Jibrel Project Update: Q2 2020
Moving to objective-driven community updates
With a much smaller team, updates are going to be lighter but much more focused. These quarterly posts will provide updates on the metrics, targets, and objectives, as well as set targets for the upcoming quarter. We’ll use Telegram to discuss updates and synthesize community feedback into future targets.
Q3 2020 Objectives
We’ve set high-level objectives for Jibrel as a project, and have broken it down into smaller components and subsequently tasks. We’ll be discussing these objectives directly with our community, and hope to leverage the wider Jibrel team in achieving them.
Our internal objective list is much more granular, if you’re interested in learning more about a specific objective and what sits under it, join the discussion on Telegram.
These objectives are unlikely to change significantly from quarter to quarter, but the underlying targets driving them will be adjusted as needed.
Note. We’ve had to omit certain objectives for regulatory reasons.
In the sections below, we’ll discuss the major sub-objectives that need to get delivered in Q3 to get the project and token adoption on-track.
Note. These targets are meant to be ambitious and beyond reach. Moving the dial by 50–70% on these parameters by year-end will be sufficient to get Jibrel Network Token into the top-100 ETH tokens list.
Target A1.1 — Launch 3 out of 4 DeFi platform features
A. Become a Leading Cryptocurrency > Improve Token Utility >
DeFi is growing at breakneck speed, Jibrel needs to launch an adopted DeFi platform in Q3/Q4 2020 or risk JNT falling by the wayside.
By the end of Q3, we’re hoping to launch three out of three DeFi features, Borrow, Earn, and Tokenize. Most of these features are not original, but we hope to catch-up to existing DeFi platforms and go from there.
Current Status: 0 out of 4 features launched.
This feature has been done by numerous protocols and projects, but having a source of “self-collateralized loans” to build additional use-cases on-top of is essential. With other protocols not providing full interoperability any time soon, we will have to build basic “borrow” functionality.
Our intention is to allow users to Collateralize ETH:Dai and JNT:JEUR.
In addition to the JNT:JEUR pairing receiving preferential rates, we intend to leverage Jibrel’s partner network to simplify Jcash, Making JEUR an easy fiat-ramp for users. This means users will be able to collateralize JNT, receive JEUR, and use Jcash to convert their stable coins into real Euros via bank transfer, in just a few clicks.
Jcash will also act as the mechanism that allows users to adjust their collateralized positions, by converting ETH into JEUR tokens and repaying their self-collateralized loans.
As most will be able to tell, the planned borrow functionality is similar to how the Maker protocol works, with additional functionalities enabled by Jcash.
JNT Use-case: Access self-collateralized loans (direct to bank — enabled by Jcash), with favorable rates.
With a source of self-collateralized loans paying ‘interest’ to the protocol, we’ll be able to build-out ‘Earning Assets’ to allow users to access the protocol's earnings. The MVP will have pre-configured earning assets, similar to the Compound Protocol, but future iterations will allow users to create their own earning assets. Jibrel’s DeFi focus will be on building-out low-risk, high-yield earning assets.
Most protocols and projects are focused on the borrowing/lending side of DeFi. Jibrel will focus on the repackaging of collateralized loans. By focusing on this area, we are making a bet that existing lending protocols will facilitate interoperability in the near future. Furthermore, by focusing on a niche that is further downstream in the value chain from most existing DeFi solutions, Jibrel will be operating in a less competitive space (although this is not likely to be the case for much longer).
While the “Borrow” feature is likely to take up a significant portion of our time in the coming months, “Earn” will be our differentiator in the longer-term.
JNT Use-case: Access de-risked, high-yielding assets.
Finally, we aim to repackage our existing tokenization platform to allow the public to tokenize any asset — not just startup equity. This will allow us to realize the original vision of “Asset portals” in our White Paper. Since tokenized assets will still require utility as well (ability to be traded, collateralized or similar), we’re aiming to first deploy the smart contracts that will leverage these tokenized assets (DeFi Platform), while simultaneously building out the capabilities to tokenize traditional assets (allowing them to be used on the platform as regulations become more and more permissive).
JNT Use-case: Access tokenized assets.
