Hey guys :) I’m back with another comprehensive Q&A piece, this time for the innovative DeFi project bringing decentralized finance to everyone – Jarvis Network (JRT).
Jarvis Network sets out to deliver various decentralized financial and identity-management protocols on Ethereum that are interoperable with traditional finance and as accessible as the Internet is today.
Now, before we dive in, the following piece is similar to my latest articles on Reserve Rights (RSR), THORChain (RUNE), and bZx Protocol (BZRX), so if you haven’t already seen those, be sure to check them out as well.
Hope you enjoy!
The list of Q&A is kind of long so first comes the list of questions that I have prepared the answers to:
- What is Jarvis Network?
- Who and When Created Jarvis Network?
- What is the purpose of $JRT Token?
- What Problem Jarvis Network Tries to Solve?
- What is Synthereum?
- What is Jarvis Money?
- What is Jarvis Market
- Where to Store $JRT Token?
- Where to Buy & Sell $JRT Token?
1. What is Jarvis Network?
Jarvis Network website homepage
Jarvis Network is a cryptocurrency and DeFi project that sets out to deliver a variety of protocols on Ethereum that bridge legacy and decentralized finance.
Jarvis Network’s first protocol, the Margin protocol, allows anyone to become a broker by funding and maintaining liquidity pools, against which users can gain exposure to different markets such as Forex, indices, stocks or cryptos. As well, this protocol also allows users to open leveraged positions for derivatives.
As for Jarvis Network’s second protocol, the Synthetic protocol, it allows users to execute token swaps of synthetic assets and also allows anyone to become a broker by funding and maintaining liquidity pools.
By delivering these DeFi protocols and more to come, Jarvis Network hopes to uberize and universalize finance and investing and also become the gateway to a wide variety of DeFi services.
The first DeFi services offered by Jarvis Network include two applications; Jarvis Market and Jarvis Wallet. The first one is a fully-featured trading platform and portfolio management system and the latter being a handy wallet to create and manage a portfolio and access DeFi.
“Jarvis “Blockchainizes” traditional financial markets to make them open, transparent, interoperable and programmable, and eventually disintermediate them.” – Jarvis Network founder and CEO, Pascal Tallarida
2. Who and When Created Jarvis Network?
Jarvis Network founder, Pascal Tallarida
Jarvis Network was founded in December 2016 by Pascal Tallarida who now serves as the project’s CEO.
Tallarida is a certified technical analyst and prior to founding Jarvis Network, he founded trading and investing education platform called Diablo Menthe OOD and taught technical and behavioral analysis at KEDGE Business School.
Apart from his trading education and analysis background, Tallarida has also been professionally trading himself since 2008.
Moreover, while Jarvis Network was first created by Tallarida in December 2016, the project only launched in June 2017 and started trading on the open cryptocurrency market in January 2020.
Some major milestones in Jarvis Network’s lifespan include:
- Q3 2019 - Testnet of Venezia: v0 of the margin protocol
- Q4 2019 - Security audit and penetration test of Venezia
- Q1 2020 - Mainnet launch of Venezia and Testnet of Bled: v0 of the synthetic protocol
- Q2 2020 - Security audit and mainnet launch of Bled
3. What is the purpose of $JRT Token?
Jarvis Reward Token logo
Jarvis Network’s native cryptocurrency is called Jarvis Reward Token (JRT) and it’s a deflationary multi-utility token based on Ethereum’s ERC-20 token standard.
JRT has multiple purposes as it’s used for securing and governing the Jarvis network, and for rewarding users who bring value to it.
Jarvis Reward Token (JRT) Use Cases:
The main role of JRT is to allow its holders to participate in the protocol’s governance through a DAO. Each JRT token holder (including Relayers, Validators, and Liquidity providers, etc.) can join and participate in the Jarvis Network DAO.
Participants in the DAO can get involved with a number of things regarding Jarvis Network.
They can discuss, debate, and propose improvements or changes to the protocol. They can manage commissions generated by the protocols and vote on their allocation policies. They can manage JRT reward policies for liquidity providers. They can resolve disputes between relayers and validators, and more.
Another big role for JRT is staking it to secure Jarvis Network protocols. In both the Margin protocol and Synthetic protocol, Validators and Relayers must stake a certain quantity/value of JRT so that the cost of corruption is greater than the profit from corruption.
To compensate for their work, Validators in the Margin protocol and Relayers in the Synthetic protocol will share part of the fees generated by their corresponding protocols.
A smaller yet important role for JRT is to reward those who provide value to Jarvis Network. This could include rewards for liquidity providers who spread awareness and the adoption of JRT. A total of 100M JRT will be distributed through DAO-managed reward programs.
Part of the fees generated from Jarvis Network protocols is used to buy back JRT and burn them, making JRT a deflationary crypto asset.
4. What Problem Jarvis Network Tries to Solve?
The main problem Jarvis Network strives to solve is the deliverance of decentralized finance to everyone. The project aims to create DeFi protocols that are interoperable with traditional finance and as accessible as the Internet is today. Or in other words, bridge DeFi with CeFi.
It wants all investment opportunities to be as accessible as a web page and wants to break down the borders between both digital and physical assets.
