- The Islamic Coin group defined how ISLAMIC was clearly completely different from ISLM.
- Whereas early customers weren’t glad, there might be extra on the way in which for the HAQQ community.
In a world the place each cryptocurrency challenge tells a singular story, Islamic Coin [ISLM] appears to have discovered itself caught in between being recognized as a legit challenge with distinct fundamentals and one other coin masquerading as the actual ISLM.
This situation was evident in final week’s PeckShield Alert publish on X (previously Twitter). From the publish, the blockchain safety deal with claimed that the Islamic Coin launch was unhealthy. This was as a result of one other token was regarded as the cryptocurrency plunged by 100%. Sadly, the blockchain safety agency mistook one other ISLM token launched on the BNB Chain for the HAQQ Community-developed challenge on 10 October.
#PeckShieldAlert #slippage Islamic Coin #Islamic on #BNBchain has dropped -100%
0xaBF3…B083 has swapped 1,000,000,000,000,000 $Islamic for 724.4 $BNB ($150,551.71) pic.twitter.com/Z0PUcGJqdJ
— PeckShieldAlert (@PeckShieldAlert) October 11, 2023
Amid FUD, we discover the solutions
Whereas it isn’t uncommon to see tokens spiring up due to a preferred narrative, doing due diligence can also be necessary. Following PeckShield Alert’s publish, quite a few media retailers unfold the information that ISLM’s launch was disastrous. This additionally unfold Worry, Uncertainty, and Doubt (FUD) across the neighborhood of the actual token. Nonetheless, AMBCrypto thought-about discovering out if this rumor was true or not.
Viola! We discovered that the ISLM token being talked about was one deployed by some unknown events. This additionally occurred on the detriment of unsuspecting consumers. Additionally, a take a look at CoinMarketCap’s data confirmed that the actual ISLM had gained 61.19% within the final seven days.
Regardless of the readability, there have been additionally some irregularities that got here with the launch. In some unspecified time in the future, early adopters of the challenge criticized Islamic Coin for the value of the reward distributed. Some additionally confirmed their displeasure on the standards required for claiming their tokens.
As a technique to get the actual particulars of what went down, AMBCrypto spoke to one among Islamic Coin’s CEO and co-founder Alex Malkov. However earlier than going into the small print of the dialog, let’s take a look at what Islamic Coin actually is.
Islamic Coin: A Shariah-compliant web3 challenge?
In keeping with Islamic Coin’s official website, its mission is to onboard 1.9 billion Muslims into the digital asset world. And it goals to do that with out compromising on the basics of the religion. Because the native foreign money of the HAQQ community, an ethics-first L1 blockchain, ISLM was constructed on the Proof-of-Stake (PoS) consensus.
To pioneer the way forward for Islamic finance, the challenge famous that it provides interest-free investments. Additionally included was a number of different Sharia-compliant merchandise. On the time of writing, Islamic Coin had a market cap of $29.66 billion with a complete provide of ISLM tokens.
Again to the interview with Malkov, the primary query thrown to the co-founder was to judge how he felt concerning the remaining Mainnet launch of the challenge. In keeping with Malkov, Islamic Coin’s predominant goal is to onboard Muslims with out compromising on their values. He stated,
“The supply of ISLM to the general public, particularly to Muslims who search to align their monetary actions with their religion, means we’re reworking lives and driving significant change.”
How the neighborhood got here to be
As regards the blockchain, Malkov famous that there have been a number of developments to return. He gave examples together with the HAQQ blockchain, HAQQ pockets, Shariah Oracle, and Evergreen DAO.
For context, the Evergreen DAO is a key council of the Haqq community. It additionally acts as a non-profit digital basis centered on long-term sustainability and neighborhood impression for the challenge. Apart from the DAO exercise, one other space the place Islamic Coin has thrived is with its neighborhood. For a challenge that solely launched lately, having 1.3 million followers on X should have taken a variety of onerous work.
Interested by how the challenge did, AMBCrypto requested Malkov to present some insights. In his response, Malkov talked about that its focus was to have interaction principally Muslim-dominated nations. In doing this, it was capable of get 5 out of the highest 20 international locations within the Crypto Adoption Index on its aspect.
These international locations embody Nigeria, Indonesia, Pakistan, Morocco, and Turkey (the place it claims over half of the inhabitants invests in ISLM). Nonetheless, the CEO highlighted that the sentiment across the challenge was not the one issue that drove buyers to it.
