Jibrel: April Update

While Jibrel has worked on a wide range of initiatives and Pilots in the past — its core focus going forward will be Jibrel Network Token (JNT)

Overall Project Status — Focusing on JNT

Technical Development

  • Jibrel Platform: Jibrel will be pushing the next release within the coming weeks which will allow users to complete their investments using credit cards with minimal fees. Jibrel is also exploring how the platform can provide access to additional asset classes.
  • Jibrel Wallet: Following our post outlining that wallet support will be discontinued, we received overwhelming feedback to maintain support for them. The team is now focused on leveraging infrastructure players (Infura and AlchemyAPI) to reduce the overall complexity of the wallets and continue service and support for the iOS, Android and Web-apps.
  • Jcash: Jibrel will be revising Jcash to be more in-line with other decentralized solutions. Jibrel intends to introduce a new mechanism of providing stable decentralized assets. This mechanism will be piloted on Jcash first and subsequently rolled out to other synthetic decentralized assets.
  • Jnode: One of our biggest cost and time sinks has been maintaining Ethereum nodes. This approach is a 2017 legacy when infrastructure providers such as Infura did not provide all the capabilities required to deliver a smooth user experience. Today, numerous infrastructure players have solved these issues. We had hoped to monetize Jnode in the short term, but it is likely that post wallet rework, Jnode will be winded down entirely.
  • Jsearch: Similarly, with Jsearch, we expended a tremendous amount of energy solving problems that are no longer exist. Jsearch is likely to be repackaged into an analytics solution, but is on hold for now.
  • Backend: The wallet rework will require a more efficient approach to dealing with user wallets and transactions, which will occupy approximately 50% of backend resources. The remaining resources will focus on planning and designing Jibrel’s DeFi solution (to be announced).
  • DevOps: The departure of 75% of Jibrel core contributors has implied a lot of clean-up work. Post-wallet related activities the DevOps team will focus on optimizing resources and further cutting costs.

Marketing & PR

Talal participated in a panel at Edara’s Trends in the Tech Arena on April 22nd (Zoom Conference)

Business Development

  • Digital Payments: The Pilot with the Central Bank of Jordan is proving to be successful. In addition, global events have created a new-found impetus towards financial digitization, especially in Jordan, where banking penetration is under 25% and less than 20% have access to credit lines and other financial services. We believe we are well positioned to build a production-ready digital payments solution in the Kingdom, using it to enter other markets (Jordan is also a significant remittance corridor).
  • Tokenized Startup Equity: Abu Dhabi and ADGM have proven to be the ideal regulator / jurisdiction to push the envelope. Their RegLab license, while limiting in terms of volumes, is very permissive in terms of services offered. ADGM has provided very clear frameworks across offerings that make it straightforward to comply with relevant capital adequacy and AML / KYC regulations. We’re confident that Abu Dhabi can continue to provide the favorable jurisdiction for the introduction of asset classes, such as listed equities.

Human Resources

Conclusion

  1. We’ve shifted our priorities to focus on JNT above all else.
  2. Jibrel will aim to be a Top-100 token by year-end.
  3. Jibrel will aim to be a Top-100 cryptocurrency by H1 2021.
  4. We’ve slimmed down the team to the most effective members who subscribe to the “JNT as a leading token” target and vision.
  5. Jibrel vendors, contractors, and contributors who were not fully committed to the vision were let go.
  6. Jibrel understands that it has an obligation to deliver the products conceptualized to the community who have been incredibly patient — including an adopted, fully-functional, and liquid token.
  7. Given regulatory restrictions, outward-facing material will be sanitized to ensure it complies with all relevant legislation and regulation, that being said, the team will be much more active across social channels (especially Telegram) to ensure the community is well-informed along the way.
  8. We encourage community members to message the project team on Telegram asking questions, providing your opinions, insights, and recommendations. If we are to build significant JNT adoption, it will need to be done with strong community input.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store