Nextbigfuture interview with Talal Tabbaa who is the Jibrel BizDev Lead and co-founder. JCash is launching tokenized US dollar and Korean Won. Working with three to four banks (tier1 and tier 2 banks). They are trying to go through roughly 10 week pilots. Announcements for each bank will be made after the pilots are successful when the products will become are commercial available to the public.
Talal previously managed a $3 billion investment fund. This was a private Saudi Royal family fund. In 2015 they opened a crypto position. For the last year, Talal has been with Jibrel.
Jibrel has the policy of building first and then marketing.
Jibrel has been funded for $30 million. They have four non-developer and ten developers currently. But the team is growing.
Jibrel is focused on the top European financial centers of Luxembourgh, Lichetenstein, Switzerland, Germany.
Jibrel is working with partner banks to stay in compliance with existing regulations.
Jibrel had a conference in Seoul South Korea a couple of days ago. Korea is cracking down on the unregulated crypto exchanges and speculative investments. However, Korea is a top 3 leader in cryptocurrency. In normal financial markets Korea is not a top ten country. Korea wants to remain a top crypto market.
Jibrel tokens will be finite and will be convertible to the US Dollar, Korean Won and other currencies later based upon the market prices set on exchanges. Each tokenized currency will be backed by matching physical currency. Jibrel will support this proof of solvency.
Jibrel in talks with Dubai. Dubai wants to be the blockchain capital by 2020.
JCash is a ERC20 token initially.
Jwallet and Jibrel search are Jibrel’s two main infrastructure projects.
JWallet released in November.
Jibrel search is not released yet but will be released in Q2 or Q3 of 2018.
Jibrel search will search across blockchain explorer.
Jibrel Search will have 6 times the speed of other solutions.
Most important part of Jibrel is Smart Regulations
They build in regulations into code and embed them into the token.
Automates the enforcement of regulations.
They simplify and ensure compliance when they translate regulations into code.
They are leading innovation in RegTech. They focus on what is desired by governments. They want to build trustworthy blockchain financial technology.
This is needed for mass scale.
Currently the Asian countries are leading the world in making clear regulations which Jibrel can encode and be compliant. US markets have not established cryptocurrency regulations which can be followed. Regulations must exist for a company to aligned and compliant.
The jibrel network enables placing traditional assets onchain.
While reliance on another blockchain imposes a longlist of new challenges and limitations, a public and secure blockchain is required for early versions of jibrel, until full crosschain communication is feasible.
Cryptocurrency exchanges provided endusers with fiat accounts in their local currency and digital wallets to hold cryptocurrencies. User can buy, trade or transmit digital currency, easily converting between crypto and fiat currencies.
Jibrel Network Token (JNT)
While nonfiat portals will charge offline fees in fiat currencies, the JDB’s onchain fees and commissions will be levied in the form of Jibrel Network Tokens (JNT). JNT will be listed on ERC20 compatible exchanges.
Crypto Depository Receipts (CryDR)
CryDRs are tethered tokens that represent ownership of an underlying traditional asset held by Jibrel. In this paper, they are denoted as jAsset (e.g. jUSD, jEUR, jGBP). On release, Jibrel will support six fiat currencies and two money market instruments, with plans to add additional financial instruments in the future.
CryDR Smart Contracts
Each asset registered with the JDB will have a CryDR issued in the form of a smart contract. CryDR smart contracts will be ERC20 compliant. Forwarding CryDRs between user accounts is similar to forwarding other ERC20 tokens between wallets.
Jibrel Decentral Bank Smart Contract
A dedicated JDB smart contract will regulate the work of CryDR Smart Contracts.
Board of Directors Smart Contract (BODC)
The Board of Directors smart contract (BODC) is the only mechanism to interact / influence the Jibrel Decentral Bank Contract.
BODC will be managed through a voting system, where members of the board can use their Ethereum accounts to vote on BODC actions. Storing and using private keys will be the responsibility of members. Ideally, the board will be composed of crypto thoughtleaders and financial services experts.
The selected blockchain must decouple mining rewards and the underlying transactions between the participants of the system. For this reason, Ethereum is well suited to form the foundation of jibrel’s underlying architecture. Mining rewards will be in the form of Ethereum ‘gas’, while any tethered token will not be part of the mining process.
While jibrel is also suited to be built on Bitcoin’s Omniprotocol, that approach is beyond the scope of this paper.
Jibrel ‘Decentral’ Bank (JDB)
The JDB will receive / hold traditional assets on behalf of their owners and issue their respective CryDRs. Upon sends it to the owner’s wallet. Upon redemption of a token, the token is destroyed and the underlying asset is transferred to the token holder.
While the JDB aims to be fully decentralized, until full onchain integration of traditional financial institutions, large components of the system will need to be offchain.
Offchain activity will require the input and oversight of local and international regulators.
For this reason, stakeholder interaction must be properly managed to ensure full regulatory compliance without sacrificing transparency and reliability. This will be achieved through asset portals, dedicated entities operating with full compliance in their respective geographies.
Asset portals are used to undertake the necessary legal and financial steps to convert traditional assets into onchain digital assets.
Fiat portals will be simple cryptocurrency exchanges. Strategic partnerships can be formed with existing exchanges while a dedicated jibrel exchange network with sufficient geographic reach can be builtout. In addition, by housing a portion of jibrel’s fiat reserves in existing exchanges, transfer times and fees are significantly reduced whilst simultaneously providing exchanges with much needed liquidity.
In most geographies, asset portals will require brokerage and money transmitter licenses. In cases involving heavily regulated jurisdictions or more nuanced financial assets, full regulator involvement and oversight might be required.
As regulation evolves, asset portals will be able to decentralize and become community driven. Institutional investors and other financial institutions will be able to list their own traditional assets onchain, using the jibrel platform.