Jibrel Project Update: Q3 2020
Gearing up for the upcoming platform launch
During Q3, we worked on the six core objectives outlined for the company. We’ve made significant strides over five of the objectives and ultimately discontinued one.
A1. Improve Token Utility
The only way to address this is by releasing a dApp. In Q3, the team worked on developing a decentralized finance (DeFi) solution called “Tranche”.
Tranche aims to allow users to borrow and lend to the protocol in a decentralized way. In addition, users will be able to work with loans in a way previously unimaginable in DeFi. Finally, users will be able to participate in the broader ecosystem through token governance by proposing and voting on changes to the system.
A2. Improve Token Liquidity
Once the platform is live, there will be major changes around Jibrel Network Token. We have coordinated with the necessary exchanges to do so seamlessly, with minimum disruption to holders and users. We believe this will improve liquidity and volume metrics.
A3. Improve Token Sentiment
We have invested little energy in improving sentiment, as we firmly believe this will be most affected by users having numerous use-cases in which they can participate as well as improved tokeneconomics.
We’re looking forward to launching the platform, which should happen within the next few weeks. The platform will incorporate 3 out of the 4 target features — Borrow, Earn, and Tokenize.
B1. Consolidate Product Offering
On the simplified product offering work-stream, we have consolidated the numerous solutions and products into one coherent platform, which will be live soon. We will be releasing functionalities as they are completed and audited, but users can preview what the ambition is behind the simplification/unification.
B2. Become A Leading Crypto-Wallet
As for Jwallet, the team has decided to wind it down, as the user-base / adoption remains significantly low. In addition, we believe wallets will ultimately get incorporated into existing hardware solutions, as we’ve seen by major players.
B3. Develop Full Tokenization Capabilities
While our tokenization efforts haven’t reached their full potential just yet, the private financing platform has been successful. Our pilot with Smart Crowd raised reached its cap of $220,000. In addition, the tokenized equity will be reflected in the public registrar as Jibrel SPV1, where equity will be represented and assigned on the Ethereum blockchain. The aim is to utilize this equity to unlock credit through Tranche.
Heading into Q4 the objectives remain largely the same, with more focus on becoming a leading crypto-currency. With less products to work on, and a consolidated offering, we believe we can begin turning the dials on the metrics that matter most for the community, namely token adoption.
We’re really excited to launch the platform.