At #IslamicCoin, we believe in promoting ethical investments that align with the principles of #IslamicFinance. That's why we're setting aside $40M to invest in sharia-compliant projects. Learn more about our Grants and Investment program ⬇️ islamiccoin.net/ecosystem-fund
Islamic Coin ($ISLM) is not mineable as it is based on #HAQQnetwork, which uses the Proof of Stake (PoS) consensus algorithm instead of Proof of Work (PoW) like Bitcoin. Therefore, new $ISLM tokens will not be generated through mining. Relatively, the token supply is fixed, and the coins are distributed through various means, such as airdrops, staking rewards, and community activities. Staking rewards are earned based on the number of tokens staked and the duration of the stake. This method is more energy-efficient and sustainable than Proof-of-Work (POW) in many other cryptocurrencies.
@Islamic_Coin @RAJAUSMANKHAN2 'Staking' and 'Staking Rewards' in one statement. I'm doubtful about the Sharia Compliant claim right there. Staking rewards are a form of interest where you're holding the coin i.e. Money, for a fixed period of time, earning fixed rewards. Just skeptical here not critical.
@khurramja @Islamic_Coin @RAJAUSMANKHAN2 Yeah they can give a percent of their output and distribute it among holders. It is like profit sharing. But not as a fixed percent of staked coins as profit. That is interest.
@SamK748 @khurramja @Islamic_Coin With out mining ⛏️ how create digital currency? Mining is must
Mining is not the only way to create a digital currency. Most newer digital currencies are created through "minting." This method does not require the use of mining equipment and instead relies on a different mechanism to generate new coins. Minting involves the creation of new coins by holding existing coins in a wallet and allowing them to "stake" or verify transactions on the network. This process is used by Proof of Stake (PoS) cryptocurrencies, which rely on validators rather than miners to secure the network.