Q3 2018 was a major success in terms of product development and technical build-out. The Jcash soft-launch was executed seamlessly and now a strong push is being made to encourage adoption / user acquisition.
In addition, Jibrel refreshed its online brand with a new website, hired 6 new members and is on track against all work-streams and product release schedules.
Finally, given most of our repositories are closed off for security reasons, we’ve included a very detailed technical development update this quarter, to reassure the community that product development is on-track.
Technical Development
Product Development
Jibrel had a very strong development quarter, and thanks to our latest key hires, our development team is firing on all cylinders.
Overall Status: Ahead of schedule
Overview: While we have historically underestimated timelines, we now have the project management, quality assurance and release management capabilities to meet the deadlines outlined in our previous quarterly update. Technical development is fully on-track, with some products potentially due to be released ahead of schedule.
Jwallet (Android)
The Android team has been moving at light-speed, and as a result, is now well positioned to deliver ahead of schedule. The Android version of the Jwallet has moved to internal testing and will soon move to select User Acceptance Testing (UAT) to get community feedback ahead of the launch.
Overall Status: Internal Testing
Business Logic Implementations
- Etherscan requests wrapper based on OkHttp3
- Different API Levels key-store generation API research:
- Before API Level 23: key pair generation use KeyPairGeneratorSpec API
- At least API Level 23: key pair generation use KeyGenParameterSpec API
- Security Wrapper base functionality implementation: generation, store and load main RSA-pair linked with application lifecycle
- Security Wrapper bug fix (found Xiaomi phones missing appropriate cipher algorithm)
- Base user input recognition logic: application can automatically recognize, parse and store wallets created via: BIP32 mnemonic code, ethereum private key, ethereum address, BIP32 extended public key
- Generation of new mnemonic-based wallet
- ERC-20 token “built-in list” with information about name, symbol, address, and other parameters (list of preconfigured ERC-20 tokens)
- Stub logic for transferring ethereum from address to address
- Network settings extracted (Ropsten and Mainnet parameters hardcoded and could be switched inside application)
- ERC-20 tokens transfer first implementation (gas limit and gas price are constants)
- Wallet database first secure implementation (use AES for wallet vulnerable fields)
- Implemented ethereum-balance retrieval
- Retrieving ERC-20 token balances and calculating total wallet balance
- JobScheduler for transactions and balances retrieving with custom update interval
- Manage wallets functionality (select wallet and key-set) in development
UI / UX Implementations
- First login mode (user enters 6-digits PIN and confirms it)
- Standard application login (repeat login to application)
- User first interaction activity: user can select between fast mnemonic wallet creation or importing keys
- Transitions to main wallet and wallet import activities
- Added Ethereum transfer simple UI
- Interface icons updated (using SVG instead of PNG) including launcher icon
- Built-in tokens simple UI (after wallet creation scenario)
- Wizard component development started
- Stub ethereum /token transfer UI
- Manage wallets activity started
- Splash activity redesign + loading and logo animations
- Wallet balance component in UI
- Different theme for read-only (address, extended public key based wallets)
- Wizard component currently in advanced development
Next Steps: Complete internal tests, move to User Acceptance Testing (UAT).
Jwallet (iOS)
Similar to the Android team, the iOS team has also been moving at an impressive speed. We expect iOS development to conclude early in Q4, moving to internal testing before the end of the quarter.
