Ethical Cryptofinance in Islamic World - TOKEN2049 Singapore

hello everybody I'm happy to be today here in lovely Singapore and in this amazing event and I really appreciate your patience and energy staying till late time listening and learning what's happening in the different areas of the world when it comes to crypto and to blockchain so today we'll take you in a very quick and light journey to understand a little bit more about Islamic Financial school and when we say Islamic Financial school we don't talk about uh something exclusive for Muslim it's just a financial school that have it is ethics and values and everybody in the world can use it and can deal with it and can benefit from what it is providing so Islamic Financial school is more about the ethics and values transparency it doesn't encourage interest it doesn't encourage investing in projects that harms the society like for example if you are investing in a tobacco Factory or in gambling some projects that reflects negatively on the society so this is something that Islamic Financial school doesn't encourage and that's one of the main points but on the other hand we are talking about a huge Community behind this financial school we are talking about 1.8 billion Muslims around the world out of them 1 billion people using the internet they are active internet users and then we have Beyond this the other people from other communities that are followers and fans of this financial school so uh it's a huge community and a huge market cap we talk about three trillions market cap that includes the Halal Market cab includes the whole uh Financial uh models that follow the Sharia rules so from this point of view we started looking at the blockchain and crypto market and we found that there is a gap there to be addressed because we are talking about huge community and this community being served in the financial World in a way or another if we look at the whole financial world we have Islamic Banks we have Islamic funds we have Islamic insurance but still the ecosystem in the blockchain and cryptocurrency still was not there covering this Gap and serving these three trillions uh market for the Islamic Financial world so we decided to cover this Gap and to start our journey together I met my partners in United Arab Emirates Alex and Andre and the other amazing partners and we started forming this and shaping this product we built the first Native platform in the blockchain that 100 complies with Sharia rules and then so this blockchain and this platform we did exactly like the big financial institutions the Islamic Banks they have the Cherry aboard members that make sure that this uh platform always is complying with Sharia rules and we got the certification from them we got the fatwa they are with us as a permanent board members and then we did also a philanthropy part we need a purpose always to serve the community we need to give back to the society I'm seeing a lot of amazing crypto projects in the world but there is a little bit lack when it comes to giving back and serving the community so we decide to put a 10 percent of every minted coin that goes to Evergreen Dao and this Evergreen will use that to support the technology projects all over the world for the community so this is the philanthropic part and if we look back to our board members for the Sharia board members we have amazing people we have people who have 45 years of experience who are sitting in Sharia Boards of more than um of more than 40 Banks including Standard Chartered including HSBC including some other big banks in the world we have Dr nizamiakubi he he's like having a title like the Sherry a gatekeeper he's with 45 years of experience and another amazing people we have in our executive board member the first Islamic Banker in the world we have people from the United Arab Central Bank they were serving there and from Abu Dhabi Islamic Bank and from different Financial entities so we could successfully attract people from different backgrounds when it come to finance business banking fintech Sharia aside and we have The Advisory board that has the people from Royal Family why we built this all structure is to help us to serve the community and to gain the trust Bitcoin been successful because it is the first who's who showed up to the market and because of the 30 Millions around 30 Millions Community supporting Bitcoin are using Bitcoin so we are talking to a very big community and we believe we are the first who created the Sharia compliant digital ecosystem so this is a good reason for us to furnish the way uh to success and to catch more progress and I will end this uh small speech with one statement that I heard from my mentor he's always telling me Muhammad you need to add value and then money will follow and that's what we focus in this project we are adding value and money will follow and I've seen this because when we launch the private sales for the Islamic coin in the first four weeks we got more than 200 Millions dollars so it was like impressive and beyond our expectations and we are looking for more and more success with your support and now we will enlight you about the technical part of the project I have my amazing and smart partner who's the CTO of Islamic coin Andre he will take you in this journey in the few coming minutes thank you thank you for coming but before I come to the technical part of the product let's speak about current industry problems because it's huge we believe that blockchain kind of lots its path it was supposed to bank and Bank it was supposed to increase deals quality it was supposed to remove intermediary uh when when people make make deals