CAIZ, the first fiqh-compliant blockchain ecosystem, has recently made a major announcement by extending its global reach. The Islamic Federated Byzantine Agreement (IFBA), a consensus mechanism developed by CAIZ, is now available in 99 nations, setting a milestone in the cryptocurrency world.
The IFBA consensus mechanism is a triple innovation that adheres to Islamic principles while optimizing technical consensus and procedures. It consists of Islamic Supervisory Nodes, Verified Public Nodes, and the Caiz Consensus Protocol.
The Islamic Supervisory Nodes are monitored by eminent Islamic scholars, maintaining the blockchain’s ethical and moral high standards, ensuring all transactions comply with Islamic Financial Principles. Verified Public Nodes are in charge of monitoring transactions and bolstering the overall trustworthiness of the network. The Caiz Consensus Protocol provides an efficient structure enabling nodes to reach consensus while preserving the tenets of Islamic Finance.
CAIZ has also been approved to operate in more than 99 countries, enabling an active global community of cryptocurrency enthusiasts, investors, and consumers to grow in regions that are underserved and unprivileged.
The blockchain developed by CAIZ has been developed to meet the highest standards of trust and accountability, as all transactions are transparent and unalterable, all tracked and 24/7 accessible. This technology outperforms the traditional financial system and allows users and organizations to safely send funds and conduct transactions without the use of intermediaries.
The introduction of the IFBA consensus mechanism and the authorization of CAIZ in more than 99 nations together mark a great step forward for CAIZ, defining a significant development for the entire blockchain industry. A new era of financial autonomy, trust, and transparency within the digital financial sphere has been marked, providing a guide for experts and newbies to start managing cryptocurrencies in an easier and simpler way.
