Topic: [ANN] Jibrel Network | Traditional financial assets on-chain - page 18. (Read 42777 times)

It means that in future I will be able to exchange all fiat currencies on this platform?

Jibrel listed at https://foxico.io/project/jibrelnetwork

PM me if you have an advertising needs i hope to make your an ICO a great success!

Contracts will be deployed December 15th (when JNT withdrawals are enabled in the Token Sale dashboard). More info in our latest Transparency Update.

Its best to think of the token mechanics it as the Jibrel DAO using JNT as Proof of Solvency.

We hold 1000 USD in the bank (hopefully post ICO, we hold more than that).
The Jibrel DAO holds JNT in reserves.

You come to exchange ~0.055 BTC (US$ 1,000) with the Jibrel DAO.

The Jibrel DAO already has 1,000 jUSD, backed by US$ 1,000 with Jibrel AG.
The Jibrel DAO uses JNT to prove solvency to you, as a jCash holder.

The Jibrel DAO gives you the 1,000 jUSD for your ~0.055 BTC, and exchanges the BTC for 4,000 JNT on an exchange - proving to you, it holds this value on-chain.

When JNT goes down in price. The Jibrel DAO needs to increase its Proof of Solvency.

Now instead of needing 4,000 JNT to prove solvency to your 1,000 jUSD it needs 10,000 JNT.

It needs to go to market for the remaining 6,000 JNT.
By doing so, it provides price support for JNT.

Jibrel AG, liquidates a bit of the cash backing the CryDRs, to prove solvency to you on-chain.

Because by JNT decreasing in price, the Jibrel DAOs demand for it increases, as long as JNT holds a non-zero value, the Jibrel DAO / Jibrel AG can stay solvent.




Now the Jibrel DAO only needs to hold 1,000 JNT to Prove solvency to you.

If there is additional demand for jCash. People can exchange BTC directly for jCash, the BTC is then directly liquidated into Fiat, and the Jibrel DAO has sufficient JNT to prove solvency for the new fiat cash.

This system allows for sustainable growth, without the need for a high degree of trust / centralization.




In some cases, guarantors are for specific assets. So lets say you’re a treasury bill broker, you can already sell treasury bills today. Why can’t you sell them on-chain? By acting as a guarantor, you are merely porting your business, or bringing a small part of your business, on-chain.




See above ^ we act as the software play for existing financial institutions, we tokenize their assets (using JNT to back it), and they use their own licenses to transact with their assets on-chain.



This is the job of Jibrel AG / Jibrel DAO. To always remain solvent and always keep proof of this solvency on-chain.

This is the element of centralization (which is why we wrote “without… high degree of trust / centralization” above, instead of full decentralization).

That being said, the JNT is transparent with the DAO. The contracts are audited by New Alchemy and the financial accounts will be periodically audited by PwC.

We seek to be fully regulated by relevant Capital Markets regulators (i.e. FINMA), so we hope to provide a transparent, and fair service.


Hope that helps answer your questions!

Hi!
Is there a way to find JNT issuing contracts address on etherscan.io?
Thanks!

Thanks, I'm a little bit wiser now but still got questions:
3) Let's say I've bought 4000 JNT @ $0.25 each and then bought 1000 jUSD for them.
Scenario a: The JNT price goes down to $0.1 and I choose to convert my jUSD to JNT. You hold 4000 JNT with a value of $400. How will I be compensated for the remaining $600? You don't hold those tokens right?
Scenario b: The JNT price goes up to $1. I convert my 1000 jUSD back to 1000 JNT. What happends with the remaining 3000 JNT I deposited?
4) Is the guarantor a bank?
5) How does your contract with the guarantor work? Do you pay them regularly and they in turn hold a sum of USD equal to the outstanding number of jUSD?
6) Let's say the JNT price skyrockets and all JNT holders then exchange their JNT for jUSD. At this JNT price alot more jUSD are minted and thus the guarantor will have to hold alot more USD. What if they are unable to aquire it?