He talked about that Islamic Coin is a 360-degree monetary ecosystem designed to bridge the hole between crypto-savvy and non-crypto audiences. He added that it does this by providing moral and sensible options to trendy financial challenges. To place it in clear phrases, Malkov informed AMBCrypto:
“From social media interactions to healthcare providers, our platform serves as a flexible monetary device. This makes it interesting not simply to those that adhere to Islamic values but in addition to anybody fascinated by a monetary system that emphasizes transparency, ethics, and charity.”
“ISLAMIC isn’t ISLM”
On the matter of being linked with a rug pull challenge, the co-founder famous that its ticker “ISLM” was clearly completely different. From the PeckShield Alert tweet, the ticker for the failed token was “ISLAMIC.” He additionally talked about that at no level was ISLM buying and selling on the BNB Chain. At press time, Kucoin was the one change the place the cryptocurrency was listed.
📢 #ISLM Token is now out there for buying and selling on @kucoincom!
Discover rewarding occasions and commerce #ISLM now: https://t.co/2I8PMcQJlv
Extra exchanges to return. pic.twitter.com/mEnR06kapi
— Islamic Coin (@Islamic_Coin) October 10, 2023
As well as, Malkov identified that the incident was very unlucky, particularly because it got here from a “trusted” supply. He additionally suggested its neighborhood to attempt to confirm any information earlier than spreading it. He stated,
“For an business resembling crypto the place volatility is commonplace, mischaracterizations and errors resembling this may have damning penalties on any challenge, ours not exempted.”
As a technique to mitigate such recurrence, Malkov famous that Islamic Coin has created a information feed on the HAQQ pockets. Right here, its customers can get verified info. However there was nonetheless one half that Islamic Coin wanted to clear the air about. This was the was a part of its reward distribution program.
Not what the neighborhood anticipated
Apart from the explanations Malkov listed, one simple floor for its large social media following was due to its promise to reward early adopters. Consequently, the crypto neighborhood from the international locations listed earlier flocked to the HAQQ community and took half in exercise utilizing the community. This was accomplished with the hope that the challenge would give rewards again to the neighborhood like Arbitrum [ARB] and some others had accomplished.
Nonetheless, a lot of its customers have been both dissatisfied with the tokens acquired or the standards listed for qualification. Some additionally talked about how they skilled difficulties in claiming the tokens. A take a look at the feedback on X confirmed that the certified customers anticipated extra from a challenge they claimed raised $400 million.
Not but acquired pic.twitter.com/OV5zzOPvRA
— RJ |Full Pressure |🚢 | .lens | 💚🌙.gasoline | 🐐|🤖 🛸 (@lakshithaprasa9) October 16, 2023
In the meantime, Malkov spoke to the AMBCrypto on the topic. In keeping with him, the apprehension round its airdrop technique was not crucial. This was as a result of it had upcoming plans in place for its neighborhood. As an example, he talked a few one-month cliff for claiming tokens, In one other, he disclosed that there was a six-month unlock program, saying that,
“While there might be some apprehension round our airdrop technique it’s to incentivise our neighborhood participation and longevity. We straight wished to sift via these which can be right here to earn a fast low cost buck, to those who wish to assist us pioneer a future for moral finance.”
Might there be extra in ready?
When it comes to ISLM’s worth motion, Malkov stated that growing HAQQ as a series for a number of utilities was rather more necessary than the token worth. This was as a result of Islamic Coin was extra involved about remaining related for a very long time reasonably than being a money seize. With respect to this, he talked about that Islamic Coin would even be creating concepts round impacting folks’s lives past web3.
Lastly, Malkov made just a few pointers concerning the challenge’s roadmap. Whereas he opined that constructing within the present market was difficult, he additionally reiterated that the challenge is devoted to following its roadmap religiously.
Among the developments he talked about have been an $ISLM-backed Mastercard and a crypto-fiat processing providers. He additionally added {that a} gold-pegged stablecoin developed in collaboration with UAE banks was within the works. For builders, there was a $40 million grant with HAQQPads and HAQQ Labs, and as such,
“We might be aggressively onboarding builders constructing modern options. The thought is to have dApps that fulfill the on a regular basis wants of the Muslim and moral finance neighborhood all on HAQQ with Islamic Coin because the gasoline for these improvements to thrive.”
Within the meantime, Islamic Coin’s official X web page gave a rundown of its efficiency in Q3 which may be accessed under.
The #IslamicCoin and #HAQQ ecosystem expanded significantly within the earlier quarter, due to the continued help of our esteemed neighborhood 🚀
A fast recap of the notable partnerships solid by #IslamicCoin & @the_haqqnetwork in Q3 & Q2 🧵
— Islamic Coin (@Islamic_Coin) October 16, 2023