ZUG, SWITZERLAND / ACCESSWIRE / August 19, 2018 / One of the biggest challenges for blockchain projects is how to allow people to safely trade assets in a volatile cryptocurrency market while also meeting regulatory compliance standards. This is precisely the issue that Jibrel is aiming to solve.
Jibrel Cash (Jcash): Stable Tokens to Bridge the Asset Value Gap
Unlike most stable coins that typically only offer the US dollar as a pegged currency option, Jibrel offers a wide range of fiat currency equivalents with its stable tokens.
Jibrel's project team is currently focused on rolling out Jcash, a suite of stable tokens pegged to fiat currencies ( jUSD , jEUR, jGBP and jKRW). By having multiple fiat-pegged options, businesses throughout the world can use Jibrel's stable coins to harness the power of smart contracts while avoiding volatile Ethereum that is usually associated with the pay-out of smart contracts.
"Jcash is the first launch of Jibrel's asset-backed token solutions and will play an important role in the subsequent launch of future asset-backed tokens, such as commodities, debt instruments, real estate and other types of financial assets. More importantly, Jibrel Network Token (JNT), the backbone of the system, is used to provide instant liquidity, levy on-chain fees, and ensure users have visibility on the solvency of the system, we call this Proof-of-Solvency" - Talal Tabbaa, COO & Co-Founder.
In addition, Jibrel Network Token serves as 'gas' or 'fuel' to provide universal access to other products and services provided by the network and relevant Jibrel DApps.
Advancing User Adoption
The project is committed to providing a range of tools that advance the possibility of real-world user adoption. For example, Jibrel is launching Jibrel Clear, a product that will conduct advanced KYC/AML checks on blockchain addresses.
Additionally, Jibrel Search will allow banks, regulators, and any Jibrel user to have access to detailed analytics for all transfers and balances. This will enable the project to enhance regulatory compliance, a major element of gaining greater user adoption.
Why Other Solutions Haven't Work to Date
Stablecoins are not new in the cryptocurrency market. These cryptocurrencies are backed 1:1 with existing fiat currencies. For the most part, blockchain projects have only focused on pairing with the US Dollar.
The launch of Tether (USDT) in 2014 marked the first venture aimed at bridging the asset value gap. However, Tether has been caught up in many controversies since its inception. Examples include BTC price manipulation, a lack of promised asset audits, and an unplanned token generation event.
Other projects do exist but have failed to gain enough market share to compete with Tether for a number of reasons,
Still, the mission to create a stable cryptocurrency is important and worth taking on for many projects. With the increasing volatility that the market has seen in recent years, stability is much needed. This is where Jibrel provides numerous improvements.
High on-chain fees, slow transaction times, and extreme price volatility have plagued the cryptocurrency market for far too long.
Ultimately, Jibrel is committed to solving these issues that have traditionally acted as barriers to cryptocurrency market growth. These improvements help connect traditional assets and cryptocurrencies, providing users with easier accessibility to a variety of financial markets.
More info can be found on the project website.
SOURCE: Jibrel AG