After the increasing popularity of crypto investment assets such as Bitcoin, there is a new variant of crypto assets called Islamic Coin. Compared to Bitcoin, Islamic Coin or ISLM emphasizes compliance with Islamic Sharia principles as its main added value.

 

As such, ISLM is an attractive alternative for individuals who want to engage in crypto assets while maintaining conformity with Islamic ethical and legal values.

 

To better understand what Islamic Coin is all about, from its founders, vision and strategy, roadmap, and special features to tokenomics and wallet application, check out the full review below!

 

What is Islamic Coin and Who Founded It?

Quoting koinworks.com, as a digital asset based on Islamic law, Islamic Coin, or ISLM, is designed to provide added value to the Muslim community around the world.

 

In terms of how it differs from other assets, ISLM adopts an interest-free principle, making it halal and free from usury in every transaction.

 

ISLM’s founders, Andrey Kuznetsov, Alex Malkov, Mohammad Al Kaff Al Hashimi, and Hussein Mohammed Al Meeza, have created a solid foundation for this crypto asset.

 

The ISLM blockchain, known as the Haqq blockchain, was officially released in May 2022, followed by the approval that ISLM is fully compliant with Islamic law in June 2022.

 

ISLM’s primary mission is to empower Muslim communities around the world by providing digital financial instruments that enable seamless transactions while supporting philanthropic activities.

 

Long-term Vision and Strategy

Quoting republic.com, Islamic Coin’s potential is supported by the global influence of the Muslim world. By collaborating with the potential of the community, Islamic Coin has the potential to become one of the most influential and valuable crypto assets.

 

If 3—4% of the Muslim online community owns ISLM, then this has the potential to generate trillions of dollars for its holders and $100,000,000,000 for Evergreen DAO.

 

Islamic Coin (ISLM) is the native asset of HAQQ. This L1 blockchain promotes ethics and brings together sustainability-focused developers, validators, open-source contributors, and Muslim innovators in the field of sustainable finance.

 

With 10% of every ISLM issuance automatically dedicated to Evergreen DAO, a non-profit charitable fund, ISLM brings sustainable impact and value to the Muslim community.

 

Islamic Coin Roadmap

 

 

Quoting the republic.com page, the following is the Islamic Coin roadmap that is important to know:

 

May 5, 2022

• Haqq Mainnet launch with PoA consensus, the start of a private sale.

 

June 2, 2022

• Providing Gnosis Safe on Haqq Mainnet.

 

June 6, 2022

• Launch of Haqq TestEdge with PoA consensus.

 

July 11, 2022

• Haqq TestEdge transitions to PoS consensus.
• Islamic Coin breaks records and secures $200,000,000 in Bear Market by Investing.com.

 

August 2022

• More than 150 independent validators joined Haqq TestEdge.

 

September 2022

• 750 validators join Haqq TestEdge.

 

December 2022

• Achievement of 1,000,000 community members.
• Launch of Haqq Mobile Wallet with Ledger support on Google Play.
• Launch of IBC – inter-blockchain communication, connecting Haqq with other networks that support IBC.
• Gravity Bridge integration with Haqq network.

 

Q1 2023

• Connecting ISLM to Ethereum.

 

Q2 2023

• The private sale has been completed.
• Major investments, including $200,000,000 from ABO Digital.
• Network transition from PoA to PoS.
• Private key management without mnemonics in HAQQ wallet (trial).
• Web3 browser in HAQQ wallet.

 

Q3 2023

• Private key management without mnemonics in HAQQ wallet (security audit and public release).
• ERC20 tokens in HAQQ wallet.
• Islamic Coin was launched on a major crypto exchange.

 

Q4 2023

• Start of ISLM (Century Coinomics) minting.
• Decentralized identity.
• Launch of Shariah Oracle on Testnet.
• NFT support in HAQQ wallet.
• Shariah mobile application market in HAQQ wallet.
• Keystone hard wallet support in HAQQ wallet.

 

Q1 2024

• Implementation of Evergreen DAO.
• Launch of Shariah Oracle on Mainnet and integration with HAQQ wallet.

 

Islamic Coin Uses the Haqq Network

Quoting the koinworks.com page, this halal asset is built on the Haqq blockchain and included in the PoS (proof of stake) blockchain category. It is compatible with developer instruments such as Cosmos and Ethereum, meeting modern industry standards.

 

Haqq’s ability to be compatible with Ethereum allows developers to create code-based applications without needing to rewrite existing smart contracts on Ethereum.

