Haqq Network
Haqq Network’s native currency is Islamic Coin (ISLM). It is used for staking, transactions, governance, and payments.
Staking is the procedure of binding ISLM coins to validators to secure them. The Haqq Network is managed by validators. ISLM holders who bond coins give validators voting power and become delegators, giving them the right to earn rewards and take part in governance (see Tendermint BFT).
The minting of new coins is temporarily disabled upon the launch of the Haqq mainnet, and the Haqq mainnet is run by a restricted set of validators under the control of the Core Team (Proof of Authority consensus). That is so that Century Coinomics can be properly tested and the Haqq community can learn how to stake and run their own validators on the Haqq network. With Proof of Stake and minting enabled, the Haqq public testnet will be launched for this purpose. Minting and Proof of Stake will be enabled on the mainnet as soon as the Haqq community finishes evaluating Haqq on the testnet and The Haqq Team ensures its stability. The validator set will not be restricted by the Core Team’s control. Validators and stakers will be able to participate in the Haqq consensus and receive rewards for staking as a result of this.
Every block generates new ISLM coins and collects gas fees from users until minting of 100 billion coins is enabled. Validators, delegators, and Evergreen DAO split gas fees and new ISLM coins:
Evergreen DAO receives 10%.
A block proposer and its delegators receive 1% to 5%.
The remaining funds are divided equally among all bonded validators and delegators.
The rewards given to delegation partners of bonded validators are proportional to the total amount delegated to the validator, including validator self-delegation. The delegators receive their rewards, minus the commission paid by the validator.
There are only 100 billion coins available from ISLM. The ISLM’s emission rate is reduced by 5% every Era, or two years. From the first block of the first Era, emission will cease in one hundred years.
4.33 percent of coins will be produced in the first era, 4.12 percent in the second, and 2.87 percent in the ninth. By the end of the 9th Era, including the initial supply, more than 50% of the total supply will have been mined from the mainnet launch. At the end of the 50th Era, 100 billion ISLM will be issued, and thereafter, no more ISLM will be issued.
First supply: twenty billion It will be issued on the day of the network’s launch in a genesis block with the following structure:
2 billion, according to Century Coinomics, belongs to the Evergreen Foundation.
Partners: 5.5 billion boards, the first backers, the promoters, and the market makers.
4 billion for the first private sale. These coins will be sold to private investors who are qualified.
5.5 billion — Reserve for businesses and fund for ecosystem development These coins will be used for grants, public distributions, business development, operating expenses, and other activities that focus on the ecosystem.
Founders Reward: $3 billion
Until the Evergreen DAO is fully developed, tested, and implemented on the mainnet, coins dedicated to it will be locked.
COMPOUND
Islamic Coin is to have a significant and long-lasting effect on one of the world’s largest communities. It is the first digital currency with a dedicated Evergreen DAO that supports innovation, provides economic and social benefits, and ensures sustainable, long-term growth.
A universal, unconditional financial obligation that serves the economy’s commodity turnover of assets is called fiduciary credit money. As state regulatory bodies, Central Banks’ primary responsibility is to regulate the lending practices of commercial banks to non-financial businesses in order to encourage them to maximize profits and maintain the stability of interest rates and exchange rates in the money market. The two-level banking system’s hierarchy governs all aspects of the debt repayment process, including interest and principal. First, individuals and businesses outside of the financial sector fulfill their unconditional loan obligations to commercial banks. Second, as part of their unconditional loan obligations to the Central Bank, commercial banks return loans. The efficient operation of market entities occurs when borrowers consistently return loan funds to creditors.
Governments are able to implement a flexible monetary policy with this system by controlling the cost of borrowing money (the key rate). Since Islam forbids both the payment of interest and the accumulation of interest on money, the current system does not fully adhere to Islamic finance’s principles and norms.
The establishment of Islamic banks in Saudi Arabia and the United Arab Emirates in the 1970s marked the beginning of the Islamic financial system’s modern history, despite the fact that it was initially developed approximately 1400 years ago. Keep in mind that every state-issued fiat currency that was accepted as legal tender was backed by either gold or silver up until 1971. States have been able to create new money without being restricted by the gold standard or any other general law since 1971, supporting the possibility of wealth capture and redistribution. Many fuqaha assert that these kinds of activities are incompatible with fiqh.
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