IBF Net launches Netverse on the Algorand blockchain
Indonesia-based IBF Net has launched the world’s first Metaverse on the Algorand blockchain to support digitization in the Islamic world.
Netverse is a Shariah-compliant metaverse that encompasses the Netversity project, which offers multiple courses that can be followed by anyone, anywhere. According to the official press release, this new metaverse launch on the Algorand blockchain comes in the context of new web 3.0 technologies and the observed preference of millennials to interact and transact in the digital and virtual space.
IBF Net Group officials emphasized in the company’s press release that they are also focusing on the organic growth of IBFNex network membership. This network includes a portfolio of platforms on the blockchain in sectors such as philanthropy, non-profit and for-profit, constituting a miniature Islamic economy. IBFNex will establish a presence in Netverse as well.
Other developments from IBF Net
IBF Net also plans to establish a governing board composed of academics, professionals and Sharia scholars from the Islamic finance industry. The founder of IBF Net Group revealed that the invitation to join the council is open to all people and there will be no membership dues or hidden fees for participants who join the board.
Once the project reaches the milestone of 50,000 members, IBF Net will put together a transparent online process to select commissioners for various panels dedicated to specific components of the IBF ecosystem. These panels will focus on segments such as commercial banking, insurance, investment banking, zakat, awqaf, non-profit organizations, development finance, as well as Sharia governance, regulation and technology.
As for the elected commissioners, they would be involved in programs and activities such as seminars, workshops, conferences, publications, awards and scholarships in collaboration with universities and corporate entities.
More information about Algorand
According to gemini.com, Algorand is an open source, decentralized blockchain network that utilizes a two-tier structure and a unique variant of Proof-of-Stake (PoS) consensus mechanism to increase transaction speeds and achieve finality. Algorand’s block rewards are distributed to all ALGO coin holders, giving all ALGO holders an opportunity to earn rewards instead of just block producers.
Being a public smart contract blockchain that relies on stakes, Algorand can host decentralized application (dApp) development while offering scalability. Rising gas fees on Ethereum have led some dApp developers and decentralized finance (DeFi) traders to look for alternative blockchain solutions. Some have turned to Algorand as an Ethereum alternative for dApp development and DeFi applications.
