NEWS
May 09, 2018

Jibrel Network To Launch Institutional-Grade Alternative To MyEtherWallet

Summary

  • The jWallet is designed to offer institutional grade management of digital assets including cryptocurrencies and tokens.
  • Despite its higher level of security, the jWallet is designed to be very user-friendly. It is preconfigured to work out of the box with the most popular ERC-20 tokens.
  • All that is needed to access jWallet is a standard browser and internet connection, with Android and iOS apps soon to follow.
  • For more advanced users there is the ability to bring Your Own Token’, which allows for the addition of any ERC-20 token tothe jWallet.
  • Alpha testing of the wallet has been underwaysince late last year, with the Jibrel Network planning a launch of the betaversion of jWallet in several weeks.

Blockchain enthusiasts have had to learn the hard way that the third-parties trusted to handle their vast fortunes in digital currencies might not be as safe and reliable as they think. On April 24th, 2018 the popular MyEtherWallet suffered an attack on its DNS servers, resulting in up to 215 ETH (~$150,000) being stolen from unsuspecting users. The perception of unsafe exchanges and wallets now stands in the way of mass adoption of cryptocurrencies.

To counter this problem, the Jibrel Network is working to release jWallet, the first Ethereum wallet designed to be fully compliant with institutional and enterprise-grade security requirements – a much needed feature given the company’s plan to digitize traditional financial assets on the blockchain. Put simply, jWallet is a web-based cryptocurrency wallet that will offer the same security and peace of mind expected of traditional online banking.

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With data stored and encrypted locally, users of jWallet are guaranteed the highest level of privacy and security. Moreover, the benefits of locally storing keys means hackers are significantly limited in their ability to maliciously gain access to a user’s funds. There will also be a host of advanced security features to protect against cyberattacks such as the DNS attack experienced by MyEtherWallet last week.

Better Token Management with the jWallet

The jWallet is designed to offer institutional grade management of digital assets including cryptocurrencies and tokens.

Despite its higher level of security, the jWallet is designed to be very user-friendly. It is preconfigured to work out of the box with the most popular ERC-20 tokens, Bitcoin, Ripple and more. That means no additional user setup or configuration is necessary.

All that is needed to access jWallet is a standard browser and internet connection, with Android and iOS apps soon to follow. For more advanced users there is the ability to ‘Bring Your Own Token’, which allows for the addition of any ERC-20 token to the jWallet. Transactions are easy to monitor and manage with banking-grade tracking tools.

lthough the jWallet is targeted primarily at cryptocurrency users, it is designed at its core as a storage mechanism for a wide variety of digital assets that the Jibrel Network is creating as part of their post-ICO rollout, including bonds, commodities, and equities. There are also some features never before seen in an Ethereum wallet, including a standard URI scheme and a quick-read (QR) code generator.

Alpha testing of the wallet has been underway since late last year, with the Jibrel Network planning a launch of the beta version of jWallet in several weeks. The beta version will include a number of additional features and improvements users are sure to welcome.

Designed for Security

As first reported by Techcrunch, the jWallet’s creation was inspired by the many cyberattacks that cryptocurrency users have been experiencing. The Jibrel team then set about to challenge the existing wallets on the market, noting a lack of robust and truly decentralized Ethereum wallets. The goal of jWallet was to create a reliable enterprise-grade wallet, Jibrel Network Chief Technology Officer Victor Merzin revealed recently.

Merzin and his team believe the current offering of cryptocurrency wallets are too centralized and potentially very vulnerable to cyberattacks. Given the Jibrel Network’s aim to bridge the gap between the crypto economy and traditional finance, it comes as a natural solution to create a wallet that would allow everyone, not just blockchain enthusiasts, the ability to interface with digital assets in a safe, secure and user-friendly environment.

Jibrel Network creates Enterprise-Grade Blockchain Solutions

Jibrel Network is dedicated to creating enterprise grade blockchain solutions for banks, consumers, traders, investors, and non-bank financial institutions.

Registered and based in Switzerland’s “crypto-valley” in the Canton of Zug, Jibrel raised more than $30 million from a variety of investors, including the TasS Fund, Tech Squared, Aurora Partners, and Arabian Chain. The company also boasts an all-star advisory board, with influential figures such as Don Tapscott and the former COO of the Soros Fund, Abbas Zuaiter lending their knowledge and expertise to the project.

The Jibrel Network has recently announced Lexpert Partners as its anti-money laundering (AML) and know-your-customers (KYC) officers. Lexpert Partners provides a wide variety of services for fintech, and crypto industry firms, including KYC and AML compliance, due diligence, and regulatory compliance. Their primary role will be to verify Jibrel’s AML and KYC compliance, and make sure all of its solutions, including the jWallet, are fully compliant with FINMA Regulations and Swiss law.

The jWallet is one of several innovative blockchain solutions under development at the Jibrel Network. Planned products from the Jibrel Network include crypto depository receipts (CryDRs), an institutional grade banking platform, and the world’s first crypto-to-cash asset, jCash.

For more information about the Jibrel Network and its plans, please visit:

https://jibrel.network/
https://t.me/jibrel_network
https://www.youtube.com/watch?v=LBMyd7Ql8QU
https://medium.com/@jibrelnetwork
https://www.reddit.com/r/JibrelNetwork
https://twitter.com/JibrelNetwork

To learn more about the jWallet; and participate in the Alpha or Beta Testing, please visit:
https://jwallet.network/

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