Crypto with a Conscience: Exploring Caizcoin's Ethical Blockchain

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To achieve financial inclusivity, it is essential for the financial industry to accommodate the diverse cultural and religious beliefs across the globe. For instance, in Islam, there are strict guidelines against profiting from assets considered unjust or exploitative, along with other financial activities perceived as unethical. These principles impose additional demands on financial products, highlighting the necessity for compatible services and platforms within the cryptocurrency sphere. Caizcoin has been introduced to address these challenges, providing a solution that enables Muslims to participate in the rapidly growing cryptocurrency market while upholding their moral and ethical values.

Crypto with a Conscience: Exploring Caizcoin's Ethical Blockchain

What Is Caizcoin?

Caizcoin is a blockchain (Caizchain) and cryptocurrency (CAIZ) formed in 2018 and launched in 2020 with the aim to enable secure, cost-efficient transactions and transfers that are compliant with Islamic law. “Caiz” is derived from the Arabic word for permissible, confident, and legal, “Jaiz,” and as such, Caizcoin aims to stay within the realms of honesty and Islamic ethics.

Caizcoin's primary objective is to establish a platform facilitating international cash transfers with minimal fees and no delays, eliminating the need for costly intermediaries. This initiative holds particular significance for economically disadvantaged countries where the expenses associated with money transfers can be burdensome. Caizcoin is poised to execute these transactions on its decentralized blockchain using its own cryptocurrency, CAIZ.

Another noteworthy facet of Caizcoin is its commitment to charitable endeavors, aligning with the core principles of Islam. The Quran, the holy scripture of Islam, mandates that devout Muslims contribute 2.5% of their annual earnings to charity, known as Zakat. In pursuit of this philanthropic goal, Caizcoin has established partnerships and integrated numerous non-governmental organizations (NGOs) into its platform, streamlining secure and expeditious donations through its blockchain infrastructure.

What Does Caizcoin Offer?

Caizchain offers three distinct features: a blockchain, token, and a secure wallet.

What Does Caizcoin Offer?

Caizchain

Caizchain is Caizcoin’s own decentralized blockchain, which is set to launch this year. Created for maximum security and efficiency, Caizchain is being built specifically to retain more control of the userbase, ensuring that no businesses with immoral trade can work with it. It offers the following:
  • Security: In addition to having security from its decentralized structure and validating nodes, Caizchain will have a two-factor login system – requiring the user’s key as well as a code sent to their email address.
  • Lower fees: In accordance with Islamic principles, centralized businesses with high fees are excluded from the blockchain. Additionally, according to Caizcoin’s whitepaper, its fees will be considerably lower, offering a discounted rate of only $0.0099.
  • Anonymity: User information will not be visible on transactions, with only their key numbers showing as ID.
  • Speed: Caizchain states that when launched, it will be much faster than other blockchains. Current transactions per second (TPS) are 4.6 TPS on Bitcoin and 30 TPS on Ethereum, while Caizcoin states that it will reach 3000 TPS, thereby surpassing all other blockchains.

Secure Wallet CAIZ

The “hyper-secure” CAIZ wallet aims to use the blockchain’s speed to keep away threats. The idea is that the pricing and transactions will go through instantly, thereby limiting the time for potential hacks. In terms of when assets are stored in the wallet, meanwhile, it will rely on the blockchain’s anonymity and security features.

CAIZ Token

Upon the launch of Caizchain, CAIZ will serve as its native token. Presently, the project is under development on the Ethereum blockchain and is in its pre-sale phase. The transition to its dedicated Islamic blockchain is imminent. Although CAIZ is not currently listed on exchanges, it is anticipated to debut by the end of September 2021. Following this listing, users will have the capability to convert CAIZ to fiat currency and withdraw it from select ATMs, guaranteeing round-the-clock access to their assets.

How Does Caizcoin Conform with Islamic Law?

