Building Amidst the Lengthening Crypto Winter: A Deep Dive into Islamic Coin (ISLM)
The prolonged crypto winter has posed significant challenges for the crypto industry, affecting numerous projects and reducing the overall market capitalization by more than 60%. However, even in the midst of this challenging environment, there are projects that continue to thrive and innovate. One such project is Islamic Coin (ISLM), which has shown resilience by securing $200 million in investments in Q3 2023 and making its debut exchange listing on KuCoin on October 10th. ISLM is on a mission to onboard over 1.8 billion Muslims into the world of digital finance without compromising their values and faith. In this article, we will take a deep dive into Islamic Coin and explore how it addresses the challenges of Sharia-compliant banking.
Use Cases of Islamic Coin (ISLM)
Islamic Coin (ISLM) is the native currency of a Sharia-compliant financial ecosystem, designed to provide the global Muslim population and other ethical finance enthusiasts with a financial tool that supports innovation and philanthropy. One distinctive feature of ISLM is that 10% of each ISLM issuance is deposited into the Evergreen DAO, which is dedicated to investing in Islam-related ventures or donating to charities. This unique mechanism aligns with the principles of Islamic finance, where community welfare is a top priority.
ISLM serves various purposes, including:
1. Payments: ISLM can be used as a means of payment within the Islamic Coin ecosystem.
2. Governance: ISLM holders have a say in the governance of the ecosystem, ensuring that the community's voice is heard.
3. Transaction Fees: ISLM is used to pay transaction fees on #HAQQ blockchain, the underlying technology of Islamic Coin.
4. Staking: Users can stake their #ISLM to earn rewards within the ecosystem.
The ultimate goal of Islamic Coin is to digitize traditional Islamic financial instruments, such as Sukuk (Islamic bonds), making them accessible in a decentralized form.
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