Introduction:
Century Coinomics introduces Islamic Coin (ISLM), a virtual asset native to the HAQQ Network, a layer-one blockchain built on the Cosmos Software Development Kit (Cosmos SDK). ISLM is designed to be compatible with other blockchains based on Cosmos SDK, such as EVMOS, Cronos, Osmosis, and Ethereum's EVM. In this article, we will explore the key features, functionalities, and dynamics of ISLM and the HAQQ Network.
HAQQ Network and Cosmos SDK:
The HAQQ Network is a blockchain platform based on the Cosmos SDK, a widely recognized framework for building blockchains. Cosmos SDK serves as the foundation for HAQQ, ensuring compatibility and interoperability with other Cosmos-based blockchains.
Blockchain Wallets and Security:
To securely store ISLM and other assets on the HAQQ Network, users must create non-custodial blockchain wallets. The HAQQ wallet mobile application facilitates the creation of these wallets, ensuring that users have exclusive access to their stored assets, providing enhanced security.
Transferring ISLM:
Transferring ISLM is a straightforward process, requiring users to know the recipient's address. The HAQQ wallet mobile application simplifies this process, making it accessible to all users.
Staking on HAQQ Network:
Staking involves locking ISLM coins by bonding them to validators, who maintain the HAQQ Network. By staking, ISLM holders delegate voting power to validators and become delegators, enabling them to earn rewards and participate in governance through Tendermint BFT consensus.
HAQQ Mainnet and Proof of Authority:
Upon the launch of HAQQ Mainnet, the minting of new coins is temporarily disabled, and the network is operated by a restricted set of validators controlled by the Core Team, utilizing Proof of Authority consensus. This approach allows thorough testing of Century Coinomics and empowers the HAQQ community to learn how to stake and run their validators.
Transition to Proof of Stake:
Following evaluation on the HAQQ public Testnet and ensuring network stability, minting and Proof of Stake will be enabled on the Mainnet. Validators and stakers will no longer be restricted to those controlled by the Core Team, allowing for broader participation and staking rewards distribution.
ISLM Coin Emission and Supply:
The total ISLM supply is limited to 100 billion coins. Every Era, which spans 2 years, witnesses a 5% reduction in ISLM's emission rate. Coin emission is projected to cease after 100 years from the first block of the first Era. Initial supply comprises 20 billion ISLM, with a significant portion allocated for various purposes.
Initial Supply Allocation:
2 billion – Evergreen Foundation – according to Century Coinomics
5.5 billion – Partners: boards, initial supporters, promoters and market makers.
4 billion – Initial Private Sale. These coins will be sold to qualified private investors.
5.5 billion – Business reserve and ecosystem development fund. These coins will be used for public distributions, operational costs, business development, grants and other ecosystem-focused activities
3 billion – Founders Reward.
Vesting:
Founders Reward allocation minus 0.01 ISLM will be deposited on a Vesting Smart Contract on network launch. 0.01 ISLM subtracted from Founders Reward will be used for the payment of transaction distribution fees after launch. Vesting Smart Contract transfers 1/24th of deposit immediately on deposit creation, while the rest becomes available for claiming by portions of 1/24th every 30 days.
Pricing and Valuation:
ISLM's initial issue price is 0.25 per token. Its valuation is not pegged to external assets but is influenced by factors such as transaction volumes, decentralized applications, user base, and active wallets on the HAQQ Network. The market dynamics play a significant role in determining ISLM's price.
Legal and Regulatory Considerations:
While there are no immediate legal or regulatory constraints related to owning, storing, transferring, or using ISLM in the issuing country, users are advised to review local laws and regulations in their respective countries of residence.