It is built on Haqq – its dedicated Islamic #blockchain . Meaning “Truth”, Haqq stringently abides by Islamic views and traditions on finance. Haqq is a scalable, high-throughput Proof-of-Stake blockchain that is fully compatible and interoperable with #Ethereum
It's built using the #Cosmos SDK which runs on top of Tendermint Core consensus engine.
$ISLM is the native currency of Haqq Network.
It's used for payments, governance, paying transaction fees and staking. ISLM is Shariah-compliant digital money, designed to create value for the World’s Muslim community.
ISLM can't be arbitrarily ‘printed’ and thus devalued. It’s also impossible to cause arbitrary deflation through a rise of the Central Bank’s interest rate (key rate) – since there is no interest rate within the system.
Islamic Coin’s price is determined solely by the market and thus always fair. #IslamicCoin may only be minted (issued) by those who contribute work and investment – validators and stakers of the network at a predetermined announced rate.
Unlike fiduciary money, Islamic Coin is not operated by the banks whose main business is to earn profit by charging interest. Paying or charging interest is forbidden in Islam.
Each time a new ISLM is minted, 10% of the issued amount is deposited into a special Evergreen DAO for further investment into Islamic internet projects or given to Islamic charities. This is the first introduction of a coin bringing direct economic value to a community.
The Evergreen DAO is a non-profit virtual foundation focused on long term sustainability and community impact. It effectively works as a crypto endowment.
Evergreen DAO also may fund activities necessary for the Haqq network operations and development. Key decisions are made by a council that consists of the top 5 validators of Haqq blockchain.