The first Shari’ah compliant digital asset listed on an exchange
OneGram is a very unique digital project based on blockchain technology. It started to write its history in May 2017 when the ICO was officially launched in Dubai and last week it was listed on the brand-new exchange Huulk which has been developed by the same team of well-experienced developers. The aim of this project is to offer Shari’ah compliant digital assets for the whole Muslim community. As such, it innovates the Islamic finance encasing old Islamic rules into the latest blockchain technology.
OneGram was designed from the very beginning as a non-BTC reliant currency and it has been following this policy very consistently ever since. The business model as well as the inner architecture of this cryptocurrency brings innovations not only for the broad Muslim community, but also to any investor who is interested in this unique digital payment architecture. Among its several “the firsts”, I would like to stress out that it is the first Shari’ah compliant model backed by a tangible asset — gold in such way that each coin is backed by at least one gram of gold. Gold has been one of the oldest and most stable commodities or assets ever. As such it enables OneGram to develop its business platform as a currency for the Muslim world counting 1,8 billion people. However, OneGram in its short history has attracted the interest of non-Muslim population as well. Most of OneGram investors come from developed countries like the United Kingdom, Germany, Sweden, Malta etc. even though the biggest investors do come from Muslim countries.
OneGram is also the first of its kind digital currency which has been running on its own blockchain technology (since June 15th, 2018). And on September 17th it became a full-fledged asset listed on a digital exchange (Huulk). Since Islamic finance strictly prohibits any speculations, the business model of OneGram is based on its real-world utility — it is the first coin which offers opportunity from the non-digital world — investors of OneGram can purchase real estates offered by the Middle Eastern group MAG.
Another first is OneGram’s extraordinary model of a permanently growing backed basis — each transaction on the OneGram blockchain generates a 1% fee. This fee is from its 70%-portion dedicated to purchase the gold backup reserve elevating the given volume of one gram of gold. Hence the floor price of OneGram is set to be permanently growing giving it a notionally stronger position on the exchange market.
The design of OneGram considers the ecological dimension of the cryptocurrency industry. OneGram engineers and developers proposed to avoid any proof-of-work protocol implementation due to the social responsibility of the OneGram community, so a new generation of blockchain protocol — called delegated proof-of-stake, which saves several times more energy compared to the prevailing proof-of-work protocols — has been chosen. Moreover, it offers its users much faster transactions carried out and validated within seconds.
Last but not least, the OneGram team shows compassion to those in need and reaches out a helping hand through the OneGram Foundation funded by 2.5% of the aforementioned transaction fee. The Foundation is active in Pakistan and several African countries and focuses on nutrition and food-supplement programs. The founder of OneGram, H.E. Ibrahim Mohammed, has been recently appointed as a Goodwill Ambassador of IIMSAM (UN department) in the field of social and humanitarian affairs.
All these features predestine OneGram to be a story of success following the best Islamic practices worth of investing for the broadest community of crypto enthusiasts and businessmen from all over the world.
Richard Cedzo, Head of Communication, 01CryptoHouse
