Islamic Coin - What is it?
Islamic Coin is the native currency of HAQQ Network, a proof-of-stake community-run blockchain dedicated to empowering an ethics first shariah-compliant financial ecosystem.
HAQQ is a pioneering blockchain platform that integrates Islamic finance principles into a state-of-the-art financial framework.
HAQQ, which translates to 'Truth' in Arabic, embodies its commitment to uphold Islamic views and traditions in finance through the Islamic Coin (ISLM), a Shariah-compliant digital currency built exclusively on this dedicated Islamic blockchain. Central to HAQQ's mission is the provision of a technologically advanced platform aligning with Shariah law, addressing the financial needs and values of the international Islamic community.
HAQQ is built using Evmos, which utilizes the Cosmos SDK and Tendermint Core, inheriting Ethereum compatibility along with high throughput and instant finality.
Islamic Coin mission - to empower the world Muslim community with a financial instrument for the Digital Age, that enables seamless transactions and interactions, while supporting innovation and philanthropy.
Islamic Coin has a finite total supply and each time a new Islamic Coin is minted, 10% of each future issuance is deposited into a special Evergreen DAO for further investment into Islamic internet projects or given into Islamic charities. This is the first introduction of a coin bringing direct economic value to a community.
The Evergreen DAO is a non-profit virtual foundation focused on long-term sustainability and community impact. It effectively works as a crypto endowment.
Tokenomics
According to the Islamic Coin Whitepaper, Islamic Coin total supply is limited to 100 billions coins. Initial supply: 20 billion. It has been minted in a genesis block and was distributed to private sale participants, early stage partners, ambassadors, founders and business reserve.
What makes Islamic Coin halal?
To ensure observance of Shariah compliance, Islamic Coin and HAQQ created the Shariah Oracle. This ethical protection mechanism, along with community oversight and Shariah Board approval, ensures that only Shariah-compliant smart contracts are whitelisted on the HAQQ Wallet. The Shariah board is one of the HAQQ Network and Islamic Coin boards.
Shariah Oracle is an on-chain mechanism controlling a whitelist of smart contracts allowed for interaction (signing and listing in the in-app marketplace) through the HAQQ Wallet.
The Shariah Oracle serves as an on-chain registry of Halal Certificates that provides smart contract developers and web2 businesses a way to prove their ethical relevance for Muslim users by listing their products/services on the Haqq Wallet.
Integrating the Shariah Oracle with Haqq Wallet will ensure that users interact only with whitelisted, Sharia-compliant dApps. Thus whilst being a place where anyone can deploy their dApp or project, Haqq network’s Shariah Oracle is a key measure to minimize unethical or Haram activity in our network.
HAQQ wallet - first ethics non-custodial wallet
Islamic Coin and HAQQ are delighted to unveil a groundbreaking element of the HAQQ univers: HAQQ wallet
Drawing from the formidable infrastructure of HAQQ, the HAQQ wallet act as your portal the realm to the Islamic Decentralized Finance (DeFi). By fusing tradition and technology, the HAQQ wallet offers and compelling solution for individuals eager to engage with financial instruments in accordance with the principles of Islamic Finance.
Learn more about Islamic Coin & HAQQ
Islamic Coin - https://islamiccoin.net/
HAQQ Network - https://haqq.network/