What's good crypto people. I don't like to fuck around with the nonsense so let's great straight into this one. If you don't have the time or care to read the entire article below let me break it down for you: Jiltokens have two projects, one called JLT that is an ERC-20 token with a max supply of 65mil, the team will use this token as a means of spreading the world and raising capital to operate their stablecoin which is called J1, the J1 token will have it's own blockchain, be pegged to the USD, be entirely free for users, and have roughly a 10% J1-fiat conversion for merchants who accept the token as payment.
This is a sponsored article written for a bounty reward. I had never heard of Jiltokens until recently when I was checking out some of the projects on bounty0x.
When everything is boiled down, the Jiltokens team aims to create a stablecoin pegged to the USD called J1.
What exactly makes the J1 coin any different from all the other stablecoins on the market you ask? Well, to be honest, that's kind of tricky to answer at this point.
The reason why it's a little difficult to determine what sets the J1 stablecoin apart from the plethora of others in the market is because the J1 first and foremost is in such a state of infancy right now that it is only a concept in a whitepaper; that has a plan for it's own blockchain which currently does not have any code written for it.
In essence, it's about as tangible as my idea for a Fight Club coin where people have to find certain GPS locations in order to receive clues about where a real-life Fight Club type event will be taking place during a certain period of time. Developers get at me. But don't you fucking talk about it.
Tyler Durden aside, you see my point I'm sure.
The reason why the J1 stablecoin is only a concept right now is because of the other project that the Jiltoken team has been working on which is listed on a few small exchanges including VinDAX called the JLT.
The JLT is an ERC-20 token with a maximum supply of 65mil. The team is using the JLT token distribution and giveaway phase as a way to raise awareness and money to fund the end goal of the J1 stablecoin.
And apparently, this token distribution and giveaway is happening right now. This article is proof. How the team will respond to this article remains to be seen. Whether or not I will be part of this "giveaway" or simply just contribute to their publicity of the project; only time will tell. After all, any publicity is good publicity, right?
As of right now it seems like their entire focus is on the ERC-20 token JLT. Which is not necessarily a bad thing, but considering there is currently an overflowing amount of ERC-20 tokens with little to no value or utility, it makes me wonder why the team didn't just substitute this strictly fund-raising project for something else.
I mean they deserve props for the creativity I will give them that; a stablecoin project funding it's creation through a random token built on top of the Ethereum blockchain? To my knowledge I don't think something like that has ever been done before. But it does seem a little redundant in this author's opinion.
If I want the team to take anything away from this article - and at this point I am only writing this article because I think the people behind the Jiltokens team could benefit from some real talk and harsh criticism from an outsiders perspective - it would be the fact that I commend what they have done so far.
In terms of taking things away from this article, most likely I won't end up being gifted the bounty of which I was originally looking forward to receiving upon taking on the task of researching and writing about this project. And honestly that's fine with me if that's the way it's gotta be.
I made a few very small introductory remarks in their telegram group (which has over 1600 members, which is admirable imo) when the founder and CEO Dina M. Jones responded so nicely to my inquiries that I felt compelled to keep looking into Jiltoken and find out exactly what it was that they were about.
And of course I was also intrigued because in her telegram profile photo she looks absolutely let-me-take-a-pause-here gorgeous and like the kind of woman who would bake cookies for the residents of a retirement home who she doesn't even know but she drives by the building every weekend on her way to and from church and she's always told herself that she would.
But that was not the only reason! And if my reader feels at all uneasy about that previous paragraph, forgive me for my honesty. I shoot from the hip, and sometimes it's a killshot. But the nice personal energy that I got via literally one or two sentences with Jones made me want to contribute to the project.
For some reason I felt that I could offer something, and if all I can offer if a few wasted minutes to read this shitty - possibly even mean - article well then God damn imma do that!
I'm getting way off track here so let's get back to it shall we.
If I want the team to take anything away from this article it is this: you guys have done a great job with the Jiltokens so far. Your website is good, the branding is nice, the whitepaper is top notch and the way it reads online was a nice touch. But in all honesty I think you folks should take a knee and let the clock run out this time.
The J1 token is a great idea. I believe their aim was to take out the middle-man of an "exchange" or a bank for purchasing the token. Thus making it slightly cheaper than if someone were to buy something like Dai or USDC from an exchange. But how exactly were they going to accomplish this?
At this point, you might be asking yourself the same thing regarding my Fight Club coin. And honestly I believe the answers are practically identical unfortunately; developers get at me.
But obviously in the case of J1 get at Dina M. Jones. She's nice as hell and I honestly wonder what kind of cookies she would have made those beautiful elderly souls. I bet they were probably fucking oatmeal raising or something, but maybe she made a few that were like oatmeal chocolate chip as a treat but she wanted the group to have an option.
Allow me to take a quote directly from their whitepaper:
The J1 will be implemented on a private blockchain (to be determined at a later date). This will reduce user fees and maintain our goal of simplicity as well as create mass adoption.
