pnbsp;JIBREL nbsp;NETWORKnbsp;MAY nbsp; 2017nbsp;SECOND nbsp; DRAFTnbsp;YAZAN nbsp;BARGHUTHI nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; VICTOR nbsp;MEZRINnbsp;worknbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; worknbsp;nbsp; nbsp;ABSTRACTnbsp;the jibrel networkaims to facilitate the digitization , listing andtrading of traditional assetsnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;1 2such as currencies, bonds and other financial instruments, on the blockchain. The nbsp;jibrelnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;decentral bankwill allowplatusers to deposit cash, money market instrumentsorcreatenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;their ownCrypto Depository Receipts CryDRs andbenefitfromonamp;shy;chain/offamp;shy;chainarbitrage.nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;nbsp; nbsp; nbsp;Decentralized organizations and funds that are overexposed in digital currencies canhedgenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;their positions and protect their funding with stable assets. Furthermore, jibrel will providenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;developers with acomplete platto buildtools andapplications for transacting,investingnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;and nbsp;hedging, nbsp;through nbsp;leveraging nbsp; traditional nbsp;assetamp;shy;backed nbsp;tokens.nbsp;In addition, jibrel will enable instant, nearamp;shy;zero fee, global payments andremittances inthenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; of fiat to fiat transactions that can be undertaken throughpeer to peer, business tonbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;3business nbsp;or nbsp;consumer nbsp;to nbsp;merchant nbsp;channels.nbsp;nbsp;This white paperoutlinesthecorecomponentscomprisingjibrel,howtheyinteract,andaimstonbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;demonstrate nbsp;how nbsp;the nbsp;network nbsp;can nbsp;be nbsp;builtamp;shy;out nbsp;efficiently nbsp; using nbsp; existing nbsp; infrastructure.nbsp;1.INTRODUCTIONnbsp;Since their introduction with Bitcoin in 2009[1],nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;blockchains haveunlocked tremendous value. With thisnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;newtechnology,we canverifyandcommittransactionsinnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;animmutable decentralizedledger, or implementedmorenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;broadly, nbsp;achieve nbsp;decentralized nbsp;consensus.nbsp;This incredible innovation is currently transingournbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;world by eroding the need for trusted intermediaries,nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;settlement / clearing offices, and middleamp;shy;man servicenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;providers nbsp; across nbsp;a nbsp;wide nbsp;range nbsp;of nbsp;industries nbsp;and nbsp;sectors.nbsp;That being said, due to limited adoption at annbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;institutional level, most of the cryptoamp;shy;economy39;s valuenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;remains siloed by useamp;shy;case or geography. In addition,nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;widespread systemic risk exists due to the bottlenecksnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;imposed by these siloes in the of challenges andnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;limitations in converting between traditional assets andnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;digital nbsp;assets.nbsp;Given the disconnect between the traditional economynbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;andthe cryptoeconomy,the samechallengesplaguingthenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;er still persistinthelatter.Userswishingtotransfernbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;traditional currency between one another still face thenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;time delaysandfees imposedbyrelyingonacombinationnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;of cryptocurrency exchanges, traditional financialnbsp; nbsp; nbsp; nbsp; nbsp;institutions, nbsp;as nbsp;well nbsp;as nbsp;payment nbsp;processors.nbsp;Moreover, traditional individual and institutionalnbsp; nbsp; nbsp; nbsp; nbsp;investors, who could facilitate the quick movement ofnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;traditional assets