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Allowing users to trade assets safely amid a volatile market remains a persistent challenge for blockchain projects. Currently, there is a lack of trustworthy options for cryptocurrencies based on stability rather speculation. Even the most faithful enthusiasts have concerns about asset transactions on the blockchain, fearing that their value could be wiped off at a whim of the market. This is precisely the issue that Jibrel Network aims to solve with Jcash.
Previous Attempts Haven’t Worked
The concept of stablecoins is not new to the cryptocurrency market. These 1:1 pegs started with the launch of Tether (USDT) in 2014, the first venture aimed at bridging the asset value gap. However, Tether has been caught up in many controversies since its inception. Examples include accusations of 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 the incumbent leader. Still, the mission to create a stable and trustworthy cryptocurrency is important and worth taking on for many projects. With the increasing volatility that the market has seen in recent years, stability is a must.
The Jcash Solution
The team at Jibrel Network is focused on rolling out a suite of stable tokens pegged to major fiat currencies. Jcash will consist of a jUSD, jEUR, jGBP and jKRW — a major improvement over current solutions which only offer the US dollar as a pegged currency option.
These multiple fiat-pegged options will enable businesses throughout the world to reap the benefits of smart contracts in their operations, while avoiding the characteristic volatility of the blockchain market. They’re the first of a wider set of asset-backed token solutions that Jibrel Network is developing. Eventually, the ecosystem will also include commodities, debt instruments, real estate and other traditional financial assets.
Different from what is on the market, all of these offerings will rely on regulated and accountable operations by the platform itself. Jibrel is a licensed financial intermediary in the Swiss parabanking sector as a member of the VQF. This guarantees strict compliance with anti-money laundry regulations and proves the legitimacy of its services.
Moreover, the whole platform is underpinned internally by the Jibrel Network Token, a “backbone” that provides universal access to other products and services in the network and relevant DApps. JNT will be used to provide instant liquidity, levy on-chain fees, and more importantly, it will ensure users have visibility on the solvency of the system. Co-founder Talal Tabbaa calls this unique feature “Proof-of-Solvency” — something foreign to existing stablecoin projects.
Advancing User Adoption
Jibrel Network is also committed to providing a range of tools that advance the possibility of real-world user adoption. Jibrel Clear is 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, and hence, greater user adoption.
More information can be found on Jibrel Network’s website.