

Barghuthi sees this as the optimal way to future-proof Jibrel as blockchain moves from a hyped technology to one that is just the functional backbone of existing systems. Further details on the partnership and specifics of the pilot program will be released in the coming weeks. During this period, while the Pledge value is insufficient, the user can exercise the contract at any time, receiving the full value back (including the premium). These are licensed financial entities that aim to use Jibrel technology to deliver cost efficiencies and generate an on-chain transactional profit.

1. The Limited Alpha version of the network went live on Ropsten in May 2017.
2. 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).
3. “All transfers on jCash are always AML KYC compliant,”Barghuthi said.
4. So that smart regulation could be updated as well as provide forward compatibility (e.g. ERC223 token standard).

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. Each CryDR represent a Smart Forward Contract between a liquidity provider and Network User. With the Jibrel DAO smart contracts governing the mechanisms that facilitate the user to redeem the CryDR for the underlying value at a future date, lawfully and compliantly. The Jibrel Network is an initiative from Jibrel AG and Qubist Labs Inc.

We recently announced that we will be running a pilot program with relevant governmental, regulatory and commercial bodies in the MENA region. To start, Jibrel DAO will hold Proof of Solvency on-chain, as well as the underlying value off-chain. Jibrel completed an Angel Round through a “Simple Agreement for Future Tokens”. The remaining tokens will be sold during full network launch on November 27th at a price of US$0.25. A dedicated token is needed to power Jibrel in order to establish equilibrium / duality in the system. Jibrel maintains an off-chain portfolio of assets and the Jibrel Network Token is used as a medium between on-chain and off-chain value.

In the event that the underlying value of the asset deviates, or the JNT pledge becomes insufficient, the Partner is required to provide additional JNT. 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. Three provided by Jibrel Strategic Partners, and three provided by the Jibrel Network infrastructure / Jibrel DAO. In the event of a crash in the traditional economy, the Jibrel AG Fund will maintain a sufficiently diverse and robust off-chain portfolio (e.g. US Treasury Bills, CDs, etc.) and increase its digital asset holdings (on-chain).

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. In the example, the Partner is creating a US$ 10,000 ‘crypto-bond’, with 30 day maturity, and charging a 10% premium for this ‘Forward Contract’.

“Smart contracts are a way to execute certain commands in a decentralized way, and be able to remove trusted intermediaries, or middlemen, from the equation.” Ten percent of these, 20 million JNT, were allocated for the token presale and 60 percent, or 120 million, for the token main sale. The team receives 15 percent, or 30 million JNT, while advisors and partners get another 10 percent, 20 million JNT. JNT will be listed on multiple exchanges to make it easier for users to acquire.