Cryptocurrencies are digital assets that use cryptography to secure transactions and control the creation of new units. They are decentralized, meaning that they are not issued or controlled by any central authority, such as a government or a bank. However, not all cryptocurrencies are compatible with the principles of Islamic finance, which are based on the Quran and the teachings of Prophet Muhammad (peace be upon him).
Islamic finance is a system of ethical and equitable finance that aims to promote social justice, economic development, and environmental sustainability. It prohibits interest (riba), gambling (maysir), uncertainty (gharar), and unethical activities, such as alcohol, tobacco, and weapons. It also encourages charitable giving (zakat), risk-sharing (musharakah), and asset-backed transactions (murabahah).
Islamic Coin is a cryptocurrency that aims to onboard over 1.8 billion Muslims into digital finance without compromising their values and faith. It is the native currency of HAQQ, an ethics-first, scalable and interoperable blockchain built on Proof-of-Stake with fast finality. Islamic Coin is Shariah-compliant, meaning that it follows the rules and guidelines of Islamic finance. Some of its features are:
- Interest-free: Islamic Coin does not pay or charge any interest, as it is forbidden in Islam. Instead, it rewards users for holding and staking their coins, which is considered a form of risk-sharing and profit-sharing.
- Halal: Islamic Coin can be used to buy and sell goods and services that are permissible in Islam. It also supports halal trading, which is a form of ethical and transparent trading that avoids speculation, manipulation, and fraud.
- Charitable: Islamic Coin supports charitable giving, which is one of the five pillars of Islam. When a new Islamic Coin is issued, 10% of the issued amount is placed into a specific account, which is used to fund various social and humanitarian projects around the world.
- Sustainable: Islamic Coin promotes environmental sustainability, as it uses a low-energy and low-carbon consensus mechanism, which reduces its ecological footprint. It also supports green initiatives, such as renewable energy, clean water, and waste management.
Islamic Coin is more than just a cryptocurrency. It is a financial instrument for the digital age, that enables seamless transactions and interaction, while supporting innovation and philanthropy. It is a way for the Muslim community to embrace the future of finance, while honoring their traditions and values. Islamic Coin is the heart of ethical, principled finance that respects your values.
In this article, we will explore the history, vision, and features of Islamic Coin in more detail. We will also discuss the challenges and opportunities that Islamic Coin faces in the crypto market, and how it plans to overcome them. Finally, we will provide some guidance on how to buy, sell, and use Islamic Coin, as well as some resources for further learning.
History of Islamic Coin
The idea of Islamic Coin was conceived by a group of Muslim entrepreneurs, scholars, and developers who wanted to create a cryptocurrency that would cater to the needs and preferences of the Muslim community. They realized that most of the existing cryptocurrencies were not Shariah-compliant, as they violated some of the core principles of Islamic finance, such as:
- Interest: Most cryptocurrencies pay or charge interest, either directly or indirectly, through lending, borrowing, or staking. Interest is considered a form of exploitation and injustice in Islam, as it creates inequality and debt slavery.
- Gambling: Many cryptocurrencies are highly volatile and speculative, which makes them prone to gambling and manipulation. Gambling is considered a form of wastefulness and addiction in Islam, as it distracts people from productive and beneficial activities.
- Uncertainty: Many cryptocurrencies are based on complex and obscure algorithms and protocols, which create uncertainty and ambiguity for the users. Uncertainty is considered a form of deception and risk in Islam, as it leads to disputes and losses.
- Unethical: Many cryptocurrencies are used for unethical purposes, such as money laundering, terrorism, or illegal trade. Unethical activities are considered a form of corruption and harm in Islam, as they violate the rights and dignity of others.
The founders of Islamic Coin wanted to create a cryptocurrency that would avoid these pitfalls and adhere to the Islamic values of fairness, transparency, and social responsibility. They also wanted to create a cryptocurrency that would leverage the benefits and opportunities of the blockchain technology, such as:
- Decentralization: Blockchain is a distributed ledger that records transactions without the need for a central authority or intermediary. Decentralization is aligned with the Islamic concept of tawhid, which means the unity and sovereignty of God, and the rejection of any human authority that contradicts His will.
- Security: Blockchain uses cryptography and consensus mechanisms to ensure the validity and immutability of transactions. Security is aligned with the Islamic concept of amanah, which means the trust and responsibility that people have towards each other and God, and the protection of their rights and assets.
