What is Islamic Coin (ISLM)?

What Is Islamic Coin?

Islamic Coin is the native token of the HAQQ Network that seamlessly integrates the principles of Islamic finance with the technology of blockchain. As a digital asset, it stands out for its adherence to Islamic financial ethics, offering a unique blend of faith-based compliance and modern financial practices. Designed to serve the global Muslim community, Islamic Coin is a symbol of financial inclusion and ethical investment. It operates on the HAQQ Network, a blockchain that aligns with Islamic values, ensuring all transactions are Shariah-compliant and free from elements like usury and gambling, which are prohibited in Islam.

In the rapidly expanding world of cryptocurrencies, Islamic Coin represents a significant step towards catering to the needs of the Muslim population, which constitutes a substantial portion of the global population. The coin aims to address the gap in the market for a financial instrument that aligns with Islamic principles while offering the benefits of digital currencies, such as security, transparency, and efficiency. Islamic Coin is a movement towards a more inclusive and ethical financial ecosystem.

Resources

Official Documents: https://islamiccoin.net/whitepaper

Official Website: https://islamiccoin.net/

How Does Islamic Coin Work?

Islamic Coin operates on the HAQQ Network, an Ethics-first network. The network utilizes the Cosmos SDK and is compatible with Ethereum, ensuring broad interoperability and flexibility. At its core, Islamic Coin is designed to be Shariah-compliant, which means it adheres to the ethical guidelines and principles of Islamic finance. This compliance is achieved through the Shariah Oracle, an innovative feature of the HAQQ Network that ensures all transactions and activities on the network meet Islamic financial standards.

The Shariah Oracle is a critical component of the HAQQ Network. It acts as an on-chain registry of Halal Certificates, validating and whitelisting Shariah-compliant smart contracts. This feature not only ensures compliance with Islamic principles but also instills trust and confidence among users who prioritize ethical financial practices. Moreover, the HAQQ Network's architecture leverages Tendermint Core for consensus, ensuring security, high throughput, and instant finality, making Islamic Coin an ideal choice for a range of applications beyond finance, like social platforms and educational projects.

Staking is another crucial aspect of Islamic Coin's functionality. Users can stake their coins, contributing to the network's security and governance. In return, they receive rewards, fostering a sense of community and participation. The staking mechanism in Islamic Coin is designed to be fair and equitable, reflecting the principles of risk-sharing that are central to Islamic finance.

What Is ISLM Token?

ISLM is the native token of the HAQQ Network. It's used for transaction fees, governance, and staking within the network. The ISLM token is unique in that it ensures Shariah compliance at every level, from its creation to its use in transactions. One of the notable features of the ISLM token is its contribution to the Evergreen DAO, a decentralized autonomous organization that funds projects benefiting the Muslim community. Every time a new Islamic Coin is minted, a portion is allocated to the Evergreen DAO, ensuring continuous investment in the community.

What Determines Islamic Coin’s Price?

The price of Islamic Coin, like any other cryptocurrency, is influenced by a multitude of factors including market demand, investor sentiment, and overall crypto market trends. As investors continue to seek out ethically aligned investments, Islamic Coin's adherence to Shariah principles makes it a unique and appealing option. Its value is also affected by developments within the HAQQ Network, such as technological advancements and strategic partnerships, which can drive adoption and increase demand. For those looking into the future of digital currencies, analyzing historical charts of Islamic Coin and keeping an eye on cryptocurrency market predictions for 2024 can provide valuable insights. As with any investment, potential investors should consider the inherent volatility of cryptocurrencies and conduct thorough research to understand whether Islamic Coin aligns with their investment strategies and risk tolerance.

For those interested in investing or trading Islamic Coin, one might wonder: Where to buy ISLM? You can purchase ISLM on leading exchanges, such as Bitget, which offers a secure and user-friendly platform for cryptocurrency enthusiasts.