Overall Status: Advanced Development
Business Logic Implementations
- Undertook research of available hardware components for encryption and keys security
- Shortlisted and selected the appropriate algorithms and key size for encryption with appropriate security levels
- Found CommonCrypto library in standard iOS libraries, decided to use:
- AES encryption with 128 bit block size
- 256 bit key size
- 128 bit random initialization vector size
- PKCS7 padding and CBC operation mode as the most secure encryption with high performance for data encryption
- Selected hybrid encryption ECIES ANSI X9.63 with SHA256 digest function and AES algorithm with GCM operation mode to encrypt keys to encrypt other data (keys hierarchy)
- Keys for ECIES will be stored in Secure Enclave memory (protected by reading from OS software and hardware, only available to encryption coprocessor) when available (iPhone 5 - iOS 10 doesn’t provide Secure Enclave)
- Decided to choose derivation function PBKDF2 with 256 bit salt, SHA256 as pseudo random function, 10000 rounds, derived key size is 256 bit
- Implemented chosen encryption / parameters
- Implemented AES and ECIES data encryption and decryption using CommonCrypto
- Implemented key derivation from passcode and password
- Implemented storing key in keychain and Secure Enclave
- Implemented key hierarchy and ability to unlock key for saving data with derived keys
- Implemented using internal AES key for store all data on disk. Added ability to encrypt internal AES key with keys for ECIES encryption from Secure Enclave or keychain storage or AES key derived from passcode
- Implemented screen for input passcode and store it in memory without copies (implement container)
UI / UX Implementations
- Finalized implementing screen for passcode input
- Implemented biometrics availability and check
- Implemented access to keys after biometry check
- Implemented routing to show screen with passcode and biometrics
- Implemented bottom sheet view
- Implemented custom presenting and dismiss animation
- Implemented Form screen for input text data
- Implemented Form screens for input values step by step
- Implemented JSON RPC for batch calling node
Next Steps: Begin internal testing, move to User Acceptance Testing (UAT).
Jibrel Search (Jsearch)
The features implemented in Jsearch, Jibrel’s Ethereum block explorer, are unique and largely untested. We believe Jsearch will play an instrumental role in the future build-out of scalable Decentralized Applications (DApps) as well as layer-2 solutions.
Overall Status: Medium-stage Development
Key Implementations
- Added gathering information about mined uncles
- Added gathering missed information about internal transactions
- Added gathering more metadata about ERC-20 smart contracts and ERC-20 transactions
- Fixed processing events that include string args
- Changed the database structure to store additional data, added new constraints to ensure the consistency of the data
- Implemented improvements to the bulk reprocessing service for all blockchain data
- Added integration tests related to gathering blockchain data and storing raw data
- Implemented processing of new raw blockchain data and storing it in indexed form
- Added new API endpoints
- Implemented load tests, added missed database indexes
- Implemented additional integration tests
- Improved CI / CD of the service
- Implemented integration with the Amazon S3 for large files
- Implemented multi-threaded processing of new contracts
- Fixed issues related to different Solidity compilers across versions
- Fixed issues related to encoding contract params
- Fixed issues related to the processing of internal transactions
- Improved logging of the error messages, implemented integration with the monitoring system
- Implemented automated notifications for devs and QA / RM team regarding application health and performance
- Added more integration tests
- Added more load tests
- Prepared first revision of the design mockups
Next Steps: Build-out front-end application / web-app.
Jcash
Jibrel’s stable coin solution, Jibrel Cash / Jcash, is live! The team undertook a ‘soft-launch’ and has begun to slowly on-board customers, optimizing compliance checks and balances as needed.
Overall Status: Soft Launch
The longer-term ambition is to have Liquidity Providers lock JNT in smart contracts, thereby facilitating stable coins to be minted against the collateralized position. In return, Liquidity Providers keep a share of Jcash fees, based on the percentage of liquidity they are providing the network.
The Jcash team deployed the Proof of Solvency page on Jcash, which highlights the current Liquidity Providers on the network, as well as stable coins in circulation. This page can be viewed at https://jcash.network/proof-of-solvency.
In the coming months, Jibrel will introduce the Liquidity Provider sign-up process, which will allow users to deposit JNT and earn Jcash fees, while simultaneously providing liquidity for stable coins.
Next Steps: Build-out self-sign-up process for Liquidity Providers.
Quality Assurance & Release Management (QA / RM)
As part of the technical build-out, Jibrel has put in place exhaustive release management and quality assurance processes, that will allow for formalized and periodic product release schedules.
Overall Status: Implemented
During the early stages of the project, before on-boarding a dedicated QA / RM manager, as well as the necessary QA engineers, Jibrel’s release process was overly simplistic.
