Introduction
Recently, blockchain technology and its ability to truly change the world of investment is becoming more and more apparent. This is encompassed by its persistent adoption in the investment sector. Blockchain technology allows for the managing of traditional financial instruments in a much more rapid and safer manner.
With the mass adoption of Blockchain technology, comes a mass creation of cryptocurrencies, which some may seem to be a ineffective project or in a real world sense.
This is where the Jibrel Network establishes itself as an almost rarity being new and extremely useful in our current, and future, economic landscape.
What is Jibrel Network?
Jibrel Network works as a decentralized banking platform, which will attempt to solve the problems of the current financial system. These problems include lengthy waiting periods, high charges and the inability to use financial instruments like bonds and stock for global or local payments. The Jibrel Network will allow users to convert their financial assets into JNT tokens, then into CryDRs, which can be used to make payments and transfers over the Ethereum blockchain.
What does this mean for financial organisations?
The Jibrel Network provides currencies, equities, commodities and other financial assets and money instruments as standard ERC-20 tokens on the Ethereum blockchain. This means that users will be able to convert their real world assets into Ethereum tokens, or as Jibrel Network calls it CryDRs. Allowing for traditional financial assets to take advantage of the many benefits of blockchain technology, such as security and transparency.
Jibrel Network aims to represent various fiat currencies with jCash. A basic example of this is that a person will be able to convert 1 USD into 1 jUSD. To avoid the high volatility of cryptocurrency the Jibrel Network will use its own cryptocurrency JNT to enable a stable price for fiat CryDRs.
What is a CryDr?
The CryDR or Cryptographic deposit receipts are the tokens created by the Jibrel Network that truly represent the value of a traditional financial asset denominated as JNT. That is, 1 USD CryDRs will be equivalent to 1 USD worth of JNT tokens.
Perhaps most important, CryDRs will be backed by real assets. After each transaction is complete a ticket is created by the name of “Tethered” and once the transaction is complete the ticket is removed.
JNT Tokens
JNT tokens have a maximum supply of 200 millions, in its current ICO stage tokens are for sale at the rate of 1 JNT for 0.25 USD
Find out more:
Website: https://jibrel.network/
Twitter: https://twitter.com/JibrelNetwork
Slack: https://jibrelnetwork.slack.com/
Our interview with Jibrel Project Lead, Yazan Barghuthi: