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Islamic Coin

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Discover Islamic Coin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Islamic Coin?

Islamic Coin (ISLM) is a Shariah-compliant digital currency and the native token of the HAQQ blockchain. It aims to empower the global Muslim community with a financial instrument that supports seamless transactions, innovation, and philanthropy while adhering to Islamic principles. The token has a limited supply of 100 billion and is designed for various use cases, including remittances, storing wealth, and facilitating charitable giving through the Evergreen DAO.

How is Islamic Coin used?

Islamic Coin (ISLM) is the native currency of the HAQQ Network, a layer-one blockchain built on the Cosmos Software Development Kit (SDK). It serves several purposes within the network:

  1. Transaction Fees: ISLM is used to pay for transaction fees on the HAQQ Network, ensuring the smooth operation of the blockchain.

  2. Governance: ISLM holders participate in governance by staking their coins, which gives them voting power to influence the direction of the network.

  3. Staking: Users can stake their ISLM coins by bonding them to validators, who maintain the HAQQ Network. This process allows ISLM holders to earn rewards and participate in governance.

  1. Store of Value: ISLM can be used as a store of value, allowing users to hold and manage their assets securely.

  2. Remittances: ISLM facilitates peer-to-peer remittances, particularly among the global migrant labor population.

  3. Zakat and Charitable Giving: ISLM offers a tech-powered alternative for charity organizations to manage zakat, an obligatory principle in Islam, ensuring that funds are used for higher purposes. A portion of ISLM's economics is dedicated to charitable giving through the Evergreen DAO.

These uses make Islamic Coin a versatile and Shariah-compliant cryptocurrency, empowering the global Muslim community with a robust financial instrument for the digital age.

How do I store Islamic Coin?

To store Islamic Coin (ISLM) tokens, you can use the HAQQ Wallet mobile application. This wallet is specifically designed for managing ISLM tokens and ensures that you have complete control over your assets. The HAQQ Wallet offers a non-custodial blockchain wallet, meaning that only you have access to your assets and private keys, ensuring absolute security.

How to buy Islamic Coin?

To buy Islamic Coin (ISLM) tokens, you can follow these steps:

  1. Choose a Cryptocurrency Exchange: Select a reliable exchange that supports ISLM, such as KuCoin, MEXC, LBank, or XT.com. Ensure the exchange is available in your region and offers the desired trading features.

  2. Create an Account: Register for a free account on the chosen exchange. You may need to provide personal information and complete Know Your Customer (KYC) verification to increase withdrawal limits and access additional features.

  3. Set Your Investment Budget: Determine how much you want to invest in ISLM tokens.

  1. Research Your Investment: Learn about ISLM's market performance, current price, and any potential risks involved.

  2. Place a Buy Order: Decide whether to use a Market Order or a Limit Order. Market Orders execute the trade at the best available price, while Limit Orders specify a maximum price you are willing to pay.

  3. Fund Your Account: Deposit the required amount of fiat currency or cryptocurrency to your exchange account.

  1. Execute the Trade: Place your buy order, and the exchange will execute the trade according to your specifications.

  2. Store Your ISLM Tokens: Transfer your purchased ISLM tokens to a secure wallet to store them safely.

Additionally, you can also use decentralized exchanges (DEXs) like Uniswap or Sushi to swap other cryptocurrencies for ISLM tokens.

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History of Islamic Coin

Islamic Coin (ISLM) is the native currency of the Haqq Network, a layer one blockchain built on the Cosmos SDK. The project aims to provide a Shariah-compliant digital currency that empowers the global Muslim community with a financial instrument for the digital age, enabling seamless transactions and interactions while supporting innovation and philanthropy.

Key Milestones
  • Initial Supply and Distribution: The initial supply of ISLM is 20 billion, minted in a genesis block and distributed on the day of the network launch. The total supply is capped at 100 billion coins.
  • Fatwa Approval: In November 2022, Islamic Coin received a fatwa, or a legal opinion, from leading Muslim authorities, declaring it Shariah-compliant. This approval was based on the project's use of proof-of-stake mining and commitment to charity.
  • Awards and Recognition: Islamic Coin won the Most Promising ESG Crypto at the Middle East Blockchain Awards in November 2022, highlighting its focus on sustainability and environmental, social, and governance (ESG) principles.
  • Community Engagement: The project has a strong advisory board comprising prominent members of the Dubai Ruling Family and other influential figures in the region, ensuring the project's alignment with Islamic values and principles.
  • Tokenomics and Staking: ISLM is used for paying transaction fees, governance, and staking. The staking economy allows holders to bond their coins to validators, earning rewards and participating in governance.
Current Status and Future Prospects
  • Market Performance: As of June 2024, Islamic Coin has a market capitalization of $7.34 million and a 24-hour trading volume of $1.2 million.
  • Roadmap and Growth Potential: The project aims to onboard over 1.8 billion Muslims into digital finance without compromising their values and faith. If 3-4% of the Muslim online community holds ISLM, it has the potential to generate a trillion dollars for its holders and $100 billion for the Evergreen DAO, a non-profit virtual foundation dedicated to charitable giving.

Islamic Coin's history reflects its commitment to creating a Shariah-compliant digital currency that supports the global Muslim community while promoting innovation and philanthropy.

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How Islamic Coin works

Islamic Coin (ISLM) is a digital currency designed to cater specifically to the needs of the global Muslim community. It operates within the framework of Islamic finance, where interest-based transactions are strictly prohibited. The foundation of Islamic Coin lies in its deflationary nature, reminiscent of the intrinsic value found in precious metals like gold and silver, as highlighted in the Quran.