The most critical improvement was the introduction of a new Staging environment. This environment is a complete and independent copy of the production environment, including the database. Staging provides a true basis for QA testing because it mirrors the production environment perfectly.
Next, Jibrel introduced Smoke Testing on the Live environment.
Smoke testing, also known as “Build Verification Testing”, is a type of software testing that comprises a non-exhaustive set of tests that aim at ensuring that the most important functions of the Live product work.
The outcome of these tests are used to decide if the build is stable enough to proceed with further and more thorough testing.
Smoke Tests are run after deployment to live in order to efficiently check that everything is operating as planned at a high-level. Once Smoke Tests are complete, QA/QC focuses on the creation of test cases and test data preparation.
Jibrel then began to a Continuous Delivery (CD) process. This process involved placing additional checks, particularly that the ticket meets the conditions for CD — i.e. Unit tests passed, Build successful, etc. Once this criteria is deemed to have been met, the build is automatically deployed to development, allowing it to be tested on an environment that perfectly replicates production.
The final step was to introduce a roll-back option to its overall Quality Assurance & Release Management process.
This is the final state Jibrel will use going forward for all implementations to ensure high levels of quality assurance and control. The roll-back option allows for reverting to an earlier iteration when smoke tests fail.
With these processes firmly in place, the QA / RM team have been able to speed-up bug identification and fixes, as well as incorporate community feedback and feature requests.
Next Steps: No major milestones — Continuous improvement and process optimization.
Organizational Build-out
Non-technical Dimensions
Overall Status: On-track.
Overview: While minor set-backs have been faced, particularly around recruiting talent, the overall organizational build-out has been very successful. Jibrel has been particularly successful, this quarter, at attracting Enterprise clients. As part of our involvement with FinTech Hive DIFC, we’ve been able to meet with Tier 1 Financial Institutes, begin iterating our enterprise offering and sign pilot programs.
1. Legal & Compliance
Jibrel Governance & Regulatory Build-out
Status: On-track
Overview: This has been a major hurdle. Jibrel’s core offering is compliant digital asset solutions. As a result of a strong focus on compliance, we have seen our product offering fall behind competitors. But we are confident that this will pay off in the long-term.
Key Milestones:
- Undertook audit of Jibrel activities to date by VQF, the Self Regulatory Organization (SRO) Jibrel is a part of
- Formalized relationships with all external providers and implemented the necessary processes to on-board Jcash user compliantly
- Developed customer on-boarding process for future regulated Jibrel products and additional stable coin offerings (e.g. Commodities)
- Compliantly on-boarded 2 Enterprise users (Blockchain-powered Trade Finance, Ethereum-based Bond Issuance)
- Compliantly on-boarded first Jcash Enterprise user (Kambio Ventures)
About Kambio Ventures
Kambio Ventures is building a next-generation, blockchain-enabled and fully regulated capital markets platform for asset-backed security tokens — dedicated to start-ups and small and medium-size enterprises. The new membership-based private platform will help corporates tokenize their business, raise necessary growth capital, deliver seamless shareholder management and enable exchange liquidity for global corporates and investors alike. Kambio’s core management team has over 75 years combined of venture capital, asset management and technology experience. They have founded, incubated and invested in dozens of start-ups with over $1 billion of exits. Together, the management team has an exceptional track record in monetizing cutting-edge technology through the delivery of sustainable customer-centric businesses.
“Together with Jibrel, we can start a new era in capital markets, making it simple, seamless and secure.”
Next Steps: On-board additional dedicated Legal & Compliance staff. Formalize Enterprise user Know-Your-Business (KYB) processes.
2. People & Capabilities
Organization, Manpower & Talent
Status: Minor Delays
Overview: We’ve ramped-up hiring significantly, particularly around Quality Assurance and Control. In addition, we’ve been looking at building-out a dedicated Jibrel Marketing & PR team and hope to on-board the necessary FTEs over the next quarter. We’ve formalized our recruitment efforts to be able to move more quickly with hiring.