Islam has many strict rules, especially around money, and so Caizcoin has put in place various protocols to ensure that its operations will remain within the limits of the religion. In order to prove this and gain the trust of Islamic users, it has undergone a review by licensed legal scholars and been awarded a Fatwa certification for compliance with Islamic law. Some of the obstacles faced by Muslims in finance are:

  • Paying or charging interest on loans: This is considered sinful as it benefits the lender to the detriment of the borrower. Caizcoin will therefore not charge interest or incorporate businesses onto its platform that do profit in this way.
  • Investing in businesses that contribute to sinful activity and products: To ensure that Caizcoin does not contribute to these sectors, each company that uses the blockchain is reviewed first. Industries considered forbidden include alcohol, drugs, pork products, adult entertainment, and weapons.
  • Speculation, uncertainty, and risk: Islam forbids gambling, and since speculation on an outcome is not a solid basis for investing, Caizcoin cannot act based upon it. This should go some way to protecting it from losing its users’ money and crashing.
How Does Caizcoin Conform with Islamic Law?

Additionally, Caizcoin is implementing a few other moral-based applications:

  • Charitable works: As previously mentioned, Caizcoin has joined with NGOs to enable quick and secure donations through Caizchain using CAIZ.
  • Teaching children: Through its application programming interface (API), Caizcoin’s blockchain will be linked to multiple moral education platforms for children. This will be achieved by sharing the links of those websites with the blockchain nodes and for them to then be shared with users. In this way, the children of CAIZ holders will be able to access content designed to improve their knowledge and morals, in accordance with Islamic doctrine.

Who Is Behind Caizcoin?

Caizcoin was initially conceived and developed in 2018 by Caiz Holding AG, which is based in Switzerland. The business itself is a long-term investment company focusing on new technologies and creating wealth with economic and social values. Caiz Holding AG counts with professionals across various industries, including law, compliance, and finance. Additionally, in order to ensure that they are following Islamic practices, they also look outside of their company for professional advice, as demonstrated by their obtaining a Fatwa certificate.

CAIZ Token Price Analysis

Caizcoin is currently raising funds through an initial private token sale and pre-sale. In total, 999,999,999 tokens will be created at a starting value of $0.125, purchasable using various cryptocurrencies and fiat currencies. Initially, they will be created on the Ethereum blockchain, to then be moved to Caizchain upon launch.

CAIZ Token Price Analysis

Caizcoin has identified a potentially robust market given the substantial Muslim population worldwide. Lower-income countries stand to benefit from its low transaction fees, while wealthier Muslim nations can engage in investments aligned with their ethical principles. This presents an attractive opportunity for a diverse range of users. It's essential to emphasize that Caizcoin is not exclusive to Muslim users; it welcomes anyone seeking to participate in the crypto space while upholding ethical and moral values consistent with Islam.

The success of Caizchain hinges on its ability to deliver on its promised speed and security upon launch. If it meets these expectations, it could gain popularity and prove lucrative. However, in a competitive landscape with well-established blockchains, its unique Islamic stance may not be sufficient to attract substantial investment. Moreover, recent volatility in the crypto market, exemplified by the 2021 crypto crash and events in El Salvador following the adoption of BTC as legal tender, raises questions about the timing of investment in a new and untested blockchain.

With CAIZ scheduled to go live on exchanges this month, it will be intriguing to observe its initial value following the pre-sale. Nonetheless, given its early developmental stage and unproven track record, expecting rapid growth solely based on its concept may be overly optimistic.

Conclusion

Caizcoin boasts incredibly fast transaction speeds, secure wallets, and its own blockchain, where it will be able to ensure its users are working in a morally pure environment according to Islamic law. However, the blockchain is yet to be launched, and the CAIZ token is yet to be listed on any exchanges, so it really is too early to tell whether it can deliver. Moreover, there seems to be very little indication of when these actions will take place. The whitepaper and website have published timelines but with no dates, and Caizcoin’s live chat cannot seem to clarify them either.

The Caizcoin whitepaper itself makes many bold claims with ambitious wording but fails to really elaborate on how the ecosystem will be structured, and how it will function. Not only that, but both the whitepaper and the website are littered with grammar and spelling errors, which doesn’t really fill the reader with confidence. It seems then, that this project really has quite a lot more to work on before it can ask users to trust it.

Caizcoin has the potential to appeal to an enormous user-base and if it can gain their trust, CAIZ’s value could certainly rise. As it is, however, the project appears too underdeveloped to really be considered a safe investment option. Undoubtedly, some will feel that its concept is enough, and if Caizcoin can deliver on its promises it might well be, but in its current published format, it’s far from assured.

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