Project Update: Q1 2018
With Q1 2018 concluding, we wanted to provide an update on the build-out of the network and the product offering. This standardized Project Update format will be used in future updates, to allow the Jibrel community to keep track of our project development.
Note. This update will focus on products and services: Jwallet, Jcash, Jnode, Jsearch, Jibrel Clear and Jibrel Core. A more detailed deep-dive on Jcash, Proof of Solvency and JNT will be provided in a separate post.
Overall Status
At Jibrel, we are working on enterprise-grade products and services powered by the blockchain. Minor delays have been experienced in past quarter. Overall, the project timeline remains predominantly on track, even though we have expanded our product and service offering quite a bit.
Expansion of Product & Service Offering
On the product side, we’ve introduced Jnode: enterprise-grade Ethereum access via an easily configurable API.
On the enterprise / service side, we’ve introduced Jibrel Clear and Jibrel Core.
Jibrel Clear is a compliance solution for Ethereum. It allows users to conduct financial audits and inspections on addresses, transactions and contracts.
Jibrel Core is still in its infancy, but is the dedicated blockchain solution, outlined in the original white paper.
Through Jibrel Search, Jibrel Clear and Jibrel Core, we intend to provide a full suite of enterprise blockchain solutions.
Product Status Updates
Jwallet Beta
The official wallet of the Jibrel Network
Current Market Leader: MyEtherWallet
Background: The first product release by the Jibrel as the jWallet Alpha. The aim of the alpha was to see if we could build an intuitive user experience, while maintaining full decentralization / privacy.
This was done by using the browser memory as a key store. Using cryptography to ensure these were sufficiently secure and fully encrypted.
With the Jwallet Beta, we’re taking this experience a step further.
That being said, if you were an early trial user of the Jwallet Alpha, you may have noticed some irregularities in displaying token balances. The issue here is driven by increased difficulty of decentralized apps. We are adopting app`s architecture and business logic to provide the best possible user experience.
Overview: Jwallet Beta is generally on-track, with major issues being ironed out and only general UI / UX issues being resolved.
Status: Minor Delays (3 Weeks)
Key Issues: N/A
Mitigation Strategy: N/A
Next Steps
- Resolve minor UI/UX issues
- Integrate with token price feeds
- Resolve issues identified during closed user acceptance tests
- Launch Jwallet Beta
Jcash
Stable assets on the Ethereum blockchain
Current Market Leader: Tether
Background: The core offering of Jibrel is stable currencies on the Ethereum blockchain. Jibrel has been testing its Jcash and Proof of Solvency solution in Q1 2018 and is almost ready to offer the publicly available release.
Overview: Initially, Jcash was delayed by regulatory hurdles, which have since been resolved in specific geographies, allowing jCash to be launched in select jurisdictions.
In more recent weeks, subsequent moves in the market have indicated that the current Jcash / Proof of Solvency mechanism may be insufficient to withstand extreme market conditions (+95% / market crash).
Status: Minor delays — Open Alpha (Select geographies) in 4–6 Weeks
Key Issues: Insufficient market liquidity / activity for Proof of Solvency to be completely decentralized. Under current market conditions (+70% correction), the system would’ve remained balanced, but would have lost funds in excess of AED 2,000,000 (US$ 544,520) to provide only AED 10,000,000 (US$ 2,722,600) worth of CryDRs (20% deterioration).
Mitigation Strategy: Launch numerous Jasset configurations with high degree of manual intervention, gradually decentralizing as needed (More on this to be released in a dedicated Medium Post next week). Generally, a combination of asset backed tokens and JNT backed tokens will be released. Allowing users to pick from decentralized stable coin solutions as well as centralized solutions.
Next Steps
- Finalize new CryDR configurations (Jbonds, Jassets)
- Finalize new Proof of Solvency mechanisms
- Launch Jcash, Jbonds and Jassets to select users
- Iterate solvency mechanisms based on open release
- Launch Jcash, Jbonds and Jassets openly (jurisdictions based on regulation / licenses obtained)
Jibrel Search
The official Block Explorer of the Jibrel Network
Current Market Leader: Etherscan.io
Background: Jibrel Search is an enterprise-grade block explorer, that caches and indexes blockchain data in a highly retrievable and accessible format. Jibrel Search will focus on Enterprise users, providing reliable API access to Ethereum transaction and contract data.
Overview: While minor delays have been experienced, the core functionality of Jibrel Search has been built. In addition, components have been prepared to start offering Jibrel Search via B2B channels / to Enterprise users.
Status: Significant Delays (3 weeks to Enterprise Alpha [API], 3–6 Months to Open Alpha [WebApp])
Key Issues: N/A
Mitigation Strategy: N/A
Next Steps
- Finalize initial tests around Jibrel Search Alpha
- Create documentation for Enterprise users (API)
- Build-out front-end for Individual users (Website)
- Iterate and launch Jibrel Search Beta
Jnode
Easily configurable Ethereum API access
Current Market Leader: Infura
Background: To provide out-of-the box connection to the Ethreum blockchain, Jnode was conceptualized.
Overview: Jnode is currently up and running and being tested with the Jwallet, Jcash, Jibrel Search and Jibrel Clear. A simple dashboard is used internally to track overall node status / health.
Status: Ahead of schedule. Jnode will power the Jwallet Beta and Jcash open alpha (internally up and running). Publicly available in 8–10 weeks.
Key Issues: N/A
Mitigation Strategy: N/A
Next Steps
- Build-out Enterprise user portal
- Conduct closed user tests
- Address issues identified in user testing
- Launch Jnode Alpha for select Enterprise Alpha users
- Launch Jnode for public use
Jibrel Clear
Compliance tools for the Digital Asset age
Current Market Leader: N/A
Background: Jibrel prioritizes compliance above all else. The ecosystem currently lacks the tools to deliver a high-level of compliance effectively. Through-out the network build-out, we’ve had to conduct substantial manual screening, tracking individual transfers and assessing overall risk to ensure nefarious and malicious actors are prevented from transacting on the network. As a result of the man-power intensity, the team decided to automate a bulk of the tools and processes.
Overview: Jibrel Clear is a rule-set extension that is powered by Jibrel Search. Users can specify an address or several and receive detailed reports around the risk profile of the address, transaction or contract.
For example, a wallet that regularly transfers large sums in and out is likely to have a higher risk profile than a wallet with limited transfer volume and small magnitudes.
In addition, Jibrel Clear can be used alongside Smart Regulation, where rule-sets managing CryDR transfers are generated and enforced based on AML / KYC / ATF parameters, on a wallet by wallet basis.
Status: Ahead of schedule. As a smaller component, Jibrel Clear is likely to be finalized and launched within 12–16 weeks.
Key Issues: N/A
Mitigation Strategy: N/A
Next Steps
- Finalize risk profile rule-set
- Build-out report generating capabilities
- Finalize WebApp / Enterprise User Portal
- Release Jibrel Clear alpha publicly
- Implement user feedback / resolve issues identified
- Iterate Jibrel Clear offering
- Launch Jibrel Clear Beta
Jibrel Core
Coming Soon…
Jibrel provides traditional financial assets such as currencies, commodities, debt instruments and securities, as standard ERC-20 tokens, on the Ethereum blockchain. Jibrel is a Jibrel AG initiative. Jibrel AG is registered in Zug, Switzerland, Qubist Labs Inc is a software development company based out of New York, US.