Key Milestones:
- Hired dedicated Project Manager
- Hired 2 new Front-end Engineers
- Hired 3 new QA Engineers
- Began advertising job placements for next hiring cycle
Next Steps: Formalize recruitment processes across geographies to reduce operational inefficiencies / friction. Ramp-up hiring for non-technical roles.
3. Finance & Accounting
Jibrel Financial Accounting & Reporting
Status: On-track
Overview: Given the Jibrel team is composed of finance professionals, this is one dimension we excel in.
Key Milestones:
- Began detailed financial planning and strategy development for next 5 years (2019–2023 roadmap)
- Introduced financial reporting and budgeting processes across functions and Jibrel offices
- Developed M&A strategy to expand capabilities and geographic reach
Next Steps: Develop a financial performance reporting framework to increase transparency, automate financial reporting processes.
4. Marketing, PR & Community Management
Outward Facing Deliverables & Work
Status: Significant Delays
Overview: We’ve ramped-up hiring significantly, particularly around Quality Assurance and Control. In addition, we’ve been looking at building-out a dedicated Jibrel Marketing & PR team and hope to on-board the necessary contributors over the next quarter. We’ve formalized our recruitment efforts to be able to move more quickly with hiring.
Key Milestones:
- Formalized product marketing strategy
- On-boarded external PR vendor to increase Tier 1 publication coverage
- Began recruitment process to build-out marketing team
- Received legal sign-off from US Counsel to approach US-based exchanges
Next Steps: Build-out dedicated in-house Marketing, PR & Communications team. Integrate product marketing processes with product release schedules.
5. Safety, Security & Risk Management
Risk Identification & Mitigation Strategy Formulation
Status: On-track
Overview: We take safety and security quite seriously at Jibrel. We understand that to compete with existing / incumbent players, token-based startups need to start improving the security of their solutions. There have been no major breaches, hacks or similar to report on this quarter.
Key Milestones:
- Finalized locked JNT processes
- Implemented increased data security regarding Personal Identifiable Information (PII) and documentation
- Disconnected Token Sale infrastructure thereby reducing attack surface
Next Steps: Create simpler, more formalized recovery processes (currently reliant on Google Forms and similar reactionary solutions).
Conclusion
Key Takeaways
- Jibrel’s Dev Team is on-track to ship products as scheduled
- Quality Assurance & Release Management has been fully built out
- Jibrel BizDev has aggressively acquired additional enterprise users to develop technical pilots using Jibrel infrastructure
- Jibrel is currently engaged with an enterprise client to develop a proof of concept for Ethereum-based bond issuance, with automated maturity, settlement and clearing
- Jibrel is currently engaged with a client to potentially build a proof of concept trade financing platform
- Jibrel is prioritizing B2C products (Jcash adoption, Jwallet release, Jsearch release) at the moment, and aims to meet all deadlines
- Jibrel is successfully concluding an audit by VQF, the SRO Jibrel is a part of
- With compliance policies and procedures firmly in place, as well as SRO sign-off, Jibrel can resume actively seeking exchange listings
- Jibrel has received the necessary legal documentation from US counsel to approach US-based exchanges
- Jibrel does not overpay for wallet integrations, exchange listings or similar, as this is antithetical to our sustainable, long-term approach, but will actively seek integration in major wallets and top tier exchanges
- Hiring has ramped-up, especially around non-technical roles
- Dedicated marketing team is now being prioritized, with product releases right around the corner
- Jibrel continues to maintain high levels of security, compliance and risk management
- The Jibrel team is very grateful to the community for providing feedback, following the project, and for being kind and supportive!
- Build first, market later
Thank you to the Jibrel Community for your continued patience and support! We hope this update and our recent product releases reinforce your belief in the Jibrel Network!
Jibrel provides traditional financial assets such as currencies, commodities, debt instruments and securities, as standard ERC-20 tokens, on the Ethereum blockchain. Jibrel AG is a public limited company domiciled in Zug, Switzerland.
