Hello, friends

Nowadays many projects create their own wallets, which are mostly copies of others and the meaning of which is not quite clear. Today we will talk about the HAQQ ecosystem wallet. Here it is justified to create your own wallet, because it is a special blockchain, created in accordance with Sharia law. And all its features and applications should be designed and operated according to these principles as well.

IslamicCoin

IslamicCoin is a stock of Haqq currency, a community-driven network dedicated to empowering the financial resources of the ecosystem governed by ethics and Shariah. Islamic Coin has a limited total amount, and 10% of each amount is automatically donated to charitable causes.

What is HAQQ

Haqq is a scalable, high-performance Proof-of-Stake algorithm that is fully updatable and interoperable with Ethereum. It is built using the Cosmos SDK, which runs on top of the Tendermint Core consensus engine.

Haqq allows Ethereum to run as Cosmos for application discovery. This allows developers to have all the desired features of Ethereum and at the same time benefit from Tendermint's PoS implementation. Additionally, since it is built on top of the Cosmos SDK, it can exchange value with the Cosmos ecosystem build capability via the Inter Blockchain communication protocol (IBC).

HAQQ Wallet

Wallet is an application that allows you to interact with your account. It is similar to your banking app. Your wallet allows you to see your balance, send and receive funds, and use other features.

The HAQQ wallet is a wallet specifically designed for the ecosystem. So that your funds are always under your control and safe. The wallet integrates native network steaking and voting features, and soon promises to integrate easy private key management without a mnemonic phrase. There is also support for the Leger cold wallet.

The wallet currently only supports Islamic coin (ISLM), HAQQ's own currency. They also plan to add NFT support in the near future. The wallet has a user-friendly and intuitive interface, and is designed in the project's colour scheme.

Wallet features

Let's reflect on what functionality the wallet can provide us in the future:

Deposit or withdraw funds in fiat currency, such as US dollars or euros, and then convert those funds into cryptocurrency for trading or other purposes. This could make it easier for users unfamiliar with cryptocurrencies to get started, as well as provide some stability by linking cryptocurrency to traditional financial systems.

Cryptocurrency payment gateways: merchants can use payment gateways that accept cryptocurrency payments, making it easier for customers to pay with cryptocurrencies. Some payment gateways can automatically convert cryptocurrency to fiat currency to minimise exchange rate volatility.

Working with DeFi: DeFi refers to a set of financial applications that allow you to conduct financial transactions without the involvement of traditional intermediaries such as banks.

Working with cryptocurrency ATMs: ATMs that allow users to buy or sell cryptocurrency for cash are becoming increasingly common. This can make it easier for people to access and use cryptocurrency.

Integration with traditional banking: Some banks are exploring ways to integrate cryptocurrencies into their existing systems. This may allow customers to store and use cryptocurrency within their existing bank accounts.

Charitable donations: Some charitable organisations are now accepting donations in cryptocurrency. This allows for greater transparency and traceability in the donation process.

Micropayments: Cryptocurrencies allow for micropayments, or transactions for very small amounts. This can open up new opportunities for businesses that depend on small transactions, such as online content creators.

Decentralised identity via wallet. Some blockchain-based platforms are exploring the creation of decentralised identity systems. These systems would allow users to control their own digital identities and reduce reliance on centralised identity providers such as social media companies.

Conclusion

For a large-scale project like HAQQ, having your own multi-functional wallet is a must. Plus, blockchain is directed more towards the Muslim world, with its own laws and regulations regarding finance. And traditional solutions may not be compatible with these principles.