Professor of Islamic Economics: Bitcoin is a Natural Evolution of Money
Dr. Mohamed Ali Elgari is a prominent Shariah scholar and the Chairman of Shariah Supervisory Board for Amanie Advisors. In a video shared by Amanie Advisors the professor was speaking on a panel of discussing cryptocurrency in Islamic Finance during the Shariah Minds Forum.
Dr. Elgari is also an advisor to numerous Islamic financial institutions throughout the world and is notably on the Shariah board of the Dow Jones Islamic index as well as a member of the Islamic Fiqh Academy and the Islamic Accounting & Auditing Organisation for Islamic Financial Institution (AAIOFI).
A Game-changing Technology
During the panel discussion, he expressed that Bitcoin is just the natural conclusion of a long journey from stones, salt, and animals, to gold, silver and paper money. Dr. Elgari underlines that the secret of Bitcoin is not inventing the money, it is the blockchain because it allows transacting in a secure way without any kind of medium.
Dr. Elgari is also the advisory board of Harvard Series in Islamic Law, Harvard Law School.
He indicated that the blockchain is a game-changing technology and people are yet starting to realize it. Professor believes that that the blockchain will be just like the revolution of the internet itself. According to him, part of banking services will no longer be provideTransactiond by banks, because it can be done through the blockchain directly.
Here’s a super easy way to buy Bitcoins: just go to an ATM. Instead of tapping some buttons and getting cash, you instead put cash into the machine and get Bitcoins in your wallet. Pinkexc (M) Sdn Bhd in Ipoh supports both buying and selling Bitcoin, with a 6% charge for both services.
One plus point for using an ATM is that you get your coins pretty much instantly, while also protecting your privacy as you don’t need an ID to use an ATM.
The only one currently available in Malaysia is operating in Ipoh.
Ethereum (ETH) Faces More Scalability And Congestion Issues as Pending Transactions on Blockchain Hits 90k
The digital currency industry has been facing one crisis or the other lately. The crypto market has been suffering a big blow recently. The value of cryptos in the market has been depreciating at a very fast pace. Ethereum (ETH) is one of the most affected digital currencies in the market. The digital currency lost a great percentage of its value in November. That aside, the blockchain project is currently facing other major issues.
Ethereum (ETH) Suffers Scalability and Congestion Issues
Ethereum (ETH), after its launch, was considered as a game changer for digital currencies and blockchain. However, the blockchain is currently undergoing scalability and congestion issues. Ethereum has been encountering this congestion issue for quite some time. But the issue doesn’t seem to be going anywhere as the congestion keeps increasing by the day.
The total pending transactions on the Ethereum blockchain is on a continuous rise. According to Etherscan, the pending transactions have surpassed the 90,000 mark. Ethereum (ETH) is the third largest digital currency in the world. The blockchain of Ethereum is currently choked up and things don’t seem to be working out fine for the blockchain project.
The issue of Ethereum’s pending transactions is piling up and Ethereum needs a solution that can put all its scalability and technical issues to rest. At the time of writing, the total pending transactions on the Ethereum blockchain is at 90,932, and the number is growing swiftly, according to Etherscan.
Ethereum Blockchain Sees Less Transaction Activity
The issue of Ethereum doesn’t end at its scalability and congestion issue. Irrespective of the increasing addresses on the blockchain, the overall activity on the network has been on the downside. According to Searchain.io on the 30th of November, the new Ethereum address had surged by 8.24 percent. There had also been an increase of 5.56 percent in the active Ethereum address.
Nevertheless, the influx of transactions has dropped by 16.85 percent. The outflow of transactions on the blockchain has also dropped by 14.04 percent. As a result of the scalability issue on the network, a lot of decentralized apps and Initial Coin Offerings are migrating from the platform of Ethereum to other platforms. Other decentralize blockchain projects such as EOS, Tron, and Stellar Lumens are now a major threat to Ethereum.
For instance, PinkExc – a Malaysia-based crypto trading platform – recently migrated to the blockchain of Stellar Lumens from that of Ethereum. The trading platform migrated to the blockchain of Stellar Lumens because it meets their basic needs for a more reliable, cheaper, and faster asset value transaction token.
Another instance is Blockchain Cutie – a digital currency collectible game – which recently dumped the blockchain of Ethereum for the Mainnet of Tron (TRX). According to the firm, Tron is better when it comes to speed and scalability – common issues that the game was facing on the blockchain of Ethereum.
Media Statement on Implementation of Digital Assets Prescription Order
Dear Users of Pinkexc,
PinkExc Digital Token Issuer to Move from Ethereum to Stellar Blockchain. New Listing for XLM
Stellar Lumens (XLM) recently announced that a Malaysian digital token issuer, PinkExc is planning to move to their blockchain from their current Ethereum one. The company also informed that Utilex will soon replace PinkExc and hence will be run on Stellar blockchain. In the message they also stated that they made the decision due to Stellar blockchain technology being able to meets their needs. It is a faster, cheaper and more reliable asset value transaction token.
Company made the official announcement on their official Twitter page. It stated: “Malaysian token issuer to move from Ethereum to Stellar. PinkExc currently operates several cryptocurrencies teller machines in the country, and hosts an online exchange. The project utilized blockchain to raise fund for expansion, besides as a utility medium for transactions”.
While the company confirmed that Ethereum blockchain is simple and fast to create ERC20, it still requires measurable efforts to work on it. “ETH had a solid development team but Stellar has evolved much more than Ethereum. Stellar offers built-in capabilities that can support multi-signature authorizations, generate dividends and limit who can hold tokens and more. Most importantly, Stellar features a decentralized exchange where any token issued through Stellar can be instantly traded without relying on a third-party exchange to list the token. This means that newly issued tokens can be traded in one day, which is really fast”, continued the message.
MORE FROM STELLAR LUMENS (XLM)
Earlier, Stellar reported that a Canadian exchanger, National Digital Asset Exchange Inc. (NDAX) had listed XLM on their platform. They made the announcement on November 28 which stated that the platform will be offering XLM/ CAD trading pair. In addition, the company informed that users can trade the stated pair on the platform for free of charge. The deadline for free transactions is January 31st next year.