Tokens on the blockchain can have a curious property- they can represent other assets and carry value. Because of that, the blockchain is a promising medium for the transfer of assets, value and ownership in a secure and fast way, compared to traditional transfer systems. Along comes the Jibrel Network ICO, aiming to create a marketplace for traditional assets through the Ethereum blockchain.
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What is Jibrel Network
Jibrel Network is a projected platform for tokenizing traditional assets into Crypto Depository Receipts (CryDR). The approach of Jibrel is to use code to simulate the real-world rules of financial instruments, by using smart contracts written in Solidity, the native programming language of the Ethereum blockchain. In this way, Jibrel would run a form of distributed app taking care of transactions that would otherwise require the work of experts to complete. Thus, Jibrel Network may in a way democratize investing by turning traditional assets into tokens.
- Jibrel Network
- White Paper
- Country of origin: Switzerland
- Ticker: JNT
- ICO Dates: 27 November 2017-26 January 2018
- Hard Cap: $25 million
- Funds raised: In progress
- Industry: Finance
- Funds accepted: Ethereum, Bitcoin
- My Rating: 3/5
Jibrel Network Social Media
Jibrel Network Overview
Jibrel Network is a prominent ICO, since it is the next big project of BitcoinSuisse, a specialized entity that is fully licensed to operate fundraising and some limited Bitcoin trading for private customers. BitcoinSuisse has assisted in several ICOs in the past months, the most prominent among them being:
That is why Jibrel Network is intriguing, for its solid operation when it comes to fundraising. Currently, Jibrel Network is the only running ICO from BitcoinSuisse.
And because Jibrel Network is based in Switzerland, it is one of the ICOs closed to US-based buyers. Unfortunately, the fear of tokens being seen as a form of unregistered and unregulated securities has made BitcoinSuisse and Jibrel wary of US customers. A crackdown by the US Securities and Exchange Commission is thus avoided, as usually Swiss-based ICOs enjoy worldwide popularity.
The Jibrel NetworkTeam
The Jibrel Network team consists of several specialized developers, mostly picking up from Russian talent. Viktor Mezrin is the technical mind behind the project, formerly a builder of mining pools and an early crypto enthusiast. The co-founder Yazan Barghuthi brings in experience as a financial products expert and consultant with the likes of Deloitte.
The most prominent advisor for the project is Don Tapscott, a prominent name in the crypto space, co-founder and executive director at Blockchain Research Institute in Toronto, Canada. He is also connected with the ICON Advisors ICO project.
The team for Jibrel seems complete with financial, back-end and front end experts, with readiness to complete the project. The team has other prominent figures, and it is early to speak of the total success of the ICO, but Jibrel Network would be a good niche project, with a tempting token price at $0.25.
About Jibrel Network Token
Creating an ERC-20 token is easy. Jibrel Network would actually use many digital assets, but the JNT token would be the gateway to acquire them. The token itself may have a very different market value compared to the other tokenized assets. In a way, owning the JNT token would be a gateway to the marketplace of Jibrel, where other tokens would be used to generate value.
There would be nothing special about the token, of which a total of 200 million would exist, with more than 110 million sold at the ICO. But the Jibrel Network marketplace, if functional, would use the full capabilities of the Ethereum network for the purposes of fintech.
Investing in Jibrel Network: The Pros
There are quite a few projects that dare to take traditional finance and bring it to the blockchain. So far, regulatory uncertainty and traditional barriers to some markets have made companies reluctant to commit too many resources and press. But Jibrel Network has caught onto an interesting trend- the capabilities of the blockchain to displace legacy systems of value transfer.
Jibrel Network is a promising project with a clear idea, standing a head above the rest for its partnership with prominent advisors, so at least the fundraising would be a success and ensure smoother operations in the future.
The Risk of Jibrel Network
The prominence of the brokerage house is no guarantee that the ICO project will succeed. The unfortunate case of the Tezos ICO is a good example of this, where the developer team split off from the foundation. But this is the least of the concerns.
The real concern is, who would be the traders and other participants in the marketplace, and what kinds of securities would be traded. Until now, the blockchain has been used only for otherwise small-scale, OTC-traded financial assets. But it is a bit hard to imagine a smart contract displacing traditional brokerages and investment firms.
In other words, the Jibrel Network marketplace may turn out to be not so exciting and promising, and owning the JNT token may mean holding another speculative digital asset.
At the moment, the Ripple network is making a strong bid in displacing one staple of traditional banking, the SWIFT network, by representing assets and sums with the Ripple token. But it is unknown whether banks and financial institutions would rely on an ERC-20 token to carry ownership and serve in fueling smart contracts.
In addition, the Ethereum network is becoming even more congested, putting a big question mark on the viability of transactions and the required speed.
Final Thoughts on Jibrel Network
Jibrel Network is an ICO standing out for its clear idea and a dedication to the next stage of fintech, which would open up investing to all, at least in principle. In reality, the Jibrel Network may be slow to produce anything revolutionary.
There are several other ICOs and projects trying to link the world of finance, forex and asset trading to the blockchain, such as CrowdWiz. Others offer simulated trading. For now, there is not one prominent project that has gained the recognition of traditional asset managers. Yet the Jibrel project seems well-staffed, and at least in the short term, its token may be a good, though risky addition to one's portfolio. While it is unknown which exchange the token would trade on, its value may rise if the general bull market in cryptocurrencies keeps the pace in 2018.
Therefore, My Rating is a 3/5, for a somehow speculative opportunity, but with a good chance of adding real value.