January 29th, 2024 at 11:53 am UTC · 5 min read
Singapore /XT.COM/ – XT.COM, the world’s first socially infused trading platform, is thrilled to announce the listing of Islamic Coin (ISLM) on its platform in the Main Zone (Web 3.0) and the ISLM/USDT trading pair started trading from 2024-01-23 11:00 (UTC).
ISLM is the native currency of the Haqq Network with a total supply of 20 billion coins. Rooted in a commitment to delivering lasting economic and social benefits, ISLM introduces a revolutionary approach to digital currency, adhering to the principles and norms of Islamic finance. Unlike conventional fiat systems, Islamic Coin operates on the Haqq blockchain, incorporating a deflationary model that mirrors the properties of precious metals like gold and silver.
In the conventional financial landscape, fiduciary credit money, driven by interest-based transactions, forms the backbone of economic activities. However, Islamic Coin challenges this paradigm by prohibiting the payment or accrual of interest within its system. Built on the Haqq blockchain, meaning “Truth” in Arabic, ISLM strictly adheres to Islamic views and traditions on finance. The blockchain’s deflationary nature ensures that ISLM cannot be arbitrarily devalued, promoting a fair and market-driven price.
The Islamic Coin introduces the groundbreaking concept of the Evergreen DAO, a non-profit virtual foundation focused on long-term sustainability and community impact. By allocating 10% of newly minted ISLM coins to the Evergreen DAO, the project contributes directly to the community’s economic growth. This initiative marks a pivotal step towards empowering the global Muslim community with a robust and future-proof financial instrument.
ISLM serves as the native currency of the Haqq Network, facilitating transaction fees, governance, and staking activities. As a layer-one blockchain based on Cosmos SDK, the Haqq Network ensures interoperability with other IBC-enabled blockchains, offering a seamless experience for users. The staking process involves locking ISLM coins by bonding them to validators, empowering holders to earn rewards and participate in governance decisions.
Albin Warin, CEO of XT.COM, expressed his enthusiasm for the coin listing of ISLM on the exchange, recognizing the profound impact of integrating blockchain technology with Islamic principles. In a statement, Warin emphasized:
“At XT.com, we are dedicated to fostering innovation that aligns with diverse cultural and ethical values. The listing of ISLM is a testament to our commitment to providing a platform that supports projects adhering to Islamic finance principles. We are excited about the potential of Islamic Coin to contribute to the growth of the global Muslim community in a way that is both technologically advanced and ethically sound.”
The Islamic Coin project, aptly named “Islamic Coin”, goes beyond introducing a digital currency; it is a purposeful community crypto asset designed to create enduring value for the world’s Muslim community. At its core, Islamic Coin operates on the Haqq blockchain, embodying the principles of truth and adherence to Islamic finance. The project’s roots trace back to the early days of the formation of Islamic banks in the 1970s, with a modern approach to digital currency aligning with Islamic views.
Islamic Coin addresses the limitations of conventional financial systems by providing a Shariah-compliant alternative that upholds principles of fairness, transparency, and social responsibility. In a departure from traditional fiat money, which is often subject to interest-based transactions, Islamic Coin operates as a deflationary digital currency. Its scarcity and the necessity for contributors to invest work and resources for minting make it comparable to the properties of precious metals like gold and silver.
One of the project’s innovative features is the Shariah Oracle, an on-chain registry of Halal Certificates that ensures smart contracts interacting with the Haqq Wallet are Shariah-compliant. This ethical protection mechanism, coupled with community oversight and Shariah Board approval, adds an extra layer of transparency and security to the Islamic Coin ecosystem.
The Evergreen DAO, a cornerstone of the Islamic Coin project, is introduced with a clear purpose – to fund projects that benefit the global Muslim community, support ecosystem maintainers, fund bug bounties, and engage in marketing activities. Governed by the HAQQ Community and HAQQ Shariah Board, the Evergreen DAO is a vehicle for sustainable growth and community-driven initiatives.
Founded in 2018, XT.COM serves more than 7.8 million registered users, more than 1 million monthly active users, 40+ million users in the ecosystem, and more than 800 tokens with 1000+ trading pairs. Since then, XT.COM crypto exchange has expanded its offerings by covering a rich variety of trading categories to provide a secure, trusted, and intuitive trading experience for its large user base. One such addition is crypto futures trading which includes USDT-M Futures and coin-M futures perpetual contracts, as well as copy trading that allows users to replicate top traders in real time with just one click. Additionally, the Futures Grid allows users to automate the buying and selling of futures contracts to make profits.
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