Founders of the Ethereum-compliant Haqq blockchain will launch a new Sharia-compliant cryptocurrency called Islamic Coin (ISLM) next month.
The new cryptocurrency and blockchain will target the Muslim population after religious leaders approved the project in June 2022.
Haqq Can Host Any Sharia-Compliant Ethereum DApp
The Haqq blockchain advisory board will only allow Sharia-compliant applications. These exclude gambling, speculation, short-selling, and debts and receivables sales.
The coin received Fatwa, or a religious green light, in June 2022. Authorities liked the Haqq blockchain’s proof-of-stake consensus method, decentralized nature, and commitment to charity. The coin is reportedly the first digital asset that follows the Quran’s rules. Islamic Coin garnered 50% of private sales from non-Muslims.
Haqq’s software will limit ISLM’s supply to 100 billion tokens and reduce the token’s emission rate by 5% every two years.
Non-profit foundation Evergreen DAO will receive 10% of each mined Islamic Coin to fund community projects. A Sharia board will decide which projects Evergreen will invest in.
Between 1% and 5% of tokens will go to a block proposer and delegators. The blockchain code will send the rest to validators and delegators based on the number of staked coins.
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Author: David Thomas
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