Presenting Islamic Coin ($ISLM): A Shariah-compliant Digital Asset
Any kind of money that exists digitally or virtually and uses cryptography to safeguard transactions is known as cryptocurrency, also referred to as crypto-currency or crypto. Cryptocurrencies use a decentralized mechanism to track transactions and create new units rather than a central body to issue or regulate them.
Cryptocurrency received its name because it uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. Encryption aims to provide security and safety.
A distributed public ledger known as the blockchain, which is updated and maintained by currency holders, is the foundation of cryptocurrencies.
Through a process known as mining, which employs computer power to solve challenging mathematical problems, units of cryptocurrency (tokens like bitcoin, and Ethereum) are created. Additionally, users have the option of purchasing the currencies from brokers, then storing and spending them in digital wallets.
Away from this introduction given on the subject of cryptocurrency, I’ll love to introduce a digital asset supporting innovation and philanthropy. It is the governance and utility token of HAQQ- The Islamic Coin ($ISLM).
This article will take a critical look into the Islamic coin and why it’s a stand-out project.
THE $ISLM DISTRIBUTION
An initial offer of 20 billion tokens will be minted in a genesis block and will be distributed on the day of the network launch with the structures below;
1) 2 billion — Evergreen Foundation
2) 5.5 billion — partner: board, initial sponsor, promoter, and market maker.
3) 4 billion — initial private sale.
4) 5.5 billion — Business Reserve and ecosystem development fund.
5) 3 billion — remuneration for founders.
VESTING
Founders’ Reward
In the network launch, the Founders Reward allocation minus 0.01 ISLM will be deposited on a Vesting Smart Contract. After launch, the 0.01 ISLM deducted from the Founders Reward will be used to cover transaction distribution costs.
Vesting Smart Contract transfers 1/24th of the deposit instantly upon deposit formation, with the remainder available for claim in 1/24th increments every 30 days.
Private Sale and Partners Allocations
The Initial Private Sale and Partners allocations won’t be locked on network launch because they have to be distributed between the Private Sale buyers and Partners during the first few weeks after the network launch. However, each buyer and Partner will still have their coins vested based on the vesting schedule that applies to the Founders.
I conclude with the fact that when looking closer at tokenomics, it becomes clear that both supply and demand play a crucial role in creating a sustainable token economy.
A good tokenomics design such as that of Islamic token supply is important to create an environment in which allocation and emission are managed in a sustainable way fostering long-term growth rather than short-term gains.
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