Progress to Date

We launched our alpha on ropsten (ethereum test net) towards the end of May and completed the complementary front-end development in June. This alpha was a simple react front-end that relied on MetaMask for a connection to our smart contracts deployed on ropsten.

This alpha demonstrated CryptoDepository Receipts (CryDRs) and ‘Smart Regulation’.

The alpha was a simple barebones example of how certain tokenized assets can adhere to real-world regulations, although completely decentralized.

We demonstrated two types of CryDRs, fiat and bonds. USD, EUR and a US Treasury Bill.

We demonstrated how the treasury bill could be held by a specific set of users, and could only be sold by a subsect of those users.

I.e. A licensed broker will be able to send treasury bill tokens to buyers, but the buyers will only be able to send it back to the broker (no other wallets) — as they are not licensed to resell the treasury bill.

Smart Regulation — Governance without governments.

After the proof of concept was complete, the team started working on an beta that would form the foundation of Jibrel.

This beta contained the necessary architecture to provide upgradable smart contracts. So that smart regulation could be updated as well as provide forward compatibility (e.g. ERC223 token standard).

Updates continue to be made on the back-end, and the team has engaged New Alchemy to conduct a full security audit.

In parallel to back-end development, the front-end team has been busy refreshing all the Jibrel’s look and feel, as well as developing the Jwallet.

Jwallet is the official Jibrel Wallet

The Jwallet is a critical piece of supporting infrastructure. With no robust Ethereum wallets available, with numerous hacks in the last few weeks alone, the team sought out to build its own.

Most wallets have to make the decision to either sacrifice security or usability.

The user either needs to rely on a third party to store keys (sacrificing security) or host the keys at the cost of user experience (usability).

The only reliable out of the box solution available today is MetaMask. However, it doesn’t make a whole lot of sense to store large amounts of value in a Chrome extension.

The Jwallet takes a unique approach to this.

The site itself holds no user data and all keys are stored locally. The wallet itself can be run locally and is of course, open source.

The interface is simple and sleek, and provides a simple way to store, transfer and convert ERC20 tokens. A mobile version is also available.