At a later date, ladies and gentlemen. Their whole business plan - from what I could tell based off of their whitepaper - was to create the JLT ERC-20 token as a way to raise funds to be able to start working on the J1 stablecoin. Say what? That's like running an ICO with the hopes of building a better and actually useful token after the fact.
Their website and whitepaper even include a breakdown of the "fund allocation" which includes the "funds raised from the sale of JLT and subsequent sale of the J1." But where are these funds coming from in the first place? To me it seems like you probably would have spent more money trying to get the JLT token off the ground than you might make from however-the-hell you plan on making money off the JLT in the first place.
Are you putting your token on the Ethereum blockchain to then run an ICO where you dump all your coins on the market so that you can allocate those funds to the creation of the stablecoin? No matter if those oatmeal raisin/chocolate-chip cookies are gluten free or not, I'm not so sure about that kind of fundraising method.
From what I've read on their website there is literally no other utility or use-case for the JLT token other than to raise funds for the J1 and to be a speculative crypto token that might appreciate in value in the future. Maybe the collective mindset of the entire team is still stuck in the ICO craze because that kind of shit doesn't happen in crypto anymore.
Why wouldn't the team just pool all their resources into making just one thing really good, instead of one thing that's kind of useless with the hopes that it might be able to fund the secondary thing that is still just an idea on paper?
Maybe I missed something on their website or read something wrong in the whitepaper. Or maybe it's because I'm a mildly rude sexist fuck who just really enjoys gluten free oatmeal chocolate-chip cookies. Fuck I don't know.
It just seems to me like the entire project is like playing an entire round of golf with practice-swings. Everything sounds decent on paper, decent, but when it comes time to actually tee up and swing I'm not sure if there's going to be any daylight left.
So to the entire Jiltokens team this is what it all boils down to in my humble yet slightly not-humble opinion: you guys did a great job with everything that you've done so far. You've got a website, a whitepaper, an ERC-20 token that is actually on an exchange, you've got a telegram group with close to 900 people, you've contacted pages like bounty0x and coingecko, and you've managed to gather a team of nearly 10 people from around the world to collectively work on this thing together. But it should stop there.
It's not easy doing what your team has done, Dina M. Jones you cookie-baking angel, but sometimes it's knowing when to stop that separates the good from the great.
I know that this might be difficult to read, and you're body might be producing some pretty nasty emotions, chemical reactions, and bodily sensations while you read this article. The trigger warning may have even been pressed. But just step back for a second and take a pause.
How many cryptocurrencies are there in the market right now? According to coingecko right now your current rank by marketcap is #4266. And your idea for a project is a stablecoin? And you're expecting merchants to pay 0.10USD per dollar in fees when converting your J1 coins (that do not even exist yet) into USD?
Unfortunately if your hopes are set on mass-adoption then you need to take a look at the list of stablecoins that are actually on the market already. Nobody gives two shits about coins like the Neutrino Dollar, bitCNY, or the NairaX. Hardly anybody has even heard of some of these coins, and these are projects that actually exist!
I really hate to be the bad guy here but I really don't think your little J1 or JLT token have a chance. If your team has been able to actually make a living somehow from developing this project up until this point, then holy hell be grateful and quit right now while you're ahead.
Put this entire project into the trash can. Make sure to take every single lesson learned from this experience and put it on your resume and feel damn proud that you accomplished what you did. Honestly; it is no small feat to be able to do what you have done so far with the Jiltoken project.
You should be very proud of what you've done and feel satisfied that you've taken this vision as far as you have.
Chalk this one up as a loss but take everything you've learned into your next venture. And hell it might just be an idea to join a project that is already going as opposed to creating something from scratch Miss Jones. Technology is honestly so fast that an entirely new blockchain project was created in Singapore during the time that you've been reading this article. And honestly it's probably already dead by now too.
And there is no shame in that. The problem is that your Jiltoken is not special in any way. Period. Take a breath and let that sink in.
It was not my intention to hurt anybody's feelings in this article. In my opinion the Jiltoken is a hell of an accomplishment that should be celebrated. But the reality of the situation is that this project doesn't appear to be going anywhere worth going.
When I was commenting on Dina M. Jones making cookies I meant that in good humour. I did not mean for it to sound sexist or derogatory in any way. I love both women and cookies; and I think everybody in the entire world should too.
My intention behind this article is to empower the Jiltokens team and to prevent them from doubling-down even further on what appears in my opinion to be a bad investment. Given all of the facts that I've written about here, I have either vastly misunderstood something very significant, or I've named the elephant in the room Greg and given him a fucking purple shirt with a glow-in-the-dark Rolex on his big thick ass elephant leg arm wrist thing. Swag.
Either way, to my reader; I appreciate your patience and at the very least I hope you've had a laugh.
And one last thing before we say our final goodbye, I mentioned it at the beginning but it is worth mentioning again; this has been a sponsored article written for a bounty reward.
My name is @walkonwayvs on bounty0x, and at this point I'm not really expecting a reward. Which is probably no surprise at this point.
Check out my latest crypto related article:
SwiftDemand Protocol - Universal Basic Income Crypto with Value? [Review]
Do you like art? Check out my other crypto channels and let me know what you think! P.S. I also have some here on Publish0x!