Quote from: Elevated on November 23, 2017, 03:25:59 PM

Quote from: jibrelnetwork on November 22, 2017, 06:43:37 PM

Quote from: Elevated on November 22, 2017, 09:02:59 AM

This looks like another interesting tokenziation platform. Looking at the whitepaper, how do we know the "guarantor" actually has the underlying (tethered) asset? Will there be 3rd party audits, like on Ankorus.org's platform (ANK)?

Thanks!

1. Our system doesn't require as much trust / centralization

A tethered token on our network can be redeemed for the underlying value in ETH, BTC or JNT using the Jibrel DAO.
So any tethered token is simple a guarantee to redeem for the underlying assets worth, not the asset itself.

For example: 1 jUSD token can be redeemed for 1 dollar worth of JNT.

2. Audits:

New Alchemy: Security audit of contracts
PwC: Financial audit of accounts

3. The guarantor in this case is the Jibrel DAO. Our job off-chain is to always ensure the Jibrel DAO is solvent (i.e. holds enough assets to meet liabilities (tethered tokens))

Hope that helps!

Thanks. Have you established yet how often PwC will audit the off-chain accounts? Will you do something like Ankorus with a reserve levels dashboard?

Currently, its scheduled for once a year, but might have to increase that to twice a year.

We will release an actual audit report periodically, full annual report and financial statements.

There is no point in reinventing the wheel here. Companies have been releasing transparency, financial, audit reports for decades. We will do the same, based on business best practices and international standards (e.g. IFRS).