The native currency of the Haqq Network.

What is Wrapped Islamic Coin?​

Wrapped Islamic Coin (WISLM) stands as a beacon of innovation in the cryptocurrency landscape, merging modern financial technology with the timeless principles of Islamic finance. This Shariah-compliant digital currency is built on the Haqq blockchain, a network designed to uphold and promote ethical financial practices. The issuance of WISLM is backed by the world's leading authorities in Islamic finance and has received a Fatwa, ensuring its alignment with the Holy Teachings of the Quran.

WISLM is not just another cryptocurrency; it is a wrapped token pegged to the value of another cryptocurrency, providing stability and security through staked assets. This pegging mechanism ensures that WISLM maintains a consistent value, making it a reliable medium of exchange within the Muslim community and beyond. The Haqq Network, which serves as the backbone for Wrapped Islamic Coin, is dedicated to creating value and fostering financial inclusion for its users.

The integration of Islamic financial principles into the blockchain technology of WISLM ensures that transactions are conducted ethically, transparently, and in accordance with religious guidelines. This unique blend of tradition and technology positions Wrapped Islamic Coin as a pioneering force in the realm of digital currencies, offering a viable and compliant financial solution for those seeking to adhere to Islamic teachings.

What is the technology behind Wrapped Islamic Coin?​

The technology behind Wrapped Islamic Coin (WISLM) is rooted in blockchain technology, specifically leveraging the HAQQ network. The HAQQ network is a layer-one blockchain built on the Cosmos SDK, a modular framework that allows for the creation of custom blockchains. This setup provides a robust foundation for WISLM, ensuring scalability, interoperability, and security.

The HAQQ network employs a Proof-of-Stake (PoS) consensus mechanism. In PoS, validators are chosen to create new blocks and confirm transactions based on the number of coins they hold and are willing to "stake" as collateral. This method is energy-efficient compared to Proof-of-Work (PoW) systems, which require significant computational power. PoS also enhances security by making it economically impractical for bad actors to attack the network, as they would need to control a majority of the staked coins.

Wrapped Islamic Coin is an ERC-20 token, meaning it adheres to the Ethereum blockchain's token standard, ensuring compatibility with a wide range of decentralized applications (dApps) and wallets. The ERC-20 standard facilitates seamless integration and interoperability within the Ethereum ecosystem, allowing WISLM to be easily traded and utilized across various platforms.

The HAQQ network's architecture includes non-custodial blockchain wallets, created through the HAQQ wallet mobile application. Non-custodial wallets give users full control over their private keys, enhancing security and privacy. This means that users are the sole custodians of their funds, reducing the risk of centralized points of failure or hacks.

A distinctive feature of Wrapped Islamic Coin is its compliance with Islamic finance principles. This compliance ensures that the coin adheres to ethical and religious guidelines, making it a suitable financial instrument for those who follow Islamic law. The coin's design and operational framework are structured to avoid interest (riba) and ensure transparency and fairness in transactions.

The HAQQ network's fast finality is another critical aspect. Fast finality means that once a transaction is confirmed, it is immediately irreversible and final. This reduces the risk of double-spending and enhances the overall efficiency of the network. Fast finality is particularly important for financial applications where transaction certainty is crucial.

In addition to its technical features, Wrapped Islamic Coin benefits from the broader ecosystem of the HAQQ network. This ecosystem includes various decentralized applications and services that can leverage WISLM for different use cases, ranging from decentralized finance (DeFi) to supply chain management. The integration with the Cosmos SDK also allows the HAQQ network to interoperate with other blockchains within the Cosmos ecosystem, facilitating cross-chain transactions and collaborations.

The HAQQ network's security is further bolstered by its validator set, which consists of nodes that participate in the consensus process. These validators are incentivized to act honestly through staking rewards and penalties for malicious behavior. The decentralized nature of the validator set ensures that no single entity can control the network, enhancing its resilience against attacks.

Wrapped Islamic Coin's adherence to the ERC-20 standard also means it can be easily wrapped and unwrapped. Wrapping involves converting the native coin into an ERC-20 token, allowing it to be used within the Ethereum ecosystem. Unwrapping is the reverse process, converting the ERC-20 token back into the native coin. This flexibility enables users to take advantage of the unique features of both the HAQQ network and the Ethereum blockchain.

