In an era where cryptocurrencies are revolutionizing the world of finance, a new digital currency is emerging with a unique mission – to cater to the specific needs and values of the global Islamic community.
Islamic Coin (ISLM) and the Haqq Network are pioneering a path to financial empowerment, adherence to Shariah principles, and innovative blockchain technology.
In this article, we delve into the intricacies of Islamic Coin, the Haqq Network, their tokenomics, adoption of Cosmos SDK, the importance of Shariah compliance, and more.
What is Islamic Coin?
About Islamic Coin
Islamic Coin (ISLM) is a Shariah-compliant digital currency that seeks to address the financial requirements and principles of the Muslim community worldwide.
Drawing inspiration from the Quran, which mentions gold and silver as examples of worldly pleasures, ISLM aligns itself with these cherished commodities.
Just as gold and silver hold intrinsic value and scarcity, ISLM boasts a deflationary nature, creating an environment similar to that of precious metals.
One of the defining characteristics of ISLM is its limited supply, with new coins only being minted by validators and stakers at a predetermined rate.
This scarcity ensures that the currency cannot be arbitrarily inflated, a key concern for many traditional fiat currencies.
The token operates without the involvement of interest rates, adhering to the Islamic prohibition against usury.
This aligns with the ethical values of the Muslim community, which frowns upon profit generated from charging or paying interest.
Funding Round
On June 28, 2023, Islamic Coin, the pioneering Shariah-compliant cryptocurrency with a strong commitment to ethical finance, achieved a groundbreaking milestone by securing a remarkable $200 million investment from ABO Digital, a subsidiary of Alpha Blue Ocean.
This significant infusion of capital propelled Islamic Coin’s total funding to an impressive $400 million, surpassing well-known industry giants such as Circle, BlockFi, and Solana.
This achievement stands as one of the most substantial fundraising feats ever witnessed in the history of the cryptocurrency space.
Its Potential
Islam is one of the world’s major religions, with over a billion followers worldwide.
By late 2021, Islam was estimated to be the second-largest religion in the world, after Christianity.
It has a significant presence in many countries, including the Middle East, North Africa, South Asia, Southeast Asia, and beyond.
The potential of Islamic Coin lies in its ability to provide the Muslim community with a financial instrument that aligns with their values and traditions.
It offers a secure and compliant means of conducting financial transactions, investments, and savings, all while fostering economic independence and philanthropy within the community.
Islamic Coin RPC (HAQQ RPC)
HAQQ Mainnet RPC
- Chain ID: 11235
- Network Name: HAQQ Mainnet
- RPC URL: https://rpc.eth.haqq.network
- Symbol: ISLM
- Explorer: https://explorer.haqq.network/
HAQQ Testnet RPC
- Chain ID: 54211
- Network Name: HAQQ Testnet
- RPC URL: https://rpc.eth.testedge2.haqq.network
- Symbol: ISLM
- Explorer: https://explorer.testedge2.haqq.network/
Add RPC to KEYRING PRO
- Download KEYRING PRO on iOS, Android, APK, Huawei App Gallery, or Mac M1
- On home screen, tap ‘Menu’ icon
- Choose ‘Manage Chains’
- Tap on the ‘+’ icon
- Insert RPC parameters, please refer to the RPC section above.
- Tap ‘Add’
- On the home screen, choose an address you want to use on the newly added chain, or you can create a new account
- Choose ‘Use this address with other chains’
- Choose the newly added chain
- Tap ‘Create’
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What is HAQQ?
About HAQQ
The Haqq Network, the foundation upon which Islamic Coin is built, is a blockchain platform designed to uphold Islamic financial views and practices.
“Haqq,” meaning “Truth” in Arabic, serves as the guiding principle behind this network.
It strictly adheres to Islamic perspectives and traditions concerning finance.
Built on the Cosmos Software Development Kit (SDK), the Haqq Network boasts compatibility with other blockchains based on Cosmos SDK, such as EVMOS, Cronos, and Osmosis.
This interoperability allows for seamless integration with the broader blockchain ecosystem.
Ethereum Tooling
The HAQQ Network’s Ethereum compatibility allows developers to leverage the full suite of Ethereum tooling, including smart contract development, decentralized finance (DeFi) protocols, and decentralized applications, while operating on HAQQ’s blockchain infrastructure.
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Seamless Transition
For developers familiar with Ethereum’s programming languages, such as Solidity, and accustomed to its development environment, transitioning to HAQQ becomes a seamless process.
They can carry over their expertise, codebase, and existing projects to HAQQ without the need for significant modifications.
EVM (Ethereum Virtual Machine) Support
At the core of HAQQ’s Ethereum compatibility is support for the Ethereum Virtual Machine (EVM).
The EVM is a runtime environment that executes smart contracts on the Ethereum network.
HAQQ’s EVM support ensures that smart contracts written in Solidity and other Ethereum-compatible languages can run on the HAQQ Network without modification.
Interoperability
One of the primary benefits of Ethereum compatibility on HAQQ is interoperability.
Developers can create DApps that seamlessly interact with other Ethereum-based applications and protocols, opening up a world of possibilities for cross-chain integration and asset transfer.
