More than 20% of the world's population live in a country which is governed by Sharia law 1. Although there has been a lot of advantages brought about by blockchain development, there was no special consideration given to those who are Sharia-compliant and would like to deal with sharia-compliant funds. One gram is a Sharia-compliant cryptocurrency, the very first of its kind created to address issues of compatibility with Sharia law.
The lunch of its initial coin offering (ICO) corresponded with the very first day of Ramadan fast, Friday 26th of May, 2017. Onegram cryptocurrency backed by gold seek to realize $500 million from its crowdsale that began 3 days ago.
WHY IS ONE GRAM COIN UNIQUE?
Among all other coins, one coin is unique because users are meant to imbibe the tenets of Islam with the use of the coin. According to report by cryptocoinsnews, Islamic Sharia-compliant finance excludes any gambling related activities and forbids any borrowing on investors’ money.
HOW WILL THE MONEY RAISED BE DISTRIBUTED?
Hopefully, if one coin is able to realize the entire $500 million with the distribution of over 12 million OGC tokens, there will be appropriate distribution of funds. Cryptocoinsnews also report that the purchase will pay toward a number of development costs including business dev (5%), salaries (2%),operational and marketing costs at 1.5% each. A total of 10 in OneGram fees.
When the cryptocurrency is deployed on the blockchain, the transaction fee – by design- kicks in. 70% of transaction fees are reinvested to buy more gold for the cryptocurrency-backing vault. 25% of the transaction fee is used toward development and operations while the remaining 5% is split between rewards for POS miners and charity donations.
The coin, which would be developed over a 6-month period, will be anonymous, use zero-knowledge dual-key stealth addresses and ring signature protocols toward ‘instant, untraceable, unlinkable, trustless transactions.’ according to source.
NOTE: Islam is not my religion. However, I am from a country where about 50% of our population are Muslims, so I have some understanding of the religion.
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