offamp;shy;chain are deterred fromnbsp; nbsp; nbsp; nbsp; nbsp; nbsp;participating due to the fundamental incompatibilitiesnbsp; nbsp; nbsp; nbsp; nbsp; nbsp;that exist amp;shy; most notably, a lack of transparency andnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;extreme nbsp;market nbsp;volatility[2].nbsp;Finally,decentralized organizations, who raise fundingnbsp; nbsp; nbsp; nbsp; nbsp; nbsp;throughcrowdsales, as well as decentralizedfundsandnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;cryptoamp;shy;investors, who are overexposed in digital assetsnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;and cryptocurrencies, havelimited options to diversifynbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;into nbsp;traditional nbsp;holdings.nbsp;The risks are compounded further by the fact thatnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;digital currencies playamultifacetedrole,theyareusednbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;to reward miners for facilitating transactions; as anbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;means oftransferringvalue;asaspeculativeinvestmentnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;tool; and most recently, to crowdfund and runnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;decentralized organizations and applications e.g.nbsp; nbsp; nbsp; nbsp; nbsp;decentralized nbsp;computing[3], nbsp;decentralized nbsp;storage[4].nbsp;nbsp;Intraditional finance,differentinstrumentsareusedfornbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;these functions and are regulated accordingly. Thisnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;helps manage systemic risk. Until decentralizednbsp; nbsp; nbsp; nbsp; nbsp; nbsp;regulatory consensus protocols are fully builtamp;shy;out, thenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;cryptoeconomyfaces securityandfraudrisk,inthenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;of unregulated exchanges; market risks, resultingfromnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;extremely nbsp; volatile nbsp;currencies nbsp;that nbsp;are nbsp;used nbsp;beyond nbsp;theirnbsp;1 nbsp;Conversion nbsp; to nbsp; a nbsp; cryptocurrency nbsp; or nbsp; tokennbsp;2 nbsp;Cash, nbsp; bonds nbsp; and nbsp; equitiesnbsp;nbsp;3 nbsp;Governmentamp;shy;backed nbsp; currencies nbsp; that nbsp; are nbsp; declared nbsp; to nbsp; be nbsp; a nbsp; legal nbsp; tender nbsp; without nbsp; the nbsp; backing nbsp; of nbsp; an nbsp; underlying nbsp; physical nbsp; commoditynbsp;nbsp;architectured nbsp;purpose; nbsp;and nbsp;systemic nbsp;risks nbsp;arising nbsp; fromnbsp;crowdamp;shy;funds nbsp;stored nbsp;in nbsp;volatile nbsp;digital nbsp;currencies nbsp;andnbsp;subsequently nbsp; locked nbsp;into nbsp;smart nbsp;contracts.nbsp;4This nbsp;paper nbsp;analyzes nbsp;the nbsp;limitations nbsp;and nbsp;challenges nbsp;of nbsp;thenbsp;current nbsp;environment nbsp;and nbsp;proposes nbsp;an nbsp;approach nbsp;thatnbsp;leverages nbsp;existing nbsp; infrastructure nbsp;to nbsp;provide nbsp;a nbsp;solution nbsp;fornbsp;all nbsp;stakeholders.nbsp;2. nbsp;TRADITIONAL nbsp;ASSETamp;shy;BACKED nbsp;TOKENSnbsp;The nbsp;core nbsp;stakeholders nbsp;in nbsp;the nbsp;jibrel nbsp;ecosystem nbsp;are;nbsp;nonamp;shy;investment nbsp;users, nbsp;who nbsp;seek nbsp;to nbsp;benefit nbsp;from nbsp;the nbsp;valuenbsp;unlocked nbsp;by nbsp; cryptocurrencies nbsp;and nbsp;blockchain nbsp;technology,nbsp;such nbsp;as nbsp;low nbsp;remittance nbsp;fees nbsp;and nbsp;instant nbsp;transfers;nbsp;traditional nbsp;investors, nbsp;who nbsp;seek nbsp;to nbsp;benefit nbsp;from nbsp;the nbsp;highnbsp;returns nbsp;of nbsp;the nbsp;emerging nbsp; cryptoeconomy; nbsp;and nbsp;decentralizednbsp;organizations nbsp;/ nbsp;funds nbsp;and nbsp;cryptoamp;shy;investors, nbsp;who nbsp;seek nbsp;tonbsp;diversify nbsp; their nbsp;cryptoamp;shy;holdings nbsp;with nbsp;stable nbsp;lowamp;shy;yieldnbsp;assets, nbsp;onamp;shy;chain, nbsp;as nbsp;to nbsp;remain nbsp;transparent nbsp;tonbsp;crowdamp;shy;funders.nbsp;The nbsp;needs nbsp;of nbsp;all nbsp;stakeholders nbsp;could nbsp;be nbsp;successfully nbsp; met nbsp;bynbsp;bringing nbsp; the nbsp;stability nbsp; of nbsp;traditional nbsp;financial nbsp;instrumentsnbsp;to nbsp;the nbsp;blockchain. nbsp;This nbsp;can nbsp;be nbsp;accomplished nbsp;by nbsp; mintingnbsp;tethered nbsp;tokens nbsp;with nbsp;oneamp;shy;toamp;shy;one nbsp;backing nbsp; of nbsp;the nbsp;underlyingnbsp;traditional nbsp;asset nbsp;they nbsp; represent. nbsp;Using nbsp; such nbsp;a nbsp;,nbsp;tethered