The HAQQ wallet mobile application provides a user-friendly interface for managing WISLM. It allows users to send, receive, and stake their coins securely. The wallet's non-custodial nature ensures that users retain full control over their private keys, enhancing security and reducing reliance on third-party custodians.

The HAQQ network's governance model is another important aspect. It allows stakeholders to participate in decision-making processes, such as protocol upgrades and parameter changes. This decentralized governance ensures that the network evolves in a way that aligns with the interests of its community, promoting long-term sustainability and innovation.

What are the real-world applications of Wrapped Islamic Coin?​

Wrapped Islamic Coin (WISLM) stands out as a Shariah-compliant digital currency designed to meet the financial needs of the Muslim community. This cryptocurrency is built on the Haqq blockchain, ensuring that it adheres to Islamic financial principles, such as the prohibition of interest (riba) and the requirement for ethical investments.

One of the primary real-world applications of Wrapped Islamic Coin is its use as a form of digital money that complies with Islamic law. This makes it a viable option for Muslims who seek to engage in modern financial transactions while adhering to their religious beliefs. The coin's deflationary nature, akin to precious metals like gold and silver, adds to its appeal as a store of value.

Wrapped Islamic Coin can be used for trading goods and services, providing a Shariah-compliant alternative to traditional currencies. This is particularly significant in regions with a high Muslim population, where there is a demand for financial products that align with Islamic principles. Additionally, the coin is subject to Zakat, the obligatory charitable contribution in Islam, which integrates it further into the religious and social fabric of Muslim communities.

The Haqq blockchain, on which Wrapped Islamic Coin is built, undergoes regular audits to ensure its integrity and safety. This level of scrutiny helps maintain trust among users, making it a reliable option for financial transactions. The coin's adherence to Islamic financial laws and its potential for global accessibility make it a promising player in the Islamic finance industry.

Furthermore, Wrapped Islamic Coin has the potential to form partnerships within the Islamic finance sector, enhancing its utility and acceptance. By providing a digital currency that aligns with Islamic values, it opens up new avenues for financial inclusion and economic participation for Muslims worldwide.

What key events have there been for Wrapped Islamic Coin?​

Wrapped Islamic Coin (WISLM) represents a significant development in the intersection of blockchain technology and Islamic finance. The journey of Wrapped Islamic Coin is marked by several pivotal events that have shaped its trajectory.

The roots of Wrapped Islamic Coin can be traced back to the establishment of Islamic banks in the 1970s. This period marked the beginning of a financial system that adheres to Shariah principles, laying the groundwork for future innovations like WISLM. The creation of the Haqq blockchain was another milestone. The Haqq Network, designed to support Shariah-compliant financial products, provided the necessary infrastructure for Wrapped Islamic Coin.

A critical event in the history of Wrapped Islamic Coin was the issuance of a Fatwa for Islamic Coin based on the teachings of the Quran. This religious endorsement was crucial in gaining the trust and acceptance of the Muslim community, ensuring that the coin adheres to Islamic principles.

In recent years, Wrapped Islamic Coin has been gaining traction through various partnerships and increased accessibility. These collaborations have expanded its reach and usability, making it a more viable option for those seeking Shariah-compliant financial solutions. The emphasis on compliance with Islamic law has been a significant factor in its growing acceptance.

The native currency of the Haqq Network, Wrapped Islamic Coin, has also been noted for its potential to increase in value due to its unique positioning within the cryptocurrency market. Its Shariah-compliant nature sets it apart from many other digital currencies, potentially attracting a niche market of investors and users who prioritize adherence to Islamic financial principles.

At the time of writing, Wrapped Islamic Coin continues to evolve, with ongoing developments and potential future milestones that could further solidify its place in the world of cryptocurrency and Islamic finance.

Who are the founders of Wrapped Islamic Coin?​

Wrapped Islamic Coin (WISLM) emerges as a notable cryptocurrency within the Haqq Network ecosystem. The masterminds behind this digital asset are Andrey Kuznetsov, Alex Malkov, Mohammed AlKaff AlHashmi, and Hussein Mohammed Al Meeza. Each founder brings a unique blend of expertise to the table. Andrey Kuznetsov and Alex Malkov are recognized for their extensive experience in blockchain technology and cryptocurrency development. Mohammed AlKaff AlHashmi and Hussein Mohammed Al Meeza contribute their profound knowledge in Islamic finance, ensuring the coin aligns with Shariah principles. Their combined efforts have shaped Wrapped Islamic Coin into a distinctive financial instrument.