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December 4 2017

ICO Alert Report: Jibrel Network

ICO Alert Report: Jibrel Network

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ICO Alert Quick Facts

  1. Allows anyone to digitize, list, trade and sell traditional assets on the blockchain.
  2. $0.25 = 1 JNT.
  3. ICO: November 27, 2017 — January 26, 2018.
  4. 120,000,000 total available / 200,000,000 total supply.
  5. $3,219,299 raised in pre-ICO

What is Jibrel?

Jibrel Network provides currencies, equities, commodities and other financial assets and money instruments as standard ERC-20 tokens on the Ethereum blockchain. In the mid- to long-term, Jibrel will focus on tokenizing debt instruments and their derivatives, thereby streamlining large portions of retail investment and investment banking operations.

We are the first protocol to allow anyone to put traditional assets such as currencies, bonds, and other financial instruments on the blockchain in the 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.

Q&A with the Jibrel Network Team

ICO Alert: How does the Jibrel token function within the platform and why is it needed?

Jibrel Network: Jibrel Network Token (JNT) is used to balance tethered liabilities the Jibrel DAO provides, against the assets it possesses off-chain.
Walking through an example — JNT is priced at $0.25 today.
0. Jibrel DAO mints CryDRs (tethered assets) against the tethered assets held by the Jibrel AG Fund.
1. Alice purchases 1 jUSD from the Jibrel DAO using BTC or ETH.
2. The Jibrel DAO exchanges this for 4 JNT representing solvency of Alice’s asset on-chain.
Scenario A. JNT Appreciates to $1.00 USD.
The Jibrel DAO can now issue new CryDRs, as it has JNT assets in excess of CryDR liabilities.
Scenario B. JNT Depreciates to $0.05 USD.
The Jibrel DAO liquidates off-chain assets to purchase another 12 JNT to cover its liabilities.
By doing so, provides price support for JNT, potentially increasing the price, and reducing the JNT needed to cover the liabilities.
3. Alice returns the jUSD to the Jibrel DAO.
4. The Jibrel DAO converts destroys the jUSD token, liquidates the JNT backing it, and provides the funds to Alice in BTC or ETH.
So you see, JNT is used to create a balance/duality between the demand for CryDRs and off-chain solvency.
More information on this duality can be found in our Project Roadmap, under the section “A Dedicated Token.”

ICO Alert: What unique experience does your team bring that puts Jibrel in position to be successful?

Jibrel Network: For Jibrel to be successful, the team needs to blend traditional finance with crypto-expertise.
Our management team includes experienced finance professionals, and crypto-specialists. Yazan and Talal are former financial consultants (Oliver Wyman, PwC, Deloitte). Victor ran pool.mn (top 3 altcoin mining pool at the time).
Our advisory team also blends traditional finance leaders with crypto-experts (e.g. Abbas Zuaiter: former COO/CFO of George Soros Fund; Don Tapscott: Blockchain Revolution; Ruslan Gavrilyuk: CEO TaaS Fund).
Our core teams is also quite experienced at implementing large scale transformation projects and building out organizations. This is evident in how quickly we’ve been able to ramp-up and start releasing products like the jWallet (Alpha).

ICO Alert: Describe what Crypto Depository Receipts are and how they will be used as part of the Jibrel network?

Jibrel Network: CryptoDepository Receipts (or CryDRs for short; pronounced like spiders) are tethered assets on the Jibrel Network.
A CryDR represents (and is) a contract with the Jibrel DAO to redeem this token for the represented assets’ value.
For example, if you buy 1 jEUR, this is a contract with the Jibrel DAO to redeem this token for 1 euro worth of Jibrel Network Token (JNT) in the future. Regardless of the value of the euro or the value of JNT at the time.
Using this system, and managing credit/market risk effectively, we can deliver a wide range of tethered assets seamlessly. Currencies commodities, bonds, and eventually equities.

ICO Alert: What are some of the advantages of using the Jibrel token (or jCash) as a hedge against the crypto market volatility compared to something like Tether? Would there be any disadvantages?

Jibrel Network: The main advantage is reduced centralization and trust. Jibrel is big on transparency.
Since the Jibrel DAO needs to maintain solvency on-chain, people can always see that the Jibrel DAO has enough to back liabilities at any point in time. In addition, Jibrel engaged PwC to provide a financial audit to ensure full transparency.
One of the disadvantages is that we’re a lesser known team. But we believe that in a few months, we’ll be well positioned to take tether on!

ICO Alert: Do you foresee any scaling issues in the future due to some of the transactional limitations of the Ethereum blockchain that may not be resolved for up to three years?

Jibrel Network: Of course. Scaling is a problem across the board, Ethereum included. The updates on the core protocol have also been slower than expected. One of the reasons being the “ICO Brain Drain,” where talented developers wanted to ICO rather than work on the protocol.
For this reason, we’ll be making our solutions “chain agnostic” in the medium term.