nbsp;tokens nbsp;can nbsp;be nbsp;used nbsp;to nbsp;denote nbsp;a nbsp;currency[5] nbsp;ornbsp;even nbsp;a nbsp;commodity[6].nbsp;By nbsp; developing nbsp; a nbsp;‘guarantor’ nbsp;that nbsp;houses nbsp;traditional nbsp;assetsnbsp;and nbsp;issues nbsp;tokens nbsp;representing nbsp; ownership nbsp;of nbsp;thenbsp;underlying nbsp; assets, nbsp;one nbsp;can nbsp;enable nbsp;a nbsp;wideamp;shy;range nbsp;ofnbsp;currencies, nbsp;commodities, nbsp;money nbsp; market nbsp;instruments nbsp;andnbsp;other nbsp;financial nbsp;tools, nbsp;to nbsp;be nbsp;openly nbsp; traded nbsp;onamp;shy;chain.nbsp;3. nbsp;SYSTEM nbsp;ARCHITECTUREnbsp;The following sectionoutlines the keycomponents of thenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;jibrel network and what is required to facilitate puttingnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;traditional nbsp;assets nbsp;onamp;shy;chain.nbsp;3.1 nbsp;Public nbsp;Blockchainnbsp;While reliance on another blockchainimposes alongamp;shy;listnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;of new challenges and limitations, a public and securenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;blockchainisrequiredforearlyversionsofjibrel,untilfullnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;crossamp;shy;chain nbsp;communication nbsp;is nbsp;feasible.nbsp;3.2 nbsp;Cryptocurrency nbsp;Exchangesnbsp;Cryptocurrency exchanges provided endamp;shy;users with fiatnbsp; nbsp; nbsp; nbsp; nbsp; nbsp;accounts intheirlocalcurrencyanddigitalwalletstoholdnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;cryptocurrencies. User canbuy,trade or transmit digitalnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;currency, easily converting between crypto and fiatnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;currencies.nbsp;nbsp;3.3 nbsp;Tethered nbsp;Tokensnbsp;Tethered tokens will be required to create traditionalnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;assetamp;shy;backed tokens. For every traditional asset heldanbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;tethered token is minted. Upon the underlying assetnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;being nbsp; sold, nbsp;the nbsp;token nbsp;is nbsp;destroyed. nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;.nbsp;3.4 nbsp;Guarantornbsp;Inorder to ensure tetheredtokens holdtheir respectivenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;value, a guarantor is needed. The guarantor will holdnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;traditional assets and issue their respective tetherednbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;tokens, as well as redeemanddestroytokens inreturnnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;for the release / transfer of ownershipof theunderlyingnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;traditional nbsp;asset.nbsp;3.5 nbsp;Application nbsp;Layer, nbsp;Libraries nbsp;amp; nbsp;Templatesnbsp;Once tethered tokens are established, an array ofnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;applications that leverages their capabilities can benbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;developed, including payment processors, remittancenbsp; nbsp; nbsp; nbsp; nbsp;wallets and trading plats. To facilitate rapidnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;application development, a dedicated application layernbsp; nbsp; nbsp; nbsp; nbsp; nbsp;with useramp;shy;friendly libraries and code templates will benbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;required.nbsp;3.6 nbsp;Ownership nbsp;Transfersnbsp;Once a tethered token is issued, the underlying assetnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;can be easilytradedsimilar to anycryptocurrency.Thenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;highamp;shy;level nbsp;process nbsp;is nbsp;outlined nbsp;belownbsp;1. User nbsp;sends nbsp;FIAT nbsp;to nbsp;guarantornbsp;2. Guarantor nbsp;returns nbsp;jFIATnbsp;3. User nbsp;pays nbsp;merchant nbsp;in nbsp;jFIATnbsp;4. Merchant nbsp;redeems nbsp;jFIATnbsp;5. Guarantor nbsp;sends nbsp;FIAT nbsp;to nbsp;merchant nbsp;accountnbsp;With a guarantor backing the tetheredtoken, withthenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;promise to redeemfor the underlyingasset at afuturenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;point in time, the token canstayinthe systemandbenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;used nbsp;for nbsp;onamp;shy;chain nbsp;and nbsp;offamp;shy;chain nbsp;payments.nbsp;3.7 nbsp;Fees