IslamicCoin, the world’s first halal digital asset, is set to revolutionise cryptocurrency initiatives by community members with the launch of HaqqPad – a platform designed to offer Shariah-compliant dApps.
The blockchain-based platform, which will operate in a decentralised manner, will allow the community to support fresh and incubating projects on Haqq to get their tokens off the ground.
The initiative will be further bolstered with the support of a highly liquid Ecosystem Fund. The HaqqPad is slated to be launched in September this year.
Shariah Oracle to revolutionise the capabilities of dApps
“The Shariah Oracle will revolutionise the capabilities of dApps on the protocol because it will issue community approval and digital Shariah-compliance certificates in a form of soul-bound tokens signed by prominent scholars,” Andrey Kuznetsov, Co-founder and CTO of IslamicCoin, told Arabian Business.
“The Oracle – [a third-party service that connects smart contracts with the outside world] – is currently in full development and will be launched between September and October with the Evergreen DAO between Q4 ‘23-Q1 ’24,” he said.
The Evergreen DAO acts as a crypto endowment, and makes key decisions through a council consisting of the top 5 validators of the Haqq blockchain.
Kuznetsov said the path-breaking initiative will be part of the many innovations they are planning in fulfilling the IslamicCoin mandate to deliver a lasting, powerful impact for one of the largest communities in the world.
“Other ambitious plans from the team include the launch of mnemonicless private key security, based on the Shamir Secret Sharing algorithm. This will allow Haqq Wallet users to have self-custodial control of their Haqq account via their social networks accounts,” the IslamicCoin co-founder revealed.
Private Key in virtual asset parlance is a security protocol to ensure safety of data for blockchain network transactions.
The new security protocol from IslamicCoin is scheduled for launch between July and August.
Fundraising success and token launch: IslamicCoin
Kuznetsov’s revelation about the new initiative comes close on the heels of IslamicCoin on Thursday announcing the launch of its token – $ISLM – on centralised and decentralised crypto exchanges on September 1, 2023.
The launch announcement also comes parallel to the company disclosing last week raising $200 million in fresh fundraising from a mix of institutional investors such as Alpha Blue Ocean’s ABO Digital and private investors.
Kuznetsov said with these innovative and new initiatives, the influence of IslamicCoin is set to spread to key regions including the UAE, Malaysia, and Nigeria through the integration of digital currency with payment channels including Visa and Mastercard.
“With all these plans already in motion, IslamicCoin is set to onboard every Muslim around the world into the blockchain ecosystem,” he asserted.
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