to each other and what we see now is the isolated bubble where crypto people are building for crypto people we forgot about regular people of the world there are lots and because of that there are lots of scammers Rock balls and hugs because there is no real adoption actually and what's worse no one is looking for your adoption anymore uh if we look at citizens of uh some countries where uh more than 50 percent of people are unbanked the only thing we'll see is that some of them kind of use a Bitcoin for just for as a mean of exchange but with modern crypto technology smart contracts proof of stake and its scalability we can do so much more and that's why we are trying uh to create a Synergy between two communities the Muslim Community who has ethics in their DNA in their souls in their minds they in in their day-to-day to day life and ethical Builders who are tired of the current state of of crypto Market crypto industry and and who wants to build products ethically who wants to serve people ethically and who wants to really change the world not the crypto world but the whole world which is quite large even if we get just Muslim population but we don't pick just on Muslims population we we don't even promote Islam we promote Islamic values which are about ethics and that's it so what's Islamic coin Islamic coin is the native currency of Park Network so like if for ethereum the Islamic point is the same for hack Network which is proof of stake network based on Cosmos SDK so it's a profile State and practice collable and compatible with the rest of Cosmos ecosystem through ibcm but uh We've removed the webassembly part and we are evm compatible so so that we are friendly to the existing Builders who have their projects deployed in polygon ethereum and other even compatible chains that's why people are speaking on this stage um besides gas utility the Islamic Point has another utility which is called Evergreen Dao we also call it Tower shaped endowment it's an organization which which has the philanthropic purpose and it's completely on chain 10 percent of each coin minted goes to the Evergreen Dao which is governed by both community and Sharia board Community decides on initiatives which worth attention of sharia board and Sharia board decides if these initiatives are really compatible with Islamic ethics and if they are then funds go to the philanthropic purpose what we also do is mobile wallet and it's very important part since we don't Target crypto native people we can't tell them go and install metamask what we one interesting thing which is common between regular citizen of Indonesia and some Arabic people we met in uh in Saudi Arabia or UAE is that both of them don't even have a laptop so we are not mobile first we are we are mobile mobile only and in Mobile Wallet we are building two very important features the first one is mnemonic field free security I won't go in technical details because it's it's based on NPC where private K is distributed between the user and the special server and the second one is Sharia Oracle it's on chain check mark for smart contracts which certain kind of certifies that the smart contract team behind it and the product itself is compliant with the Islamic values with Islamic ethics this one is also done by uh is governed by both community and Sharia board just like it that it's done for Evergreen Dao ah yes and uh what we get from uh Cosmos SDK is instant finality so once the transactions goes to a block it can't be reverted which makes our projects uh good for games Financial Services all these apps were once you show the feedback to your user uh this feedback matters and this thing is not just technical but ethical also few words about economics were removed default Cosmos economics and made it this way 100 billions of coins will be minted in 100 years and this 100 years are divided by Eros two years each two years the supply rate gets reduced by five percent why did you do this way because again we don't Target crypto native people we target regular people of the world who in the best case they they they they only heard about Bitcoin and this the economics is exactly like Bitcoin but while Bitcoin has erased four years and the supply rate reduction by 50 we have errors for two years and Supply reduction only five percent to make it less speculative but still almost the same as Bitcoin in uh fundamentally that's our roadmap it's uh pretty small uh uh you can make a photos but I won't you get into details I'll just well that we are really focused on mobile wallet which we put in app stores in uh fourth quarter and also we go to a listing by the end of October later on we will focus on Evergreen Dow governance mechanics uh yeah I think I'm done with technical part and products yes thank you very much and I hope you are still enjoying uh the session but I would like to highlight that Financial world today is a need to stick more about ethics and value about transparency about traceability about reliability and I see blockchain is one of the great tools and great Technologies to serve this purpose because everything is transparent there everything is traceable you can always check and you can always see everything happening on the main net and all the transactions from where it comes and where it goes and that's why in Islamic coin we're focusing on empowering the community with a smart fintech tool that enables them to do seamless transactions and interactions while supporting philanthropy and Innovation so thank you very much for your patience for your listening and I hope we could simplify our projects and deliver what we want to deliver to you thank you very much thank you