Islamic Coin Utility
Smart Contract Fuel & Transaction Fees
ISLM is used to pay transaction fees, and to deploy Smart Contract within the network.
This ensures that users have a means of covering the costs associated with their transactions while also contributing to the security and maintenance of the blockchain.
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Governance
ISLM holders can participate in network governance, contributing to decision-making processes.
This democratic approach to governance allows users to have a say in the direction of the network and the implementation of changes and upgrades.
Staking
Validators and delegators can stake ISLM coins, adding security to the network and earning rewards in return.
Staking incentivizes network participants to lock up their coins, which enhances the network’s security and stability.
New ISLM coins are minted with each block, and gas fees collected from users are distributed among validators, delegators, and two DAOs (Evergreen DAO and Haqqers DAO).
Notably, 10% of newly minted coins are deposited into the Evergreen DAO, which funds Islamic internet projects and charitable initiatives, marking a significant introduction of direct economic value to the community.
Islamic Coin Tokenomics
Token Supply
- Token Name: Islamic Coin
- Token Symbol: ISLM
- Max Supply: 100,000,000,000 ISLM
- Capped Supply: Yes
- Decimal: 18
- Each block generates fresh ISLM coins and collects gas fees from users. These newly minted ISLM coins and the accumulated gas fees are distributed among validators, delegators (27.4% – 73%), and two distinct DAOs – the Evergreen DAO (10%) and the Haqqers DAO (16.9% – 62.6%).
Vesting
Century Coinomics is designed with a finite supply model, featuring an emission process spanning a century. Over this duration, the emission rate decreases every two years until a total of 1 billion ISLM coins have been minted.
Initial Detail
The initial supply, totaling 20,000,000,000 ISLM, was generated in a genesis block and distributed among various entities as of August 2023. The distribution breakdown is as follows:
- Private Sale Buyers – 2,930,000,000 ISLM
- Reserved Private Sale – 1,000,000,000 ISLM
- Founders Reward – 3,000,000,000 ISLM
- Partners and Advisors – 5,470,000,000 ISLM
- Business Reserve – 5,480,000,000 ISLM (with 1,000,000,000 ISLM reserved for future Core Team incentives)
- In circulation – 120,000,000 ISLM
- Evergreen DAO – 2,000,000,000 ISLM
(*) The initial issuance price of ISLM stands at $0.25 per token.
It’s worth noting that coins allocated for the Evergreen DAO and Haqqers DAO will remain locked until they undergo full development, rigorous testing, successful security audits, and deployment on the Mainnet.
Adoption of Cosmos SDK
The Haqq Network’s adoption of the Cosmos SDK represents a strategic choice, as it is one of the most widely used frameworks for building blockchains.
The Cosmos SDK provides the Haqq Network with several advantages as below.
Interoperability
The Cosmos SDK allows the Haqq Network to interact with other Cosmos-based blockchains and, in the future, with Ethereum.
This interoperability opens up a world of possibilities for cross-chain communication and asset transfer.
Security and Consistency
The SDK’s consensus engine, Tendermint Core, ensures that the same transactions are recorded in the same order on every machine.
This security and consistency are paramount for maintaining a robust and reliable blockchain network.
High Throughput
The Haqq Network inherits high throughput and instant finality from Tendermint Core, making it suitable for a wide range of applications beyond the finance realm, including social platforms, games, and educational projects.
The Significance of Shariah Compliance
Shariah Oracle
Shariah compliance is at the heart of the Haqq Network’s mission.
It refers to adherence to Islamic law and principles derived from the Quran and the Hadith.
Shariah compliance in finance involves adhering to ethical and moral guidelines, such as avoiding interest (riba), gambling (maysir), and excessive uncertainty (gharar).
To ensure adherence to Shariah principles within the Haqq Network, the Shariah Oracle is introduced.
This oracle acts as an on-chain registry of Halal Certificates, verifying the ethical relevance of smart contracts for Muslim users.
The Shariah Oracle plays a pivotal role in maintaining the network’s ethical protection and transparency.
Halal Certification Process
The Shariah Oracle employs a two-level approval process:
- Community Approval: ISLM stakers have the power to grant community approval to projects, allowing them to be listed in the HAQQ Wallet Marketplace. Users interacting with non-community-approved contracts receive a warning notification, ensuring they only engage with verified smart contracts.
- Shariah Board Approval: Shariah approval is granted by a Shariah Board and indicates a project’s Shariah compliance. Smart contracts with Shariah approval receive a Shariah-compliance mark. The board may also revoke its endorsement if a project exhibits non-compliant behavior.
The Shariah Oracle serves as a vital tool to minimize unethical or Haram activity within the network while providing users with a trusted environment for their financial activities.
Conclusion
Islamic Coin and the Haqq Network represent a significant step towards financial inclusivity and ethical finance for the global Islamic community.
With a focus on Shariah compliance, interoperability, and a deflationary economic model, these initiatives aim to empower individuals while maintaining adherence to Islamic principles.
As blockchain technology continues to evolve, Islamic Coin and the Haqq Network offer a promising path for the future of Islamic finance and blockchain innovation.
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