Islamic Coin (ISLM), a cryptocurrency that adheres to Shariah law and the coin’s creators have made an outrageous assertion. Their asset with a Muslim focus might scale like Bitcoin (BTC) and reach a worth of more than $1 trillion.
Islamic coin break into the cryptocurrency market, They participate in the modern financial scene and offer technology-based financial services that adhere to Islamic principles.
With the use of a suitable tool and a cryptocurrency that complies with Sharia, Muslims can fulfill their religious requirement to meet financial obligations.
Islamic Coin is the native coin of Haqq, the proof-of-stake (PoS) blockchain that runs on Cosmos using the EVMOS protocol, according to Alhashmi. Haqq, which is Arabic for “truth,” “strictly adheres to Islamic teachings and traditions on finance.”
The goal of the Islamic coin was to provide a means of participation in the digital economy for devout Muslims around the world. Islamic Coin is referred to as a Shariah-compliant asset and is described as being halal.
This indicates that it complies with the fundamental principles that govern Islamic life and, hence, legislation with regard to matters of morality and modesty. According to Alhashmi, the Islamic Coin was created specifically to encourage charitable deeds.
On the Haqq blockchain, Islamic Coin was introduced in May. A “Fatwa,” or Islamic proclamation, was given to the token by Muslim clerics in June.
This demonstrated that it complied with religious prohibitions against things like betting. Muslims could therefore freely handle the coin.
Islamic Coin acquired $200 million in a private auction one month later. In a bear market, this achievement is regarded as outstanding.
A prestigious executive board of Islamic bankers, programmers, and academics oversees the token on behalf of the Swiss non-profit Haqq Association.
Even so. It’s important to take into account that people in the Middle East, particularly in nations like Iran, are severing their links to Islam. Particularly young people no longer connect as strongly with severe orthodoxies as they once did.
The white paper states that there will only be 100 billion tokens of Islamic Coin available. The coin’s emission rate is decreased by 5% every two years (referred to as an Era).
It states that the emission will end 100 years after the first block of the first Era. In the genesis block, 20 billion tokens were created.
According to Mohammed Alkaff Alhashmi, ISLM is utilized for payments, network administration, staking, and to cover transaction fees over the network. He said that the Islamic coin is powering progress and charitable activity, which is one of its most significant missions.
10% of the granted amount of each new coin goes to Evergreen DAO, a nonprofit organization devoted to long-term sustainability and social benefit. The coins are placed in the DAO to be donated to Islamic charities or invested in Islamic websites.
A block offeror and its delegators receive between 1% and 5%. All bonded validators and their delegators share the remaining funds proportionately. Islamic Coin utilizes a system of delegators of bonded validators as proof-of-stake assets.
In exchange for their assistance in securing the network and processing transactions, these are compensated in proportion to the number of ISLM tokens they have staked. The delegators receive rewards less than the validator’s own commission.
By “staking” (bonding) their tokens to validators, holders of Islamic coins can lock their tokens, transferring their voting authority to the verifiers in the process. They are now eligible to receive benefits and take part in government.
The co-founder of Islamic Coin, Alhashmi, asserted that the cryptocurrency was “the first digital currency that is Shariah-compliant, which may be utilized by Islam devotees without any constraints.”
He envisions a time when the Islamic Coin is adopted by 3% to 4% of the current one billion Muslim internet users. The token would be able to scale like the original and largest cryptocurrency, Bitcoin (BTC).
Islamic Coin’s capitalization would be $720 billion with a 3% adoption rate. With a 20% increasing acceptance, the worth would soar to $4.2 trillion, which is four times the current total market capitalization of all cryptocurrencies.
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