13 years have passed since the creation of the first cryptocurrency and the launch of the first blockchain. Over the past, developers have put a lot of effort into making it safer, more reliable and easier to use by creating their own algorithms and applications. One of the most notable developments is the Cosmos blockchain and the Tendermint algorithm working with it in conjunction.
Tendermint is a consensus algorithm that has a reliable mechanism of resistance to unauthorized actions, known as «Byzantine fault». It is used in the Cosmos interconnected blockchain system and was introduced in 2014 by Jae Kwon, programmer who aimed to avoid the problems of high energy consumption within the blockchain networks and create an «Internet of blockchains» for more reliable decentralized interaction between users.
Cosmos is an ever-expanding ecosystem of interconnected apps and services, built for a decentralized future. Cosmos apps and services connect using IBC, the Inter-Blockchain Communication protocol. This innovation enables you to freely exchange assets and data across sovereign, decentralized blockchains.
Evmos is a scalable blockchain with high bandwidth, fully compatible with Ethereum. It is built using the Cosmos SDK, which in turn runs on top of the Tendermint Core consensus mechanism. Evmos allows running classic Ethereum as a blockchain for a specific Cosmos application. This allows developers to have all the functions available to Ethereum while getting all the benefits of implementing Proof-Of-Stake technology. In addition, since Elmos is built on top of the Cosmos SDK, it will be able to exchange with the rest of the Cosmos ecosystem via the Blockchain Communication Protocol.
Blockchain technologies used in Islamic Coin
Tendermint is a software for securely and consistently replicating an application on many machines. Tendermint provides two chief technical components:
· a consensus engine;
· a generic application interface.
Two important Tendermint consensus engine characteristics are:
· Security – network works even if up to 1⁄3 of nodes fail or act maliciously;
· Consistency – every non-faulty node sees the same transaction log and computes the same state.
In addition, Tendermint provides instant finality which means that once a transaction is validated, it can be considered final and irreversible. Instant finality means that forks are never created as long as more than a third of validators are honest (byzantine). Users can be sure their transactions are finalized as soon as a block is created. Security and Consistency of Tendermint BFT Consensus allows the Haqq network to be maintained by a set of independent validators and will provide consistent data and transaction processing.
Tendermint & Cosmos
Tendermint core communicates with the application processing transaction via a socket protocol that satisfies the Application BlockChain Interface (ABCI). ABCI allows the implementation of custom transaction processing logic without forking tendermint itself. This makes Haqq and components its built on (Evmos) leverage new tendermint versions without backporting features and fixes by tedious and error-prone code merging process. This also opens ways for the Haqq team to collaborate with Tendermint maintainers and other members of Tendermint ecosystem, in order to improve Tendermint core for the good of the whole ecosystem.
Cosmos SDK is the base layer of Evmos which Haqq is built on. It was designed for building blockchains out of composable modules, without forking the core. The most important benefit for Haqq being built on the Cosmos SDK is compatibility with Inter-Blockchain Communication Protocol which makes Haqq interoperable with the rest of the Cosmos ecosystem.
In practice, for Haqq being compatible with IBC, means that it can communicate with other IBC-compatible networks which already hold more than $148 billion worth of assets under management. This means that assets on Haqq can move to other IBC-compatible networks and vice-versa.
But IBC is not a cross-chain token transfer protocol – it’s a general communication protocol as the name implies. IBC makes it possible for smart contracts on one chain to communicate with smart contracts on other chains, making the whole ecosystem open and united. This is different from isolated networks like Ethereum within which connection to other networks is limited by token transfers only. IBC compatibility also opens the way to integrate with Gravity Bridge, when it goes live. This means the ability for Haqq to transfer liquidity to and from Ethereum mainnet. ISLM and tokens created on Haqq will be able to trade on Ethereum-hosted AMM protocols, and Ethereum ERC20 tokens will be accessible by Haqq users as well.
Haqq desires to be open not just to users but to developers interested to build projects on Haqq network. This requires Haqq to support programming language and toolset familiar to the majority of blockchain developers.
According to the Electric Capital Developer Report, Ethereum still has the largest developer community. That makes it logical for Haqq to strive to support Ethereum Virtual Machine for smart contracts execution and Solidity as the primary smart contracts language. For the purpose of EVM compatibility Haqq has selected Evmos – the EVM hub of Cosmos which, by the end of 2021 year, will provide full EVM compatibility, or equivalence. Haqq being EVM-equivalent, means that everything that is built on Ethereum or other EVM-equivalent networks like Optimism or the Evmos and Evmos-based networks – can be deployed on Haqq without rewriting a single line of smart contract code and worrying about things to break in unexpected ways.
Evmos the continuation of Ethermint project – the EVM-compatible blockchain with Tendermint BFT consensus. Evmos is being developed by Tharsis whose team has been the core development team behind the Ethermint codebase since April 2021. As said in previous sections, evmos is built on Cosmos SDK, leverages Tendermint Consensus security, consistency and instant finality and is compatible with IBC protocol. Haqq is aimed at full compatibility with the rest of Evmos and Cosmos ecosystems from the user experience perspective and close collaboration with its core developers.
Technology that grants stability
Islamic Coin is the most purposeful halal digital money. It is built on the dedicated Islamic blockchain called Haqq (Arabic for “truth”) chain, and carefully follows the Islamic view on finance.
In Quran gold and silver are mentioned (3:14) as examples of pleasures of this worldly life. That is why Muqaddimah of Ibn Khaldun has written, that exactly gold and silver shall be used as money. The deflationary nature of cryptocurrency systems, as well as the necessity to invest some work to produce them, is comparable to the properties of gold or silver.
• IslamicCoin cannot be arbitrarily ‘printed’ and thus devalued. It also can’t be arbitrarily inflated through a rise of the central bank’s interest rate (key rate) – since there is no interest rate within the system; its price is determined solely by the market and thus always fair.
• IslamicCoin may only be minted (issued) by those who contribute work and investment – validators and stakers of the network at a predetermined announced rate.
• Unlike fiduciary money, IslamicCoin is not operated by the banks whose main business is to earn profit by charging interest. Paying or charging interest is forbidden in Islam.
• Each time a new IslamicCoin is minted, 10% of the issued amount is deposited into a special Evergreen Fund for further investment into Islamic Internet projects or given to Islamic charities.
• The Evergreen DAO is a non-profit foundation focused on long term sustainability and community impact.
Islamic Coin is the first project to provide the community with powerful financial technology that allows for seamless transactions, support innovation and charity. The project is 100% compliant with Sharia law and benefits the community. Developers focus on sustainable development and use technology and innovation to ensure financial sustainability.
“At the heart of Islamic finance is the prohibition on charging interest. Islamic finance has always been focused on not shifting most of the risks to one side of the financial relationship. In Islamic finance, balance and transparency of transactions should be observed, which can negatively affect our society,” says Mohammed AlKaff AlHashmi, one of the founders of Islamic Coin.
Islamic Coin targets 1.1 billion Muslims using the Internet. The project creates convenient tools designed for users who have never been owners of cryptocurrencies. The mission of the project is to provide the international community of followers of Islam with a reliable and promising financial instrument that allows for independent financial interaction, support innovation and philanthropy. Using the power of the Muslim community, Isalmic Coin can become one of the most important and valuable crypto assets. If 3-4% of the Muslim online community own an Islamic coin, it will become a bitcoin-scale crypto asset, bringing its holders a trillion dollars and $100 billion for the Evergreen DAO.