Jibrel Network: blockchain technology to fully automate and decentralize consumer banking

Of course. Otherwise, we would be absorbing market / credit risk.


If we mint 1 jUSD CryptoDepository Receipt (CryDR) - we have:

• 1 USD with Jibrel AG (Swiss Entity)
  
• 4 JNT (Equivalent of 1 Dollar - JNT = US$ 0.25 today) with Jibrel DAO as Proof of Solvency for off-chain assets.

So there is never a need to trust that we hold the off-chain asset, because you know the Jibrel DAO can exchange your CryDR for JNT -> ETH/BTC.

Ensuring your tethered token is always liquid.[/list]

Interesting concept, are the fiat currencies backed by a deposit?

If you're still facing KYC verification issues, please contact support and they'll resolve it quickly.


Questions:

1. Once you have jUSD. These tokens will be redeemable for a dollar's worth of JNT. Whatever that may be.

JNT is used by the DAO to balance accounts. So if JNT price stays constant, the DAO only has to hold 1000 JNT to back your 500 jUSD.
If JNT appreciates, the Jibrel DAO can print new CryDRs.

Best to look at it as users converting BTC -> jUSD and back.

The JNT balancing act is done by the Jibrel DAO as a proof of solvency. So anyone holding jUSD can be confident the Jibrel DAO can back this.

When they redeem it, the Jibrel DAO converts JNT back into BTC or ETH, to pay the user out.

JNT appreciates with CryDR demand (jUSD, jKRW, etc.) because the DAO will liquidate whatever BTC / ETH it receives and store some off-chain, and most of it as JNT.

2. JNT is held by Jibrel DAO as proof of solvency.

Jibrel Network listed at https://foxico.io/project/jibrelnetwork

Thanks for the answers!
I've decided to participate in the ico.
However, every time I try to upload my passport (the image shows up) and press "next step" it says "check your connection and try again". I've tried with different picture sizes and different browsers with the same result. My internet connection is fine.

How do you propose I proceed?


EDIT: I have a few more questions.
1) Let's say I buy 1000 JNT from an exchange at a current price of for example USD 0.5 each. If I then use them immediately to buy jUSD then each JNT will give me 0.5 jUSD, ie 500 jUSD. However, if I wait a few weeks the JNT/USD price might change to $1 due to market demand and I will thus get 1000 jUSD from my 1000 JNT. Is that how it would work?
2) What happends to the JNT token afterwards? ie after I have exchanged it for CryDRs?

What about bounty program? I can't find links to bounty thread

All ERC-20 Tokens.

It's also preconfigured to work with the top 50 coins by market cap.

which coin support with jwallet?

Tokens Allocated (including, team bounties, etc.): 55% of Supply
Funds raised to date: ~US$ 8,000,000 (with another 2-3MN to be added soon, off-chain deal).

Again, a great question!

This will definitely impact the overall market share of the project. Not going to gloss over that. But the hedging market is massive.

In addition, futures will be listed on off-chain traditional exchanges. So these tools may not necessarily be available to all participants looking to hedge.
For example, converting BTC / ETH straight into FIAT is also a hedge, and will capture about 80% of hedging market. Tether, and Futures are another mechanism.


The way Jibrel does it is it used JNT as a Proof of Solvency, or gold standard - i.e. the Jibrel DAO will always match off-chain assets, with JNT on-chain, to balance against tethered token liabilities.


JNT itself is deflationary, un-mineable. - finite supply (200MN).

Thanks for answering. But you didn't answer wether JNT is inflationary or deflationary. Will there be mining?

Also, another question:
As far as I understand, the main point of your project is stability, for example regarding companies raising money through ICOs. If they raise their money with jUSD instead of Ether they will significantly reduce the volatility risk. For example, not reaching the soft cap in USD even though the soft cap in Ether has been met (due to Ether price dive).

Now, bitcoin futures are soon to be launched. Maybe ether futures will follow soon. This would enable companies to hedge the ether they recieve from investors to the initial price level stated in the whitepaper.

Does that not somewhat negate the purpose of this project?

How many funds have you collected already?