Thanks for the answers!
I've decided to participate in the ico.
However, every time I try to upload my passport (the image shows up) and press "next step" it says "check your connection and try again". I've tried with different picture sizes and different browsers with the same result. My internet connection is fine.
How do you propose I proceed?
EDIT: I have a few more questions.
1) Let's say I buy 1000 JNT from an exchange at a current price of for example USD 0.5 each. If I then use them immediately to buy jUSD then each JNT will give me 0.5 jUSD, ie 500 jUSD. However, if I wait a few weeks the JNT/USD price might change to $1 due to market demand and I will thus get 1000 jUSD from my 1000 JNT. Is that how it would work?
2) What happends to the JNT token afterwards? ie after I have exchanged it for CryDRs?
If you're still facing KYC verification issues, please
contact support and they'll resolve it quickly.
Questions:1. Once you have jUSD. These tokens will be redeemable for a dollar's worth of JNT. Whatever that may be.
JNT is used by the DAO to balance accounts. So if JNT price stays constant, the DAO only has to hold 1000 JNT to back your 500 jUSD.
If JNT appreciates, the Jibrel DAO can print new CryDRs.
Best to look at it as users converting BTC -> jUSD and back.
The JNT balancing act is done by the Jibrel DAO as a proof of solvency. So anyone holding jUSD can be confident the Jibrel DAO can back this.
When they redeem it, the Jibrel DAO converts JNT back into BTC or ETH, to pay the user out.
JNT appreciates with CryDR demand (jUSD, jKRW, etc.) because the DAO will liquidate whatever BTC / ETH it receives and store some off-chain, and most of it as JNT.
2. JNT is held by Jibrel DAO as proof of solvency.