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Islamic Coin (ISLM): Decentralizing Finance with Ethics and Innovation

Islamic Coin (ISLM): Decentralizing Finance with Ethics and Innovation

Beginner
2024-01-18 | 5m

What is Islamic Coin (ISLM)?

Islamic Coin (ISLM) is a digital currency designed to cater specifically to the needs of the global Muslim community. Being the native token of HAQQ, a robust EVM-compatible blockchain built on Cosmos SDK, Islamic Coin not only adheres to Islamic financial principles but also promises economic empowerment, sustainability, and philanthropy.

How Islamic Coin (ISLM) Works

Unlike most other cryptocurrencies, Islamic Coin operates within the framework of Islamic finance, where interest-based transactions are strictly prohibited. The foundation of Islamic Coin lies in its deflationary nature, reminiscent of the intrinsic value found in precious metals like gold and silver, as highlighted in the Quran.

Central to its ethos is the concept of work and investment. Islamic Coin cannot be printed arbitrarily, which protects it from devaluation. Validators and stakers can only mint new coins at a predetermined rate, ensuring a fair and transparent issuance process. This distinguishes Islamic Coin from fiduciary money, eliminating the involvement of profit-seeking banks and the contentious practice of charging interest.

HAQQ Blockchain: Building on Truth for a Sustainable Future

Islamic Coin is the native token of the HAQQ blockchain. It is used for governance, gas fees, and staking.

Developed on the Cosmos SDK, HAQQ boasts Ethereum compatibility, instant finality, and a proof-of-stake mechanism. This makes it not just a financial powerhouse but a versatile platform for social platforms, games, educational projects, and more.

By utilizing Cosmos SDK, HAQQ solidifies its position within the open blockchain ecosystem, allowing seamless communication with other IBC-compatible networks. Moreover, through the support of the EVM and Solidity, HAQQ ensures that developers familiar with the Ethereum codebase can easily transition to building on its platform. This inclusive approach broadens the scope for innovation within the HAQQ ecosystem.

Shariah Oracle: Ensuring Ethical Finance in a Digital World

To address the unique needs of the Muslim community, HAQQ introduces the Shariah Oracle - an on-chain registry of Halal Certificates. This ethical protection mechanism, coupled with community oversight and Shariah Board approval, guarantees that only Shariah-compliant smart contracts find a place in the HAQQ Wallet.

The Shariah Oracle operates on two levels of approval - community approval and Shariah Board approval. Community approval is achieved through a voting process by ISLM stakers, ensuring a decentralized approach to decision-making. The Shariah Board, composed of scholars, provides an additional layer of scrutiny, conducting audits and reviews to uphold Shariah compliance.

To maintain decentralization, the Shariah Compliance feature influences only the behavior of the HAQQ Wallet, allowing users not concerned with Shariah compliance to interact with any smart contract via alternative wallets like Metamask. This ensures inclusivity and flexibility in user engagement.

Evergreen DAO: Sowing Seeds for a Sustainable Future

Evergreen DAO emerges as a cornerstone of HAQQ's commitment to sustainability and community impact. Functioning as a crypto endowment, Evergreen DAO is governed by the HAQQ Community and the Shariah Board, ensuring a democratic and transparent decision-making process.

The governance structure, while akin to the default Cosmos Governance, introduces innovations to incentivize high-quality proposals. Financial rewards for users submitting impactful proposals, coupled with non-burning deposits, foster a culture of active participation and responsible decision-making.

Projects benefiting the global Muslim community, ecosystem maintainers, bug bounties, marketing activities, and other initiatives deemed beneficial are eligible for funding through Evergreen DAO. This strategic allocation of resources aligns with UN-mandated Sustainable Development Goals, reinforcing HAQQ's commitment to ethical governance and sustainability.

Furthermore, 10% of newly minted ISLM tokens are allocated to the Evergreen DAO. With this, ISLM directly contributes economic value for the community.

ISLM Goes Live on Bitget

Trading ISLM is not just about buying and selling a digital asset; it's about embracing a vision for a financial future that combines innovation, ethics, and sustainability. Whether you are driven by ethical considerations, the desire to impact communities positively, or the potential for growth in a future-ready blockchain ecosystem, ISLM offers a compelling opportunity.

Be the pioneer and trade Islamic Coin on Bitget as the token is listed on January 18.

You can also take this one-in-a-lifetime chance to grab a share of 250,000 ISLM on Bitget.

How to Trade ISLM on Bitget

Step 1: Go to ISLMUSDT spot trading page

Step 2: Enter the amount and the type of order, then click Buy/Sell.

For detailed instructions on how to spot trade in Bitget, please read The Uncensored Guide To Bitget Spot Trading.

Islamic Coin and HAQQ represent a pioneering effort to integrate Islamic finance with cutting-edge blockchain technology. The deflationary nature of Islamic Coin, the versatility of the HAQQ blockchain, the ethical oversight of the Shariah Oracle, and the community-driven governance of Evergreen DAO collectively contribute to a project that goes beyond mere financial innovation – it seeks to redefine the intersection of faith, finance, and technology.

Trade ISLM on Bitget now!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.