nbsp;amp; nbsp;Chargesnbsp;Transferring ownership of both digital and traditionalnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;assets haveassociatedfeesandchargesthatwillneedtonbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;be nbsp;accounted.nbsp;3.8 nbsp;Oversight nbsp;/ nbsp;Regulationnbsp;Any nbsp; onamp;shy;chain nbsp;transaction nbsp;representing nbsp; an nbsp;offamp;shy;chainnbsp;transfer nbsp;of nbsp;ownership nbsp;or nbsp;value nbsp;must nbsp;satisfy nbsp; internationalnbsp;and nbsp;local nbsp;regulation nbsp;and nbsp;must nbsp;be nbsp;managed nbsp;accordingly.nbsp;Regulatory nbsp; protocols nbsp;/ nbsp;governance nbsp;tools nbsp;should nbsp;be nbsp;put nbsp;innbsp;place nbsp;to nbsp;ensure nbsp;proper nbsp;governance nbsp;and nbsp;oversight.nbsp;nbsp;All nbsp;transactions nbsp;must nbsp;satisfy nbsp; KYC nbsp;/ nbsp;AML nbsp;regulations.nbsp;4 nbsp;Projects nbsp;are nbsp;at nbsp;risk nbsp;of nbsp;not nbsp;materializing nbsp; if nbsp;their nbsp;funding nbsp; is nbsp;reduced nbsp;due nbsp;to nbsp;market nbsp;downswings, nbsp;potentially nbsp; leading nbsp; to nbsp;insolvencynbsp;nbsp;4. nbsp;JIBREL nbsp;NETWORK nbsp;IMPLEMENTATIONnbsp;This section outlines how each component will benbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;implemented nbsp;in nbsp;the nbsp;jibrel nbsp;network.nbsp;4.1 nbsp;Ethereum nbsp;Blockchainnbsp;The selected blockchain must decouple mining rewardsnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;andthe underlyingtransactionsbetweentheparticipantsnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;of the system. For this reason, Ethereumiswellsuitedtonbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; the foundation of jibrel’s underlying architecture.nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;Mining rewards will be in the of Ethereum‘gas’,nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;while any tethered token will not be part of the miningnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;process[7].nbsp;nbsp;While jibrel is also suited to be built on Bitcoin’snbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;Omniprotocol, that approach is beyond the scope of thisnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;paper.nbsp;4.2 nbsp;Crypto nbsp;Depository nbsp;Receipts nbsp;CryDRnbsp;CryDRs are tethered tokens that represent ownershipofnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;an underlying traditional asset held by jibrel. In thisnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;paper, they are denoted as jAsset e.g. jUSD, jEUR,nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;jGBP. On release, jibrel will support sixfiat currenciesnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;and two money market instruments, with plans to addnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;additional nbsp;financial nbsp;instruments nbsp;in nbsp;the nbsp;future.nbsp;4.2.1 nbsp;Currencies nbsp;/ nbsp;Fiatnbsp;The first iteration of the jibrel network aims to supportnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;USD, EUR, GBP, RUB, CNY, AED with additionalnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;currency support gradually added as strategic exchangenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;partners nbsp;are nbsp;integrated.nbsp;4.2.2 nbsp;Money nbsp;Market nbsp;Instrumentsnbsp;Stable lowamp;shy;yield assets are jibrel’s core offering,nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;cryptoamp;shy;investors will be able to purchase tokens tetherednbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;to US Treasury Bills and Zeroamp;shy;Coupon Certificates ofnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;Deposits. For the first iterationof the jibrel network, allnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;moneymarket instruments will incorporate an automaticnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;rollover or nbsp;accrual mechanism. Meaning, fiat receivednbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;from matured investments, will be automaticallynbsp; nbsp; nbsp; nbsp; nbsp; nbsp;redeployed in similar assets. Similarly, dividend ornbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;interest will be accrued until the underlying assetnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;matures or is sold. In future versions, money marketnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;instruments nbsp;will nbsp;be nbsp;configurable.nbsp;4.2.3 nbsp;Other nbsp;Financial nbsp;Instrumentsnbsp;In