In doing this, Jarvis Network hopes to become a key decentralized finance engineering piece and one of its main gateways.
As stated by Jarvis Network’s Founder and CEO, Pascal Tallarida:
“Jarvis “Blockchainizes” traditional financial markets to make them open, transparent, interoperable and programmable, and eventually disintermediate them.”
5. What is Synthereum?
Synthereum is Jarvis Network’s Synthetic protocol for on-chain trading.
By leveraging the UMA platform, Chainlink and Compound, the Synthetic protocol (Synthereum) allows users to create tokens (synthetic assets called jTokens) that track the price of any traditional or digital asset.
These synthetic asset tokens (ie. jETH, jBTC, or jUSD, jEUR) can be converted directly within a smart contract, without any counterparty, spread, or slippage.
For example, instead of an exchange between parties taking place, the user burns a token (ie. 1 jEUR) and atomically mints another one of the same value (ie. 0.8 jGBP - mind the exchange rate here). This type of conversion is known as a burn and mint mechanism.
Moreover, all of the synthetic assets minted in Synthereum are overcollateralized with digital assets provided by liquidity providers (LPs) who provide the collateral needed to satisfy and to maintain the collateral ratio, effectively bearing the risk.
For taking on this risk, liquidity providers are rewarded with JRT that comes from the 100M JRT DAO-managed reward programs.
All in all, Synthereum is to remove the boundaries between different asset types, making them fully programmable and interoperable with each other.
6. What is Jarvis Money?
Jarvis.Money wallet interface (source)
Jarvis Money, otherwise known as ‘Jarvis Wallet’ or simply ‘Jarvis’, is a sophisticated Web3 crypto wallet that allows anyone to create, manage, and secure a portfolio of digital assets on the Ethereum blockchain and leverage them using decentralized technologies and protocols such s Aave, Compound or bZx. It's worth noting that the wallet is yet to go live.
Jarvis Wallet Features:
- Stablecoin on-ramp - Buy Dai directly with your bank account, without KYC
- Saving account - Earn interests up to 8% per year on your deposits
- Investment - Actively or passively invest in multiple assets or products
- Borrow money - Instantly borrow money without any paperwork
- Universal login - A single login can be used for hundreds of decentralized applications
- Easy to use - You won’t even know its using blockchain technology
It will use cutting edge technologies such as state-channels, contract-wallet, meta-transactions, liquidity aggregators and synthetic assets, and natively integrates several Blockchain protocols.
And it does all this without showing all of the complexities of blockchain tech; it does not require gas, private keys, or cryptic addresses, making Jarvis Wallet as accessible as the internet is today.
7. What is Jarvis Market
Jarvis.Market trading interface (source)
Jarvis Market is a trading platform for active traders and investors which provides both spot trading and margin trading. It’s one of the first decentralized applications (dapps) built on top of Jarvis Network and it allows users to interact with both the Margin and Synthetic protocols.
Unlike traditional trading platforms, Jarvis Market utilizes the power of blockchain to provide its users with trustless peer-to-contract trading on multiple financial markets. It has no broker, it requires no account, and it has no limits.
With the Jarvis Market trading platform, investors gain exposure to the price of any asset against decentralized liquidity pools with the liquidity provided by and governed by liquidity providers (LPs).
Anyone can become an LP and start earning commissions on trades by creating or joining a liquidity pool.
Moreover, the markets set to launch on Jarvis Market when it goes live are Forex and Indexes with Metals, Commodities, Stocks, and Cryptocurrencies coming soon after.
Jarvis Market Features:
- Non-custodial trading platform
- Protection against negative balance
- Instant deposits and withdrawals
- Instant trade execution
- DAI is the base currency
8. Where to Store $JRT Token?
Jarvis Reward Token (JRT) is an ERC-20 token residing on top of the public Ethereum blockchain. That said, you can store JRT in any ERC-20 token supported wallet.
However, the best wallet for storing JRT is the official Web3 Jarvis Wallet (which was described in great detail in question 6 above).
Popular Jarvis Reward Token (JRT) Wallets:
- MyEtherWallet (MEW) (web)
- MyCrypto (web)
- Trust Wallet (mobile)
- Argent (mobile)
In addition to the above-listed wallets, Jarvis Reward Token (JRT) can be stored on a wide variety of other reputable wallets supporting ERC-20 tokens.
9. Where to Buy & Sell $JRT Token?
Jarvis Network (JRT) can be bought and sold on a peer-to-peer (P2P) basis but the most popular way to buy, sell, or trade Jarvis Network is through cryptocurrency exchanges.
You can buy JRT with cryptocurrency at the following exchanges. In most cases, you will be able to buy Jarvis Network on Ethereum-based decentralized exchanges (DEXes) with ETH.
- Uniswap - ETH, WETH, USDC, DAI
- IDEX - ETH
- Bancor - ETH
- Paraswap.io - ETH
- CoinEx - ETH, BTC, USDT
In addition to the exchanges listed above, Jarvis Network (JRT) is also traded on a few other lesser-known exchanges and platforms that enable people to buy, sell, or trade cryptocurrencies.
Hope you enjoyed that read :) Let me know if I have missed something in the comments.