Indonesia-based IBF Net has launched the world’s first Metaverse on the Algorand blockchain in order to support digitalisation in the Islamic world. Netverse is a Shariah-compliant metaverse that comprises the Netversity project, which offers several courses that can be pursued by anyone, anywhere.

According to the official press release, this new metaverse launch on the Algorand blockchain comes in the context of emerging web 3. 0 technologies and the observed preference of millennials to interact and transact in the digital and virtual space. IBF Net Group officials emphasised in the company press release that they are also focusing on the organic growth of IBFNex network memberships.

This network incorporates a portfolio of platforms on the blockchain in sectors such as philanthropy, non-profit, and for-profit, which make up a miniature Islamic economy. IBFNex will establish a presence within Netverse as well. Other developments from IBF Net IBF Net also plans to establish a Governance Council composed of academics, professionals, and Shariah scholars from the Islamic financial services industry.

The founder of IBF Net Group revealed that the invitation to join the council is open to all people and that there will be no membership fees or hidden fees for participants joining the board. Once the project reaches the 50,000-member milestone, IBF Net will put together a transparent online process in order to elect 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-profits, development finance, as well as Shariah governance, regulation, and technology.

As for the elected commissioners, they would become involved in programmes and activities such as seminars, workshops, conferences, publications, awards, and scholarships in partnership with universities and corporate entities. More information about Algorand According to gemini. com, Algorand is an open-source, decentralized blockchain network that leverages a two-tiered structure and a unique variation of the Proof-of-Stake (PoS) consensus mechanism to increase transaction speeds and achieve finality.

Algorand’s block rewards are distributed to all ALGO coin holders, offering all ALGO holders an opportunity to earn rewards instead of just block producers. Since it is a public smart contract blockchain that relies on staking, 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. .