Autor Cointelegraph By Arnold Kirimi

NFT and Islamic education: A new frontier to teach religion?

The world is in the midst of a digital revolution and with it, the way we think about value is shifting. The application of nonfungible tokens (NFTs) to represent and transmit religious values and principles is one of the most fascinating manifestations of this new perspective.TheNFT is a very new technology, but there’s a lot of excitement about its potential. There’s a lot of enthusiasm for the possibilities that NFTs provide in various sectors, including education and religion. The ability of NFTs to help teach and pass on religious values and beliefs is particularly fascinating.Cointelegraph caught up with Deepali Shukla, the founder and managing director at MetaDee, a new London-based NFT marketplace that just launched exclusive handwritten Quran NFTs dating back to the beginning of Islam. The unique Quran manuscript, believed to have been composed between 632 and 1100 A.D., is now kept by the Custodian Family in Saudi Arabia. The copies have been authenticated and verified by the University of Oxford’s Research Laboratory for Archaeology and the History of Art after a thorough investigation.Shukla, a long-time collector and admirer of art, told Cointelegraph that she was compelled to connect the physical and virtual realms. She noted that in the NFT realm, a digital art token serves as the equivalent of the actual artwork. While explaining the role of NFTs in Islamic societies, she highlighted that:”Scriptures from ancient times, for example, are often heard but seldom appreciated in their fuller essence. Today, technology allows access to novel treasures from their exclusive realm, while at the same time, manifesting their goodness to the general public.”In the context of whether NFTs are halaal or haram, Shukla responded that Islam is usually taught with the goal of adjusting to the world’s ever-changing demands. She referred to crescentwealth.com.au, which states that NFTs might be used as a high-tech financial remedy against inflation. Muslims, on the other hand, must keep in mind that an NFT must adhere to halal principles, she noted.The digitalization of sacred art allows it to be readily available to the general public as well as Muslims who follow Islamic culture, according to Shukla. It aids in the dissemination of important messages from Islamic scholars, poets and Prophet Muhammad’s (PBUH) eternal teachings, she added.”With potential to reach non-Muslims and other institutions, NFTs could be easily accessed using mobile, laptop, and a variety of gadgets.”Shukla is a believer in blockchain’s potential to provide value and distribute Islamic knowledge. She said that universities may keep it on their cloud or network while users may access the information across platforms, adding that:”Digital learning and project sharing are inherent attributes of NFT technology. Ed-Tech lowers the cost of education, making inclusive learning easier for the underprivileged.”When asked about the potential benefit of properly utilizing NFTs for the Islamic community, Shukla said the NFT age appears to spell good times for the Islamic community. She cited MetaDee’s NFT version of the Holy Quran’s handwritten manuscripts from 1,500 years ago. She called it “the equivalent of entering a gold mine of cultural history,” and noted that it wouldn’t have been possible had it not been digitized and tokenized.

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Aave taps Pocket Network to beef up decentralized app development

Aave (AAVE), an open source decentralized finance (DeFi) protocol, is teaming up with decentralized Web3 infrastructure provider Pocket Network to offer developers increased scalability and ease of use when building decentralized applications (DApps) on the Aave Protocol.According to the statement on Tuesday, Aave will use Pocket’s distributed network of more than 44,000 nodes to access on-chain data from various blockchains to power decentralized applications. Developers building Aave-powered DApps may now access blockchain data from Pocket Network on demand following the new integration. Michael O’Rourke, CEO of Pocket Network, remarked that:“The goal is to power the next wave of decentralized applications that combine Aave’s best-in-class liquidity market with Pocket’s unrivaled RPC coverage, which now supports 50 blockchains and is well on its way to achieving its goal of 100 blockchains in 2022.”Aave Grants DAO made this agreement possible by providing a Grant for the purchase of the required Pocket Network’s native token POKT for Aave’s frontend traffic. To meet its demands, Aave currently utilizes several Remote Procedure Calls (RPC) from various infrastructure providers. Because these solutions have varying degrees of reliability, they can occasionally become unruly and cause user experience to deteriorate. The new connection with Pocket Network is intended to alleviate these problems by offering Aave a more stable and durable infrastructure solution for its decentralized apps.Related: NEAR developers to get seamless Web3 app deployment with Pocket NetworkAccording to Defi Llama’s analytical data, Aave is the third most valuable protocol in terms of total value locked (TVL) ranking, having a current price of $95.91 and a total value locked (TVL) worth of $6.1 billion as of writing. Aave’s liquidity is derived primarily from Ethereum (ETH) and Polygon (MATIC), as the majority of its operations span multiple blockchains. Pocket Network also offers dedicated RPCs for these networks, lowering latency, improving uptime, and providing optimized multi-chain data services.