ICO Alert: Describe what the “Guarantor” role is on the network and what role will they play on the network and what security measures will be in place to ensure that a tethered asset actually exists? Will there be regular third party audits and, if so, who will conduct the audits?

Jibrel Network: The guarantor is an existing financial institution. They can bring their own license. Financial institutions who are obligated to provide audited financial statements to their capital markets regulators will not need to be cross-audited further.
Any accounts associated with Jibrel AG directly will need to be audited at the same high standards.
PwC has been engaged to provide this audit.
In addition, New Alchemy was engaged to audit our smart contracts. The results are available here: New Alchemy — Findings.

ICO Alert: What does success look like for Jibrel? What are the biggest risks and challenges Jibrel will need to overcome to consider the project successful?

Jibrel Network: In the immediate term, success is jCash displacing tether as the preferred hedging mechanism on-chain, and the jWallet displacing MEW as the number one Ethereum wallet. And the Jibrel Block Explorer displacing Etherscan.
In the longer-term, we envision jCash powering the traditional economy. Incumbent financial institutions are likely to be the ones to bring crypto-fiat. Jibrel’s ambition is to be the number one partner for tier 1 banks and non-bank financial institutions for such implementations. Similar to Oracle’s early day success with the Oracle Database.

ICO Alert: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for the rest of 2017 and 2018?

Jibrel Network: jWallet is currently in alpha and you can try it here!
It works across desktop and mobile devices, and private keys never leave your browser. It’s powered by our own Ethereum nodes (that only receive encrypted messages) so you don’t need a connection like Meta-mask. It’s plug and play and preconfigured with all your favorite tokens.

ICO Alert: As a non-Jibrel question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

Jibrel Network: We are firm believers in the “tokens as a back-end” model. In some cases, cryptocurrencies will be used as utility tokens, in other cases they will be used to transfer value.
This view is expressed in this Medium post: Tokens as a Backend — The more things change the more they stay the same.
We envision the build-out of numerous use-case specific chains. With regards to Jibrel’s high-level strategic roadmap, the way we see it is:
It is unclear what the future ecosystem will look like, but what we do know, is there will be blockchains. So as an organization, we should be focused on building out “chain agnostic” solutions that will be in high-demand, regardless of which blockchains are employed in the future.
These are: crypto-fiat (jCash), client interfaces (jWallet), and block explorers (Jibrel Explorer).

ICO Information
The main ICO began on November 27, 2017 at noon GMT and will run until January 26, 2018 at noon GMT. There are a total of 120,000,000 Jibrel tokens (JNT) available during the main ICO, representing 60% of the total JNT supply. A hard cap of $28,750,000 is set for this period.

$0.25 = 1 JNT

Token Distribution Information
There are a total 200,000,000 JNT tokens being created, with 120,000,000 JNT available during the main ICO.

Contributors will be receiving tokens immediately upon transaction. Once your ETH or BTC transfer is complete (12 confirmations for ETH, 3 confirmations for BTC) you will immediately receive your JNT to the ETH address specified in your application.

Visit the Jibrel Network website for more information and the contribution address.

60%: Main ICO
15%: Team
10%: Pre-ICO
10%: Advisors and partners
5%: Bounties

Use of ICO Proceeds
75%: Mint first batch of crypto-fiat tokens — jCash
25%: Development / Marketing / Legal

Yazan Barghuthi, Project Lead / Co-founder
Yazan has over nine years’ financial services experience at top management consultancies such as Oliver Wyman and Deloitte. He is proficient at Javascript, HTML, CSS, React, and most front-end frameworks.

Victor Mezrin, Technical Lead / Co-founder
Victor has over 10 years development experience and ran a top three altcoin mining pool (pool.mn) between 2014 and 2016. He is proficient at C++/C, Python, Java, C#, PHP, JavaScript, and Solidity.

Talal Tabbaa, BizDev Lead / Co-founder
Talal has over six years experience in financial advisory roles at top tier consultancies (PwC) as well as private investment funds. He is proficient at Python and SQL and is learning front-end development.

Nick Marinin, Developer (UX/UI)
Nick has over nine years experience in designing and developing financial user interfaces. He has developed UI/UX for financial institutions, retail businesses, and manufacturers. He is proficient at HTML, CSS, and JavaScript.

Hamzeh Kolaghassi, Operations
Hamzeh has over six years financial experience at top private equity and financial consultancy firms such as Alcazar Capital and Ernst & Young. He is proficient in financial management and data analysis, with an emphasis on designing and implementing business strategies, plans and procedures.

Social Media

View the Jibrel Network website here.

View the only comprehensive list of active and upcoming ICOs here.

(1) Jibrel Network Website, Jibrel Network, (2017)

(2) Jibrel Network Whitepaper, Jibrel Network, (2017)

Topics: Crypto, Blockchain, ICO, Cryptocurrency, Finance