Key Features
  • Shariah Oracle: Ensures every transaction adheres to Islamic law, eliminating the need for interest and establishing a genuinely ethical financial instrument.
  • Evergreen DAO: Channels funds into Islamic social causes, allowing for governance that invests in ethical, community-focused initiatives.
  • Proof-of-Stake (PoS) Consensus Algorithm: Validators and stakers can only mint new coins at a predetermined rate, ensuring a fair and transparent issuance process.
  • HAQQ Blockchain: Developed on the Cosmos SDK, HAQQ boasts Ethereum compatibility, instant finality, and a proof-of-stake mechanism, making it a versatile platform for various projects.
  • Staking: Users can delegate their ISLM tokens to a validator of their choice on the HAQQ, earning staking rewards in return.
  • Integration with REStake.app: Simplifies the staking process and automates the compounding of staking rewards.
  • Partnership with Brighty: Enables Islamic Coin accounts and staking mechanisms, promising services like linked cards for easier transactions.
Tokenomics
  • Initial Supply: 20 billion coins, with a total supply limited to 100 billion coins.
  • Distribution: Allocation includes business reserves, partners, private sale buyers, founders' compensation, and the Evergreen Foundation.
  • Use Cases: Used for paying transaction fees, governance, and staking within platforms that support the ISLM network.
Trading and Governance
  • Trading: Available on platforms like Bitget, allowing users to buy and sell ISLM.
  • Governance: Users can participate in governance decisions through staking and delegating their tokens to validators.

Islamic Coin represents a pioneering effort to integrate Islamic finance with cutting-edge blockchain technology, offering a unique blend of innovation, ethics, and sustainability.

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Islamic Coin's strengths

The Islamic Coin (ISLM) token has several strengths that set it apart from other cryptocurrencies and make it an attractive option for investors and users:

  1. Shariah Compliance: Islamic Coin adheres to Islamic financial principles, ensuring that all transactions are ethical and interest-free. This compliance is ensured through the Shariah Oracle, which is an on-chain registry of Halal Certificates.

  2. Deflationary Nature: Unlike many other cryptocurrencies, Islamic Coin is designed to be deflationary, similar to precious metals like gold and silver. This means that new coins can only be minted at a predetermined rate, preventing arbitrary printing and devaluation.

  3. Governance and Staking: ISLM tokens are used for governance, staking, and paying transaction fees. Staking allows users to participate in the network's security and earn rewards, while governance enables users to vote on proposals to change network parameters.

  1. Integration with HAQQ Blockchain: Islamic Coin is the native token of the HAQQ blockchain, which is built on the Cosmos SDK. This integration ensures Ethereum compatibility, instant finality, and a proof-of-stake mechanism, making it a versatile platform for various applications.

  2. Community Focus: The Evergreen DAO is a key component of the Islamic Coin ecosystem, channeling funds into Islamic social causes and ensuring that the network invests in ethical, community-focused initiatives.

  3. Potential for Growth: With a large addressable community of over 1.1 billion Muslims active online, Islamic Coin has significant potential for growth and adoption. If 3-4% of the Muslim online community holds ISLM, it could generate a trillion dollars for its holders and $100 billion for the Evergreen DAO.

  1. Partnerships and Support: Islamic Coin has received pre-approval from the Indonesian Fatwa and has partnerships with fintech platforms like Brighty, which will offer Islamic Coin accounts and staking mechanisms. This support from reputable organizations adds credibility to the project.

These strengths collectively contribute to Islamic Coin's unique value proposition, making it an attractive option for those seeking a Shariah-compliant, community-driven, and sustainable cryptocurrency.

Islamic Coin's risks

Islamic Coin (ISLM) carries several financial risks. These include:

  • Volatility: The value of ISLM can be extremely volatile, and investors may lose their entire investment. This volatility is inherent to the cryptocurrency market and can be influenced by various factors such as market trends, technological developments, and regulatory changes.
  • Regulatory Risks: The regulatory status of ISLM is subject to change and may vary by jurisdiction. Users are responsible for understanding and complying with all applicable tax and legal obligations in their respective jurisdictions.
  • Security Risks: Blockchain and cryptocurrency technologies are subject to risks including hacking, software vulnerabilities, and operational disruptions. While Islamic Coin endeavors to maintain robust security protocols, users assume the risk of loss due to technological failures.
  • No Guarantee of Returns: There is no guarantee of profits or returns from the purchase or holding of ISLM. The performance of Islamic Coin depends on various factors, and investors must be prepared to assume the financial risks involved.
  • Centralized Control: The proof of stake mechanism used by the HAQQ blockchain, where Islamic Coin is the native token, can lead to increased control by participants with more coins, potentially affecting the decentralized nature of the project.

These risks highlight the importance of thorough research and due diligence before investing in Islamic Coin or any other cryptocurrency.

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Islamic Coin's ecosystem

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Islamic Coin’s team

  • Mohammed AlKaff AlHashmi: Co-founder of Islamic Coin, with a strong background in Islamic finance and a mission to empower the world's Muslim community with a financial instrument for the digital age.
  • Hussein Al Meeza: Co-founder and Executive Board member, an award-winning banker with over 45 years of experience in Islamic banking, finance, and insurance sectors, instrumental in establishing Dubai Islamic Bank.
  • Greg Gigliotti: Executive Board member, CEO, Chief Investment Officer, and Founding Partner of Xtellus Advisors, bringing extensive experience from Goldman Sachs and other global institutions.
  • Amine Nedjai: CEO of ABO Digital, partner in the $200 million private equity investment in Islamic Coin, supporting the development of Shariah-compliant financial products.
  • Sasha Kamalkov: Co-founder and Chief Legal Officer, involved in the launch and development of Islamic Coin on top-tier exchanges.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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