Not prioritized in Q3 2020. To be discussed in future updates. Might be expedited if secondary markets are required for ‘earning asset’ price discovery. Functionality is likely to be provided by an existing DEX provider.
Target A3.1 — Obtain A-Grade on FCAS Rating
A. Become a Leading Cryptocurrency > Improve Token Sentiment >
FCAS and Messari ratings are gradually becoming leading sources to evaluate projects. CMC displays FCAS-ratings on token pages. Improving our score on FCAS will go a long way towards improving overall “Token Sentiment”.
Again, we’re not delusional, the target is to obtain an A-grade, but we won’t be too disappointed to receive a B-rating (we’d be in good company e.g. Enjin, Golem, Lisk) or even a C-rating (IOTA, Enigma).
FCAS scores are broken into three pillars: (1) User Activity, (2) Developer Behavior and (3) Market Maturity.
Current Status: F Rating: 214 (A= +750)
This is why launching the DeFi platform is the highest priority for Q3, it feeds into multiple other objectives and sub-objectives, and as a result, provides the highest return on effort for the Jibrel team. Once additional DeFi features are launched, we’ll reach out to FCAS, Messari, and others, so that they can track the activity on the new contracts. We should notice immediate improvement as soon as users begin testing the new additional JNT utilities and features.
Historically, JNT has scored quite high on this sub-category averaging a B (Reaching a score of 740), but as a result of the reduced activity from restructuring, and abandonment of certain projects, our score has deteriorated to F (302). This is a short-term problem. Our immediate remedy is to open-source product repos that didn’t yield results but had significant developer activity. Doing that, as well as ramping-up work on the DeFi platform should push us back up into B territory.
JNT Market adoption has steadily deteriorated over the last two years. This is because this sub-criteria is a byproduct of doing other things successfully (high utility and strong development). If we focus on the first two pillars, this should improve as a result of our efforts.
Target B1 — Consolidate Product Offering — Sites / Jcash, etc.
B. Simplify Existing Product Offering
Jibrel grew quickly, started numerous projects, which ultimately became a distraction away from the core mandate of launching a cryptocurrency and contributing to the Decentralized movement. For that reason, products that don’t move the dial for JNT are being de-prioritized, and products that could provide value immediately, or in the future, are being built-out further. In addition, products will be packaged into one coherent offering (i.e. Jcash will be directly linked to the DeFi platform, the Jwallet will have simplified connectivity to Jcash and the platform, all products and services will sit on one website).
Current Status: Fragmented offering (Jibrel.com, Jwallet, Jcash, JNT, etc.)
We’ve been migrating the back-end of the Jwallet over the last few weeks and still have some way to go in ironing out bugs (e.g. price feeds). Over the coming weeks, we aim to resolve all these issues and double-down on security (key recovery) and usability features. We will also be working on sync optimizations to deliver a better user experience. We should push out the latest release this coming week (before July 9).
We’ll be reaching out to the community with a list of potential Jwallet features, conducting a vote, and prioritizing them accordingly.
The Jcash alpha was functional, but the KYC requirements were too prohibitive. Particularly, the video verification element. Since its release, UAE regulators (where the legal entity providing Jcash is regulated) have provided additional clarity around the KYC requirements for cryptocurrency and virtual currency transactions. This will allow us to provide Jcash services within limits (current target — 2,500 JEUR per address per week).
Jcash will become a simple fiat ramp, allowing us to see how our DeFi applications integrate with the real-world.
We’ll be consolidating everything under our Jibrel.Network website. This includes our DeFi platform. The ambition is to focus on the platform and token utility as our core offering, and everything to be built around that. For that reason, using our main website to try and convert crypto-enthusiasts into platform users and token holders is a key priority.
The website will house the DeFi app and have an interface that allows users to jump straight in.
What to look forward to over Q3 2020
Delivering the following is our core focus for Q3 2020. The community should feel free to follow-up against these on Telegram, as well as provide any suggestions on how to better deliver them.
- Launch of 3 out of 4 DeFi features (Borrow, Earn, Tokenize, Trade)
- Relaunch of Jcash as a simple fiat-ramp (JEUR:EUR)
- Improvement in JNT Utility, Liquidity and Sentiment (FCAS Rating)
- Jwallet improvements (WalletConnect integration and more)