[ANN] Jibrel Network | Traditional financial assets on-chain

[jimmythis2007]

Good to see this project coming together.  It's refreshing to see a team take security very seriously. 
I invested back in the early days...around .27 cents...that seems cheap...but most ALT's are down 30
to 40 percent.  Won't be long before things start to take off.  I'm sure that ANYONE who has invested
in this project will NOT be disappointed a year or two down the road.  I would hate to be ONE OF THOSE
people that had their wallets hacked or funds stolen out of their exchange.  For now...I feel pretty secure
with MEW for cold storage of my JNT.  Never had an issue with MEW.  Just as the team here illustrates how
IMPORTANT it is to build it right the first time...I to have taken a lot of time to assure my tokens are safe.
 

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[birdonthewire]

That image alone does not say anything. As the author of the post belongs to the team of JNT, it would be appreciated an explanation of what exactly means not to lead to confusion. Thank you.

[jibrelnetwork]

That image alone does not say anything. As the author of the post belongs to the team of JNT, it would be appreciated an explanation of what exactly means not to lead to confusion. Thank you.

Hi there,

The image is also a link to Jcash! Fiat currencies as ERC-20 tokens on the Ethereum blockchain.

Check out Jcash here

https://jcash.network/

Thanks!

[birdonthewire]

That image alone does not say anything. As the author of the post belongs to the team of JNT, it would be appreciated an explanation of what exactly means not to lead to confusion. Thank you.

Hi there,

The image is also a link to Jcash! Fiat currencies as ERC-20 tokens on the Ethereum blockchain.

Check out Jcash here

https://jcash.network/

Thanks!

Then...you confirm that Jcash is active ? ( i have to sign a week ago and the optinos are only for Germany, Switzerland and UK ) And all the rest ?

[birdonthewire]

That image alone does not say anything. As the author of the post belongs to the team of JNT, it would be appreciated an explanation of what exactly means not to lead to confusion. Thank you.

Hi there,

The image is also a link to Jcash! Fiat currencies as ERC-20 tokens on the Ethereum blockchain.

Check out Jcash here

https://jcash.network/

Thanks!

Then...you confirm that Jcash is active ? ( i have to sign a week ago and the options are only for Germany, Switzerland and UK ) And all the rest ?

[jibrelnetwork]

Yup. Jcash is live!

We've on-boarded a few customers already in Germany, UK and Switzerland, and will be opening it up to wider countries within the next 3 weeks!

[alexvilis]

Kambio Ventures, which plans to deliver the first fully-regulated capital markets solution for security tokens, join forces with Jibrel Network https://medium.com/@kambio/kambio-ventures-which-plans-to-deliver-the-first-fully-regulated-capital-markets-solution-for-5f484bf10a73

[birdonthewire]

An explanation for the comunity of this table, please ? https://jcash.network/proof-of-solvency  


What is exactly  in that context : "Solvency Requirement"? Liquidity ? Circulating ? JNT requirement ? Is possible some practical exemple ? Thanks

[Neuthor]

An explanation for the comunity of this table, please ? https://jcash.network/proof-of-solvency  


What is exactly  in that context : "Solvency Requirement"? Liquidity ? Circulating ? JNT requirement ? Is possible some practical exemple ? Thanks

In order to be able to give examples, I made a screenshot of the Proof Of Solvency page, since the values can vary over time. My examples all refer to the screenshot which you can find here: https://i.imgur.com/4BDtwA2.jpg

Currently, 186.43 jEUR, 84.09 jGBP and 480.04 jUSD are circulating. Basically, this means that someone has sent ETH to Jibrel and received jCurrency tokens in return, so that they are now in use.

Whenever a jCurrency token is in circulation, it has to be backed by JNT. This can be explained best using jUSD as an example. At a current price of $0.10 per JNT, 4,800.40 JNT would be required to cover all 480.04 jUSD in circulation (JNT requirement = Circulating amount of jUSD / JNT price). For currencies other than jUSD, these must first be converted into the theoretical value of USD at the current exchange rate, because the price of JNT is also in USD and only then the JNT requirement can be determined. Another example: 186.43 jEUR is currently in circulation. However, you cannot divide this amount by the JNT price, since it is given in USD, so that the theoretical value of jEUR in jUSD must be calculated first. At the time of writing, the conversion rate from EUR to USD is 1,1635. If you now multiply the amount of 186.43 jEUR by 1.1635, you get the theoretical value of 217.91 jUSD, which you can divide by the JNT price of $0.10. As a result, the JNT requirement for 186.43 jEUR would be 2,169.10 JNT what is almost identical to the 2,168.80 JNT shown in the screenshot.

Solvency required is the sum of all JNT requirements (2,168.80 for jEUR + 1,098.64 for jGBP + 4,800.40 for jUSD = 8,068).

