Most people will acknowledge that Ethereum is a valuable addition to cryptocurrency and Blockchain world. Although the system is not complete without its flaws, meaningful progress has been made over the past two years. Despite, when it comes to Ethereum wallets, there are still some works to be done. Jibrel Network, a Swiss company, registered in Zug, is developing its jWallet, a product whose functionality continues beyond storing cryptocurrencies.
JWALLET COMBINES CRYPTOCURRENCY AND TRADITIONAL INVESTING
While countless wallets support for multiple cryptocurrencies already, they aren’t suited for much more than that. A lot of users want convenience more than anything else. This means they are less willing to obtain a cryptocurrency wallet in addition to a different solution for more traditional investments. The Jibrel Network believes that now is a good time to connect the gap between both worlds. As a result, its jWallet product supports not only cryptocurrencies and digital tokens, but also bonds, commodities, and equities.
The jWallet is still mainly created to store Ethereum and Ethereum-related forms of money (ERC-20). It is deserving that this company has built its wallet, especially after it raised US$3 million to do exactly that. Some of its investors including Arabian Chain, the TaaS Fund, and Aurora Partners. Developing a brand-new robust Ethereum wallet from scratch is no easy feat. Furthermore, given the recent issues concerning scams, phishing sites, and Parity, it is clear to the understanding that there is a need for better solutions.
For now, the jWallet’s alpha version supports the storage, conversion, and transfer of ERC20 tokens. The firm stores no user data and it does not get a copy of one’s wallet’s private keys either. Everything is collected locally, which should put a lot of people’s minds at ease. Without any need to sacrifice security or convenience, the jWallet is a pretty impressive creature. The team does encourage people to run it locally, though, or even to use its mobile application, which is also in alpha right now.
It is tolerably exciting to see support for fiat currencies in jWallet as well – or more precisely, tokens created by the Jibrel Network itself. Six different fiat currencies are supported: USD, EUR, AED, CNY, RUB, and GBP. It seems that these tokens are designed to compete with Tether, although there are few specifics available regarding how these assets are backed. The logical interpretation is that users will convert these fiat-pegged tokens for actual money, though it remains to be seen how that will exactly work.
Perhaps the most exciting feature of jWallet is support for bonds, commodities, and equities. Recognizing that all of this will be stored in a digital form on the Ethereum Blockchain, it seems that the team will have a lot of “conversion” work to do. It is unclear whether they are addressing about traditional bonds or new products to be issued on top of Ethereum directly. Assuming it is the former, there will a need to be an official conversion process to convert bonds into digital assets of some kind. We will hopefully find out more about this in the future.
For this time around, jWallet is available to the public already. Anyone looking for a different sort of Ethereum and ERC-20 wallet can give it a try, although everyone has to keep in mind that the software is still in the alpha stage of its development. Issues may happen, and it is not advisable to store sufficient money in this wallet until the team releases a stable version of the wallet. The competition is heating up in the Ethereum wallet department, which can only be considered to be a good thing.