 

Haqq acts as a blockchain network that issues these crypto investment assets. The important meaning of Haqq is truth, which strictly follows the Islamic view of finance.

 

Haqq’s main function involves monitoring the development of the Haqq blockchain and ensuring that such development is carried out by Islamic law.

 

In addition to the Evergreen DAO, which funds Haqq’s activities, there is also the Haqq association, a non-profit organization based in Switzerland that brings together leading stakeholders in the Islamic world to promote technology driven by the global community.

 

Special Features of Islamic Coin

Quoting the koinworks.com page, below are the special features of Islamic Coin that are important to know, including:

 

1. 10% distribution mechanism to Evergreen DAO for charity activities

Each newly produced Islamic coin will be dedicated 10% of its total amount to Evergreen DAO. Evergreen DAO is a virtual non-profit foundation that acts as a crypto donation for further investment in the Muslim community or distributed to Islamic charities.

 

2. Determination of coin prices by the market to maintain fairness

The price will be determined by market mechanisms so that it remains fair.

 

3. Supply limitation to 100 billion tokens

Availability of this Islamic coin is limited to a maximum number of 100,000,000,000 tokens.

 

4. 5% coin emission reduction every two years

Islamic coin emissions will decrease by 5% every two years and stop completely after 100 years from the first era block.

 

Tokenomics and Utility Value

 

 

Quoting the republic.com page, here are the tokenomics and utility values of ISLM that you need to know, namely:

 

Token Allocation

The initial supply of ISLM is 20,000,000,000. These have been minted in genesis blocks and will be distributed on network launch day.
ISLM supply is limited to 100,000,000,000 coins.

 

Utility Value

• Remittances — between individuals among the global migrant worker population.
  Storage of wealth.
• Zakat — is an obligatory principle and the Third Pillar of Islam. Islamic Coin offers a technology-powered alternative for charitable organizations to remain fully compliant with Sharia, with the confidence that their funds are being used for a higher purpose through blockchain technology.
• Donations of $2,000,000,000,000 annually in the United Arab Emirates.
• Charitable donations fund 10% of ISLM’s economy through the Evergreen DAO.
• The 3,600,000 mosques worldwide need new tools to digitize their charity fundraising and community engagement activities.

 

Wallet Application and Activity Monitoring

Quoting the koinworks.com page, buying and selling activities and account information can be monitored via the wallet application, which is available for download on the Play Store and App Store.

 

This application allows users to manage and track their Islamic coins (ISLM) transactions and balances.

 

The benefits of using applications in the ISLM ecosystem include ease of access and better control over crypto assets.

 

Users can quickly monitor and manage their portfolios, follow price changes, and carry out transactions more efficiently.

 

Not only that, the wallet application also provides additional security features, such as two-factor authentication, to protect the security of users’ crypto assets.

 

Conclusion

In conclusion, Islamic Coin (ISLM) presents an important innovation in the crypto world by combining unique features, a strong vision, and great potential.

 

With an initial supply of 20,000,000,000 and a total supply limitation of up to 100,000,000,000 coins, ISLM offers the desired stability in the crypto ecosystem.

 

ISLM’s vision focuses on creating value for the Muslim community globally. Leveraging Haqq blockchain technology, ISLM delivers an ecosystem that enables peer-to-peer remittances, stores wealth, and supports the principles of zakat.

 

With the Evergreen DAO initiative, ISLM provides a charitable contribution of 10%, thereby ensuring that its use is in line with Islamic law principles.

 

The potential of this coin lies in the influence of the Muslim world globally and the adoption of digital technology. By empowering more than 3,600,000 mosques around the world to digitize charitable activities and engage communities, ISLM has a great opportunity to become one of the most valuable crypto assets.

 

So, that’s interesting information about Islamic Coin or ISLM, which prioritizes compliance with Islamic Sharia principles as its main added value. You can also read other interesting articles about Sidra Bank, a DEFI sharia banking, where you can read the full article in the collection of articles on INDODAX Academy.

 

Invest in Crypto Assets on INDODAX

So, now you understand what Islamic Coin is, from its founder, vision and strategy, roadmap, and special features to tokenomics and wallet application.

 

Next, to invest in crypto assets, you should check the crypto market first on the INDODAX Market.

 

Later, after checking the price, you will also purchase crypto assets on a trusted Crypto Exchange, such as INDODAX.

 

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As a disclaimer, it is also important to remember that all decisions regarding crypto asset investment must be based on careful research and a deep understanding of the risks.

 

This is because the value of crypto assets can fluctuate due to high volatility, so it is important to remain careful when making investment decisions.

 

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