The Layer 1 HAQQ blockchain represents the backbone of Islamic Coin’s Sharia-compliant financial ecosystem. It is based on a Proof-of-Stake (PoS) consensus mechanism, and is compatible with Cosmos-based networks or Ethereum. According to Islamic Coin’s team, users have created over 2.5 million mainnet accounts interacting with the HAQQ.
Meanwhile, HAQQ Wallet is a flagship non-custodial digital wallet that offers users a convenient way to manage their $ISLM holdings and interact with HAQQ projects. With over 500,000 downloads, HAQQ Wallet has an average rating of 4.6 out of 5 on Google Play. It is also available via the App Store, and for mobile and desktop devices.
To ensure user security and compliance with Islamic values, an on-chain registry of halal certificates called the Shariah Oracle interacts only with smart contracts and dApps through the HAQQ Wallet that has been certified as halal. There is a two-stage process for authentication. While the community votes on the first level to whitelist applications, full Sharia compliance is achieved through evaluation via their Sharia Board.
According to Islamic Coin’s roadmap, the team plans to expand the ecosystem with new solutions, including a HAQQ marketplace, an $ISLM-backed Mastercard, crypto-fiat processing services, and a gold-pegged stablecoin developed in collaboration with UAE banks. The project also seeks to establish HAQQPad and HAQQLabs to foster the growth of ethical projects and support developers with a $40 million grant program.
Islamic Coin has struck important deals with Holiday Swap, the world’s largest home exchange platform, DDCAP Group, which has a coalition of over 300 global banks, and an additional 25 partners within the ecosystem.