- Innovation: Blockchain enables the creation of new and innovative applications and services that can improve the efficiency and effectiveness of various sectors and industries. Innovation is aligned with the Islamic concept of ijtihad, which means the independent reasoning and interpretation of the Islamic sources, and the adaptation of the Islamic law to changing circumstances and contexts.
The founders of Islamic Coin decided to create their own blockchain, called HAQQ, which would be dedicated to Islamic finance and ethics. They chose the name HAQQ, which means “truth” in Arabic, to reflect their commitment to honesty and integrity. They also chose the symbol ISLM, which stands for Islamic Coin, to represent their identity and vision.
HAQQ is a blockchain that is built on Proof-of-Stake, a consensus mechanism that rewards users for staking their coins and validating transactions. Proof-of-Stake is more energy-efficient and environmentally friendly than Proof-of-Work, which is used by most cryptocurrencies, such as Bitcoin and Ethereum. Proof-of-Work requires users to solve complex mathematical problems, which consumes a lot of electricity and generates a lot of carbon emissions.
HAQQ is also a blockchain that is scalable and interoperable, meaning that it can handle a large number of transactions and interact with other blockchains and platforms. HAQQ uses a technology called sharding, which divides the network into smaller and parallel units, called shards, that can process transactions independently and simultaneously. HAQQ also uses a technology called cross-shard communication, which allows the shards to communicate and exchange information with each other and with other networks.
HAQQ is a blockchain that is ethics-first, meaning that it prioritizes the ethical and social aspects of finance over the technical and economic aspects. HAQQ follows the Shariah guidelines and principles, which are derived from the Quran and the Sunnah, the teachings and practices of Prophet Muhammad (peace be upon him). HAQQ also follows the standards and recommendations of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the leading international body that sets the rules and regulations for Islamic finance.
HAQQ is a blockchain that is community-driven, meaning that it is governed and operated by its users, who have the power and the responsibility to make decisions and take actions that affect the network. HAQQ uses a technology called governance by stake, which allows users to vote and propose changes and improvements to the network, based on their stake and reputation. HAQQ also uses a technology called governance by delegation, which allows users to delegate their voting power and representation to other users, who act as their agents or proxies.
HAQQ is a blockchain that is inclusive and diverse, meaning that it welcomes and supports users from different backgrounds, cultures, and beliefs, who share the common vision and values of Islamic finance and ethics. HAQQ aims to create a global and universal community of Muslims and non-Muslims, who can benefit from the opportunities and advantages of the blockchain technology, while respecting and honoring the Islamic traditions and principles.
Islamic Coin is the native currency of HAQQ, which is used to pay for transactions, services, and fees on the network. Islamic Coin is also used to stake and participate in the governance and operation of the network. Islamic Coin is issued and distributed according to the Shariah rules and guidelines, which ensure that it is fair, transparent, and ethical.
Islamic Coin was launched in September 2023, after a successful initial coin offering (ICO), which raised over $20 million from investors and supporters. Islamic Coin was listed on several cryptocurrency exchanges, such as KuCoin and LBank, where it can be traded with other cryptocurrencies and fiat currencies. Islamic Coin has a total supply of 1 billion coins, of which 10% are reserved for charitable purposes, 20% are reserved for the team and the advisors, 30% are reserved for the ecosystem and the partners, and 40% are distributed to the public.
Vision and Features of Islamic Coin
Islamic Coin is a cryptocurrency that aims to onboard over 1.8 billion Muslims into digital finance without compromising their values and faith. Islamic Coin has a vision to become the leading and the most trusted cryptocurrency for the Muslim community, and to provide them with a range of products and services that are Shariah-compliant and beneficial. Islamic Coin has four main features that distinguish it from other cryptocurrencies:
- Interest-free: Islamic Coin does not pay or charge any interest, as it is forbidden in Islam. Interest is considered a form of exploitation and injustice in Islam, as it creates inequality and debt slavery. Instead, Islamic Coin rewards users for holding and staking their coins, which is considered a form of risk-sharing and profit-sharing. Users can earn passive income by locking their coins in a smart contract, called a stake pool, which validates transactions and secures the network. Users can also earn rewards by delegating their.