the future, as traditional financial institutions arenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;integrated into the jibrel plat, full support of othernbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;financial instruments can be rolled out, including listednbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;and nbsp;private nbsp;equity.nbsp;4.2.4 nbsp;Smart nbsp;Compliancenbsp;Since CryDRs are fully programmable they can benbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;embedded with regulation. Fiat currencies will benbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;unrestricted, however the purchase and resale of othernbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;assets will needtoberestrictedbyclassandgeographytonbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;be nbsp;fully nbsp; compliant. nbsp;This nbsp;logic nbsp;is nbsp;embedded nbsp;in nbsp;each nbsp;CryDR.nbsp;4.3 nbsp;Jibrel nbsp;‘Decentral’ nbsp;Bank nbsp;JDBnbsp;The JDBwill receive/ holdtraditional assets onbehalfnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;of their owners and issue their respective CryDRs.nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;Uponsends it to the owner’s wallet. Uponredemptionofnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;atoken, the tokenisdestroyedandtheunderlyingassetnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;is nbsp;transferred nbsp;to nbsp;the nbsp;token nbsp;holder.nbsp;While the JDBaims to be fullydecentralized, until fullnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;onamp;shy;chainintegrationof traditionalfinancialinstitutions,nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;largecomponents of thesystemwillneedtobeoffamp;shy;chain.nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;Offamp;shy;chainactivitywill require theandoversightofnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;local nbsp;and nbsp;international nbsp;regulators.nbsp;nbsp;For this reason, stakeholder interaction must benbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;properly managed to ensure full regulatorycompliancenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;without sacrificing transparency and reliability. Thisnbsp; nbsp; nbsp; nbsp; nbsp; nbsp;will be achievedthrough assetportals ,dedicatedentitiesnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;operating with full compliance in their respectivenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;geographies .nbsp;4.4 nbsp;Asset nbsp;Portalsnbsp;Asset portals are usedto undertake the necessarylegalnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;and financial steps to convert traditional assets intonbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;onamp;shy;chain nbsp;digital nbsp;assets.nbsp;nbsp;Fiat portals will be simple cryptocurrency exchanges.nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;Strategic partnerships can be ed with existingnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;exchanges while a dedicated jibrel exchange networknbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;with sufficient geographic reach can be builtamp;shy;out. Innbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;addition, byhousingaportionof jibrel’s fiat reservesinnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;existing exchanges, transfer times and fees arenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;significantly reduced whilst simultaneously providingnbsp; nbsp; nbsp; nbsp; nbsp;exchanges nbsp;with nbsp;much nbsp;needed nbsp;liquidity.nbsp;Nonamp;shy;fiat portals will require offamp;shy;chain presence tonbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;undertake the necessary due diligence and takenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;ownership nbsp;of nbsp;nonamp;shy;fiat nbsp;deposits.nbsp;Inmostgeographies,assetportalswillrequirebrokeragenbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;and money transmitter licenses. In cases involvingnbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;heavily regulated jurisdictions or more nuancednbsp; nbsp; nbsp; nbsp; nbsp; nbsp;financial assets, full regulator involvement andnbsp; nbsp; nbsp; nbsp; nbsp; nbsp;oversight nbsp;might nbsp;be nbsp;required.nbsp;nbsp;As regulation evolves, asset portals will be able tonbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;decentralize and become community driven.nbsp; nbsp; nbsp; nbsp; nbsp;Institutional investors and other financial institutionsnbsp; nbsp; nbsp; nbsp; nbsp; nbsp;will b/p