In terms of liquidity, any value greater than 100% means that more than enough JNT are available to fulfil the solvency requirement. A large value indicates that more JNT have been pledged than would actually be needed. It can be calculated as follows: JNT Pledged * 100 / Solvency Requirement.

[birdonthewire]

Thank you, neuthor...perfect explanation. Really valious for people out of the financial system...thanks.

But some questions,please....where is possible to change the JCash by fiat money ...and receive fiat in a personal bank account ? This service goes actually ? Theres some "official provider"  like a bank, funds company, etc ?

Another : Some JNT Tokens will be burned after the operation to change JCash to fiat ? How much ? That affects the JNT supply ?

The last, sorry : I read some information about backing transfers in 75% of JNT Tokens and 25% of FIAT currency ... is it correct ... at what point in the process does it occur? (between which parts?)

Thank you for your aid. Really.

[Neuthor]

Thank you, neuthor...perfect explanation. Really valious for people out of the financial system...thanks.

But some questions,please....where is possible to change the JCash by fiat money ...and receive fiat in a personal bank account ? This service goes actually ? Theres some "official provider"  like a bank, funds company, etc ?

Another : Some JNT Tokens will be burned after the operation to change JCash to fiat ? How much ? That affects the JNT supply ?

The last, sorry : I read some information about backing transfers in 75% of JNT Tokens and 25% of FIAT currency ... is it correct ... at what point in the process does it occur? (between which parts?)

Thank you for your aid. Really.

jCash to fiat (or the other way round) by SEPA/SWIFT is not supported as of now.
However the team have stated several times that they are intending to implement these systems to make such transactions possible.

As there is currently not much information regarding the withdrawal of JCash via bank transfer, I cannot say whether JNT will be necessary for this or whether it will be burned.
I personally assume that JNT will not be burned, but will be kept by the Jibrel DAO to ensure a higher solvency.

The team's last statement was that JCash will be backed 75% by JNT and 25% by fiat. But I'm afraid I can't tell you if that's still the case. 
I think we'll soon get some medium posts explaining the latest developments and changes regarding jCash.

[birdonthewire]

Thanks neuthor ... everything has been much clearer. This type of indications are very well received here. I'm not used to telegram and the truth is that in other communication channels the pace of this project is almost non-existent. Here very little and discord, nothing.

We hope that the information contributions, as valuable as yours, are produced here more usually.

Greetings and thank you.

[birdonthewire]

Well, the thread is still dead until these gentlemen think it is appropriate to go to serve their investors. Thanks again to Neuthor for his answers, which I suppose in a private and personal way - if he is not a member of the JNT team -. I, anyway, will continue to expose my doubts in this thread opened by the Jibrel Network team. Many of us do not believe that a medium as fast as the telegram is suitable, but rather a forum where exhibitions are more leisurely and are perfectly recorded in time for anyone to access and take advantage of them. It is possible in days, weeks, months, the JNT team reappears with their great words appealing that if things go crooked, they wait for us with open arms in the future, once we change our opinion. Actually, I have no idea how you can be so disrespectful, paint your inattention to the color that they paint. It really is an imposition difficult to assume at the investor level ... but hey, you do not have too many options after having fallen more than 90% from the price reached on its release to the market. It is evident that this position does not stimulate the Jibrel Network team enough to address the doubts that this may generate for those who, trusting in their good work and their project, have entered into it.

Well ... the matter: We have already seen the JCash toy, its solvency test, etc ... now well: Why can we create JCash? Do you accept that token somewhere? Some exchange, financial entity ... something? We go there, we overturn our ethers and exchange them for USEFUL currencies? Is that what we have to contribute as investors, not with what remains of our investment, but with other investors? In the month of AUGUST, a member of the team confirmed in this thread that JCash was ACTIVE. Like entering the link facilitated to make conversions, it only gave options for Switzerland, UK and Germany ... later, before the normal complaints that it was not like that, it qualified that it would be ACTIVE for users of those countries 3 weeks, after which it I would be for the rest. Is it active now? They consider active a token that is not accepted anywhere ... or is accepted in many and we are not well informed

With little hope that this consultation will be taken care of, I leave it in the thread for believing it to be of interest to the community ... appreciating that anyone outside the structure of Jibrel throws a little light on the matter, in case of being able to it. On the other hand, a suggestion: If Jibrel Network is not going to attend your official btctalk thread ... why do not you close it? While it is open, the disregard suffered becomes quite difficult to grasp.

A greeting and Thanks forward.

