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Caizcoin has successfully invented and developed Islamic Federated Byzantine Agreement (IFBA), a Fiqh compliant consensus mechanism. IFBA incorporates three key innovations over the Federated Byzantine Agreement (FBA) algorithm. These key innovations ensure that nodes in the Caiz blockchain can always reach consensus, ensuring that the blockchain will never stop running.
IFBA is a consensus algorithm that has gained significant attention in the world of distributed computing. It enables a group of nodes to achieve consensus on a shared state without relying on a central authority. The IFBA protocol has three main innovations over FBA, providing optimal resilience in decision-making, improving transparency, increasing the costs for malfunctioning and ill-behaving nodes, and ensuring the blockchain is Fiqh compliant.
Three Innovations Ensuring Optimal Resilience and Fiqh Compliance
1) Introduction of Islamic Supervisory Nodes
Special types of nodes are run by Islamic scholars who are respected leaders in the community.
2) Verified, Public Nodes
Individuals and organizations must pass identity and compliance verification to join the Caiz blockchain network.
3) Caiz Consensus Protocol
Used by nodes in the network to ensure the validity and Fiqh compliance of ledger updates.
IFBA – A New Approach to Finance that Aligns with Islamic Values and Beliefs
Caizcoin’s IFBA ensures that any financial transaction adheres to the principles of Islamic finance. That means that in the Caiz Blockchain, every transaction is devoid of interest, and all parties involved share in the risks and rewards of the transaction. The consensus process is transparent, inclusive, and fair, with no exploitation or oppression of any party involved. In addition, the IFBA prohibits investments in businesses that engage in activities that are considered unethical or harmful, such as gambling, alcohol, or pornography.
The use of blockchain technology in conjunction with the application of the principles of Islamic finance has the potential to revolutionize the financial industry. Firstly, blockchain technology can significantly enhance the transparency and accountability of financial transactions. Secondly, the use of blockchain technology in financial transactions can lead to significant cost and efficiency savings.
Caizcoin’s IFBA is an innovative approach to finance, adapting an existing technology to comply with Islamic financial principles. This can lead to new insights and approaches in both Islamic finance and blockchain technology, driving economic growth and development while aligning with the values and beliefs of Islamic finance. The use of IFBA can revolutionize the financial industry, providing more transparency, accountability, cost, and efficiency savings.
Caizcoin is World’s First Islam Compliant Blockchain Ecosystem, based in the EU. Envisioned to be the bridge between the centralized and decentralized financial world.
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