STELLAR IS THE FIRST SHARIA-CERTIFIED CODING PROTOCOL RECOGNIZED THROUGHOUT THE ISLAMIC TERRITORY
24/07/2018 - Mạnh Hiếu
Stellar, the seventh largest cryptographic network, has become the first Shariaw distributed- ledger protocol for payment and tokenization.
Stellar Networks uses the Federation Byzantine algorithm (FBA) , which uses delegate groups (or parts of networks) to approve and authenticate a transaction. Each node in the Stellar network represents another set of "reliable" nodes. When transaction is approved by all the nodes in this delegation, it is considered approved. The shortening process has made Stellar 's network extremely fast and it is thought to handle up to 1000 transactions per second.
The factor to distinguish between the Stellar Networks platform and Bitcoin Networks is its consensus protocol. Stellar 's protocol is very fast, because it does not rely on the entire network to approve transactions.
According to the Stellar Development Fund, on Tuesday, Shariyah Review Bureau (SRB) has certified Stellar as a means of payment compatible with the Sharia to transfer currency and encryp assets in the real world.
Under this framework, a certificate from the SRB - licensed by the Bahraini Central Bank and International Sharia cosulting- will allow Stellar to work with Islamic financial institutions across the Middle East and Southeast Asia.
"Working with the SRB, this certification will help to develop the Stellar ecosystem in areas where financial services require compliance with Islamic financial principles. For example, Islamic finance institutions in the Gulf Cooperation Council (eg Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE) and some Southeast Asian countries (Indonesia and Malaysia) will be able to integrate Stellar technology into products and services.
"Based on the information provided, the SRB has conducted a review of the Network's guidelines, concepts and related documents and has not found any terms that are inconsistent with the Sharia guidelines."
Cryptocurrency has long been a subject of debate among Muslim scholars, as some have questioned whether price volatility in the asset class causes the transaction to turn into a debt. .
The begining this year, Mufti Muhammad Ab Bakar Muslim scholar, compliance officer at a Blossom Finance investment company in Jakarta, published an article claiming that Bitcoin was Halal (Licensed) to investors. It is legally recognized in some countries and widely accepted for payment to others.
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