The Islamic Coin
The blockchain Technology
Many experts compare blockchain, the technology that powers cryptocurrencies, to the Internet itself in terms of significance and potential long-term transformational effects on humanity. Blockchain mostly accomplishes two tasks. It enables: Trustless, secure interaction between parties; exclusion of unneeded middlemen from any transaction or process.
Both are made possible by the blockchain’s capacity to serve as a reliable, unchangeable, and uneditable single source of truth for all parties involved in an interaction.
Modern blockchains use Proof of Stake consensus, which allows for high transaction throughput without additional costs like significant energy use.
The Islamic community
With about 2 billion followers — a quarter of the world’s population — Islam is the world’s second-largest religion. In 47 nations, Muslims constitute the majority of the population. Islam is without a doubt the world’s fastest growing religion and community. According to Islam, God is benevolent, all-powerful, and one-of-a-kind. Shariah law, often known as Islamic law, is a religious law that is part of the Islamic tradition.
It governs and directs many elements of Muslim life around the world, including financial transactions.
The ban of collecting or charging interest is one of the main principles of Islamic financial law, which is currently not implemented by a substantial portion of the financial institutions that comprise the modern financial system.
The Islamic Currency
A digital asset that is Halal and intended to add value for the Muslim community is the Islamic currency. The Islamic coin was created with Islamic financing in mind. Islamic Coin is made to have a significant, long-lasting effect on one of the biggest populations in the world. It is the first digital currency with specialised Evergreen DAOs that promote sustainable, long-term growth, stimulate innovation, and offer economic and social advantages. It is the native coin of the Haqg Blockchain, which is committed to enabling a financial Ecosystem that complies with Shariah first and foremost in terms of ethics.
Haqq Network’s official currency is Islamic Coin. Payments, governance, transaction fees, and staking are all done with it.
Learn how to set up and protect your node, connect to the testnet and develop, or use your imagination and try something new.
The Mission Declaration
Our goal is to provide the Muslim community around the world with a financial tool for the digital age that facilitates smooth transactions and interaction while encouraging innovation and giving.
SPECIFICATIONS OF MUSLIM COIN
Islamic currency cannot be issued at will or depreciated. Additionally, it cannot be unilaterally deflated by an increase in interest rates because the market sets its price, which is always fair.
Banks, whose primary purpose is to make money by charging interest, do not run Islamic Coin. Interest charging is what causes riba and is therefore prohibited by Islam (REJECTED).
- Islamic Coin is automatically created at a predetermined publicised rate and awarded to validators and delegators who actively support the functionality and security of the Hagg network.
10% of each new Islamic Coin is deposited into a unique Evergreen DAO for further investment in projects pertaining to Islam or for donation to Muslim charitable organisations. This is the first time a currency has been introduced that directly benefits the Muslim community economically.
The Islamic coin’s purpose and qualities are briefly described in the article above.
Follow the channels listed below for further details, and keep checking back for updates on The Islamic Coin.
