Islamic coin Overview
Islamic Coin is a digital currency that complies with Shariah with intended to benefit the global Muslim community It is based on Haqq network, official Islamic blockchain. Haqq, which means “Truth,” that adheres to Islamic financial belief and customs Gold and silver are cited in the Quran as instances of worldly pleasures (3:14). Ibn Khaldun’s Muqaddimah states that gold and silver in particular should be used as currency and also means of exchanges,
Many digital assets are similar to the features of gold because they are deflationary and require some labor to manufacture.
Islamic Coins can’t be arbitrary “printed” and lose value in this way In addition arbitrary deflation cannot be brought about by an increase in the interest rate set by the Central Bank.
Cryptocurrency
Cryptocurrency ecosystem is fast evolving it’s One of the fastest-growing economic segments in the world. The best performing asset in human history is bitcoin the first ever Crypto currency to exist built using blockchain technology model, beating everything we previously understood.
Today, the cryptocurrency market is worth over $2 trillion us dollars, and turnovers are enormous However, compared to the billions of active Muslim Internet users, the global Bitcoin user base is still quite small, possibly as low as 25 million people.
Blockchain technology
Many tech expert compare blockchain technology , the technology that powers cryptocurrencies, to the Internet itself in terms of significance and potential long-term transformational effects on humanity race Blockchain features are so unique to compare local banking system technology, It enables: Trustless, secure communication between parties, open source , blockchain technology is freedom blockchain is peer to peer nature Cut-off intermediaries or third party in any procedure or transaction Parties to securely, interact in a trustless way Exclude unnecessary intermediaries from any transaction or process Both are achieved due to the ability of blockchain to be a single source of truth for any interacting parties — robust, immutable and uneditable.
Modern blockchains utilize Proof of Stake consensus, allowing for high transaction throughput without overheads such as large energy consumption.
Synthesis
Islamic Coin is designed to deliver a powerful impact for one of the largest communities in the world It is the first digital currency to provide economic and social benefits, support innovation and ensure sustainable, long term growth via a dedicated Evergreen DAO,
Fiduciary credit money is a universal unconditional financial obligation that serves the commodity turnover of assets in the economy. The main task of Central Banks, as state regulatory bodies, is to maintain the stability of interest rates and the exchange rate in the money market by regulating the commercial banks’ lending to non-financial enterprises in order to initiate them to maximize the mass of profits.
The process of repayment of the principal amount of debt and interest is consistently carried out according to the hierarchy of the two-level banking system. Firstly, non-financial sector firms and people repay their unconditional loan obligations to commercial banks. Secondly, commercial banks return loans as their unconditional loan obligations to the Central Bank. In case of uninterrupted return of loan money from borrowers to creditors, the effective activity of market entities takes place.
Such a system allows governments to pursue a flexible monetary policy, managing the supply of money through the cost of their borrowing (the key rate). At the same time, the current system does not fully comply with the principles and norms of Islamic finance, since both paying and accruing interest for using money is prohibited in Islam.Although the Islamic financial system was first developed some 1400 years ago,
its modern history began in the 1970s with the establishment of Islamic banks in Saudi Arabia and the United Arab Emirates. It is crucial to remember that up until 1971, every state-issued fiat currency that served as legal tender was backed by either gold or silver. Since 1971, states are no longer restricted to create new money in accordance with the gold standard or any other general law, other from their own internal consideration, supporting the potential for wealth capture and redistribution. Such activities, according to many fuqaha, are not compliant with fiqh.
Islamic Coin (ISLM) is the utility currency of Haqq Network. It is used for payments, governance, paying transaction fees and staking on haqq blockchain
Staking is the process of locking ISLM coins by bonding them to validators. Validators maintain the Haqq Network. By bonding coins, ISLM holders delegate voting power to validators and become delegators, which gives them the right to earn rewards and participate in governance (see Tendermint BFT).
Upon Haqq mainnet launch, the minting of new coins is temporarily disabled and Haqq mainnet is operated by a restricted validators set controlled by the Core Team (Proof of Authority consensus).
The reason behind that is to execute proper testing of Century Coinomics and let the Haqq community learn how to stake and run their own validators on the Haqq network. For that purpose, Haqq public testnet will be launched with Proof of Stake and minting enabled. When the Haqq community finishes evaluating Haqq on testnet and The Haqq Team ensures its stability, minting will be enabled on mainnet as well as Proof of Stake — the validator set won’t be restricted by the ones controlled by the Core Team. This will allow validators and stakers to participate in the Haqq consensus and earn staking rewards.
After minting is enabled and until 100 billion coins are minted, every block produces new ISLM coins and gas fees collected from users. New ISLM coins and gas fees are distributed between validators, delegators and Evergreen DAO:
10% goes to Evergreen DAO,
1% to 5% goes to a block proposer and its delegators.
The remainder is distributed proportionally to all bonded validators and their delegators.
Delegators of bonded validators are rewarded in proportion to the amount of their delegation, relative to the total amount delegated to the validator, including validator self-delegation. Rewards are distributed to the delegators minus the validator’s own commission.
ISLM Coin Tokenization
ISLM supply is limited to 100 billion coins. Every Era, which is 2 years, ISLM’s emission rate is reduced by 5%. Emission will stop in 100 years from the first block of the first Era.
During the first Era, 4.33% of coins will be minted, followed by 4.12%, with the 9th Era seeing 2.87%. More than 50% of the total supply will be minted from mainnet launch by the end of the 9th Era, including initial supply. 100% (100 billion ISLM) will be minted at the end of the 50th Era, no more ISLM will be minted after that.
Initial supply: 20 billion. It will be minted in a genesis block and will be distributed on the day of network launch with the following structure:
2 billion — Evergreen Foundation — according to Century Coinomics.
5.5 billion — Partners: boards, initial supporters, promoters and market makers.
4 billion — Initial Private Sale. These coins will be sold to qualified private investors.
5.5 billion — Business reserve and ecosystem development fund. These coins will be used for public distributions, operational costs, business development, grants and other ecosystem-focused activities.
3 billion — Founders Reward.
Coins dedicated for the Evergreen DAO will be locked until it is fully developed, tested and deployed on mainnet.
Join the Islamic Coin Communities👇
Twitter: twitter.com/Islamic_Coin?t…
Telegram: t.me/islamiccoin_int
Website: islamiccoin.net
#Crypto #web3 #DeFi
