Islamic Coin (ISLM) is a native cryptocurrency powering the HAQQ Network, a blockchain platform dedicated to creating a Shariah-compliant ecosystem. With a focus on ethical principles and Islamic finance, ISLM aims to provide a secure and transparent financial system for the global Muslim community. In this blog, we will explore the key features and initiatives of Islamic Coin and its significance in the crypto world.
One of the unique aspects of Islamic Coin is its implementation of the Shariah Oracle. This on-chain mechanism serves as a registry of Halal Certificates, ensuring that smart contracts interacting with the HAQQ Wallet adhere to Islamic principles and ethics. The Shariah Oracle acts as a gatekeeper, allowing only whitelisted, Shariah-compliant dApps to be listed and accessible through the HAQQ Wallet. This provides users with the assurance that they are engaging with projects that align with their ethical values.
To achieve Shariah compliance, the Shariah Oracle follows a meticulous approval process. The community-level approval involves proposals submitted by ISLM stakers, who vote on the acceptance of smart contracts into the whitelist. Once a project receives community approval, it becomes eligible for Shariah Board approval. The Shariah Board conducts audits and ensures that the smart contracts meet the criteria of Shariah law. Approved projects receive a Shariah-compliance mark, signifying their adherence to Islamic principles.
The significance of the Islamic Coin extends beyond its technical architecture. It aims to address the needs of Muslim users and ESG-driven investors by providing a trustworthy and transparent investment environment. With the Shariah Oracle, users can confidently interact with Shariah-compliant dApps, minimizing the risk of engaging in unethical or Haram activities. This feature is particularly valuable for Muslims and ESG-driven investors who prioritize ethical investing practices.
Moreover, Islamic Coin integrates with the broader blockchain ecosystem through IBC compatibility. This allows HAQQ Network to interact with other IBC-compatible networks like Cosmos and potentially Ethereum in the future. The ability to communicate and transfer value across different blockchains opens up opportunities for collaboration and expands the reach of Islamic Coin.
The introduction of Evergreen DAO further strengthens the HAQQ Network and Islamic Coin ecosystem. Evergreen DAO is a decentralized autonomous organization dedicated to funding projects that benefit the global Muslim community. It provides grants for ecosystem maintainers, bug bounties, marketing activities, and other initiatives deemed valuable by the community. Through the governance process, ISLM stakers and the Shariah Board actively participate in decision-making, ensuring that resources are allocated to projects aligned with the mission and vision of the HAQQ Network.
In conclusion, Islamic Coin (ISLM) is pioneering the development of a Shariah-compliant blockchain ecosystem. With its focus on ethical principles, transparency, and Shariah compliance, ISLM aims to provide a secure and trustworthy financial platform for the global Muslim community. Through the Shariah Oracle, Evergreen DAO, and compatibility with other blockchains, Islamic Coin is poised to make a significant impact in the crypto space, catering to the unique needs of Muslim users and ESG-driven
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