[Neuthor]

Hello again,

Jcash can currently be used to hedge against falling crypto rates. Simply put, if you expect ETH to fall, you can switch it to stable Jcash to protect yourself against falling rates. At the moment Jcash is not accepted anywhere, but in the future merchants could use Jcash to accept crypto currencies by converting them to Jcash or accepting Jcash directly. There are also several pilot projects with financial institutions, governments and regulators in which Jcash and consequently JNT play a key role. However, these pilots take their time and understandably some parties prefer silence regarding the collaboration or specific details. Jcash will definitely not be usable on unregulated exchanges due to legal requirements, as most exchanges don’t take KYC and AML/CFT requirements serious enough. Jcash was rolled out with a soft launch in Germany, Switzerland and the UK to pilot the product with a small group first. Besides the optimization of the onboarding process, there are still a few bugs that need to be ironed out before Jcash can be offered to the wider public. This is from the Chinese Community Response that has been released earlier this month (https://drive.google.com/file/d/1Wbgt5AdK3Kf8gr2od-z8ALv1Bs7rpKKs/view?usp=drive_open):

“The next iteration of Jcash will include a larger number of countries, and additional Jcash tokens will be minted as the adoption of the cryptofiat solution increases.
Marketing efforts for Jcash will be targeted to the jurisdictions the product is rolled out in. There is a comprehensive plan for Jcash customer acquisition with referral agreements, digital and traditional advertisements, airdrops and joint initiatives with institutions planning to use Jcash.”

The next update will be released on October 5 on Medium.

[morantis]

Ask me anything with Yazan & Talal
Jibrel Network Co-founders, Yazan Barghuthi and Talal Tabbaa, answer Jibrel Community questions in this video AMA
https://www.youtube.com/watch?v=jGm1pGmc-24&t=766s

[birdonthewire]

Hello again,

Jcash can currently be used to hedge against falling crypto rates. Simply put, if you expect ETH to fall, you can switch it to stable Jcash to protect yourself against falling rates. At the moment Jcash is not accepted anywhere, but in the future merchants could use Jcash to accept crypto currencies by converting them to Jcash or accepting Jcash directly. There are also several pilot projects with financial institutions, governments and regulators in which Jcash and consequently JNT play a key role. However, these pilots take their time and understandably some parties prefer silence regarding the collaboration or specific details. Jcash will definitely not be usable on unregulated exchanges due to legal requirements, as most exchanges don’t take KYC and AML/CFT requirements serious enough. Jcash was rolled out with a soft launch in Germany, Switzerland and the UK to pilot the product with a small group first. Besides the optimization of the onboarding process, there are still a few bugs that need to be ironed out before Jcash can be offered to the wider public. This is from the Chinese Community Response that has been released earlier this month (https://drive.google.com/file/d/1Wbgt5AdK3Kf8gr2od-z8ALv1Bs7rpKKs/view?usp=drive_open):

“The next iteration of Jcash will include a larger number of countries, and additional Jcash tokens will be minted as the adoption of the cryptofiat solution increases.
Marketing efforts for Jcash will be targeted to the jurisdictions the product is rolled out in. There is a comprehensive plan for Jcash customer acquisition with referral agreements, digital and traditional advertisements, airdrops and joint initiatives with institutions planning to use Jcash.”

The next update will be released on October 5 on Medium.

 OK ... I expect that communication with great interest.

On what is exposed in the post, if JCash is not supported anywhere, if you take downs of eth ... how do you return to eth once recovered? Do JCash providers also provide ethers in the opposite direction? Or you must assume definitely the amount of your ethers in fiat (which would be a problem). You comment that there is a pkan of deployment of JCash with different agents (public administrations, financial entities, etc): Is that plan available to the public?

Thanks again for your informative support to the thread. I will think benevolently that you are a member of the incognito team in order to explain to me in some way the incomprehensible lack of information of the Jibrel team in this forum.

[birdonthewire]

Any opinion about what happened last night? Thank you.

[jibrelnetwork]

[Landakhitam]

Ask me anything with Yazan & Talal
Jibrel Network Co-founders, Yazan Barghuthi and Talal Tabbaa, answer Jibrel Community questions in this video AMA
https://www.youtube.com/watch?v=jGm1pGmc-24&t=766s

We have seen many companies joining the hands of EEA because in this way companies will be getting more exposure and EEA team is working hard to bring the ethereum block chain as number one block chain in the world. Hope this might help the jibrel network to start developing further developments.

[birdonthewire]

   

Hello... Personally, I do not understand too much that having changed timmings of the project, etc., invest time in a wallet or an explorer that while Jibrel Network works in the chain of ethereum can be used in this same platform because they are already done and thus seek to optimize efforts to ensure that JCash is up to date as soon as possible, in any way, in a matter of partners that support the operation of JCash, it seems that they will be counted on "in a few months". Although after reading the update report, it is not easy to draw concrete conclusions, which is what as an investor you may need after all this year of corrections in the roadmap, etc. As it is well said in it, the stable coins that are entering the scene (that appear suddenly, are announced and WORK) are taking advantage of us after a year of exhibitions, presentations ... but without operative developments ... the key is know when JCash will have direct utility. When will it be in exchanges and / or will it have steps to fiat or direct applications in those terms? Thank you.