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BNB Chain launches DApp platform with 'Red Alarm' to warn users about scams

BNB Chain has launched a new platform, DappBay, to discover new Web3 projects. DappBay is equipped with a novel feature called Red Alarm, which assesses project risk levels in real-time and alerts users of potentially risky decentralized applications (DApps), according to a Thursday announcement.Red Alarm is a contract risk scanning tool offered by DappBay that helps users identify high-risk projects to protect their investments from rug pulls and scams. Users can check if a contract address has logical flaws or fraud risks by entering it into the Red Alarm feature.Gwendolyn Regina, an investment director at BNB Chain, said that DappBay allows the BNB Beacon Chain community to shortlist and rank the best recently launched projects, such as decentralized finance (DeFi) and nonfungible tokens (NFT), by utilizing market data. She added that:”Most importantly, the Red Alarm feature helps users in staying one step ahead of scammers; the system warns in real time of potential risks associated with the projects, allowing the community to make informed investment decisions.”DappBay’s goal is to aid the community in understanding market trends with the most up-to-date project rankings and anticipating project dangers in real-time. It also has other features that allow DApp developers to list their projects on DappBay. Related: Multicoin Capital raises $430M for new crypto startup fundFurthermore, DappBay collects and summarizes a comprehensive list of promising future projects in advance, allowing users to be the first to know about them.Scams, rug pulls, and other fraud risks are unfortunately all too common in the cryptocurrency space. The launch of the new platform and the Red Alarm feature are welcome news as they provide much-needed services to the crypto community.

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Survey reveals high penetration and adoption of crypto in Saudi Arabia

The high degree of penetration and adoption of crypto in Saudi Arabia makes it an important market for digital currencies, demonstrating the potential for expansion in the Middle East and North (MENA) region.According to a survey conducted by crypto exchange KuCoin, around three million Saudi Arabians (or 14 percent of the adult population aged 18 to 60) have become crypto investors who either currently own cryptocurrencies or have traded in the past six months as of May 2022. Another 17% of respondents are labeled crypto-curious and are likely to invest in cryptocurrencies in the next six months. As per the study’s findings, there is a long-term interest among potential crypto investors in the Arab nation. In the first quarter of 2022, 49% of crypto investors intended to increase their investment in cryptocurrencies over the next six months.In the second quarter of 2022, investor sentiment shifted toward more conservative cryptocurrency investment techniques as the bearish market began. Thirty-one percent of crypto owners in Saudi Arabia said they would keep their crypto balance as is rather than expand it. During the same period, investors with lower incomes sold off a portion of their holdings, per the survey.In Saudi Arabia, the high number of new market entrants is unprecedented, with 76% of crypto investors having less than one year of expertise in the sector, including 49% who first began trading cryptocurrencies in the previous six months. Per the report, in terms of demographics, 63% of crypto investors are men. The gender ratio has remained consistent throughout the years. Young crypto investors under the age of 30 account for at least a third of the entire population and have risen to 37% in Q2 2022.Half of the crypto investors purchase digital currencies using fiat and engage in spot trading on a monthly basis, which is the only form of crypto trading that some Arab theologians consider halal. As reported by Cointelegraph, last year, the Saudi Arabian Oil Company (Saudi Aramco) fueled excitement among cryptocurrency followers after investing $5 million in blockchain-based oil trading firm Vakt. While this initiative sought to digitize and automate post-trade processing, it was also reported that Saudi Aramco would begin Bitcoin (BTC) mining operations.Related: Bitcoin not a currency? South Africa to regulate crypto as financial assetWhile the Kingdom of Saudi Arabia has not yet released any official regulations surrounding cryptocurrencies, the government appears to have taken a supportive stance toward digital assets and blockchain technology. In 2019, the Saudi Arabian Monetary Authority (SAMA) and United Arab Emirates Central Bank (UAECB) jointly announced the of a digital currency called Aber. The cryptocurrency will be used for cross-border payments between the two countries and is backed by their respective fiat currencies.

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Opera Crypto Browser integrates Coin98 to bolster Web3 accessibility in Southeast Asia

Opera Crypto Browser, a Web3-focused project for facilitating navigation across decentralized applications (DApps), games and metaverse platforms, has announced a partnership with Coin98, a Southeast Asia-based decentralized finance (DeFi) platform, to bolster Web3 accessibility. Following the integration of Coin98, users of Opera’s Crypto Browser will be able to tap into the platform’s range of multichain nonfungible tokens (NFTs), decentralized exchanges (DEXs), cross-chain bridges and asset swaps as well as the ability to stake and lend their cryptocurrency portfolios, as per a Thursday announcement.With Southeast Asia’s reputation as an online technology hotspot — with the world’s largest number of internet users — and a region with a burgeoning young population and increasingly active crypto community, the collaboration is poised to bring Opera’s Crypto Browser one step closer to its objective of promoting mass cryptocurrency and Web3 adoption. Commenting on the development, Susie Batt, crypto ecosystem lead at Opera said:”With over 340 million users worldwide, it is critical that we encourage mainstream adoption by supplying products and services that everyone can use.”Opera has been a prominent figure in the cryptocurrency industry for some time, and it was the first major browser to accept Bitcoin (BTC) payments in 2019. In January 2022, Opera launched the Crypto Browser project, a Web3-oriented initiative for making it easier to discover DApps, games and metaverse platforms.Related: Opera browser enables direct access to BNB Chain-based DApp ecosystemAs part of the project, the browser expanded blockchain support for around nine major blockchain networks including Bitcoin, Solana (SOL), Polygon (MATIC), StarkEx, Ronin, Celo, Nervos Network, and BNB chain. Earlier this year, Opera partnered with Yat, a service that enables the creation of emojified web addresses or URLs.

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