Haqq

What is HAQQ Blockchain?

HAQQ Network is a unique blockchain designed to cater to the distinct needs of the global Muslim community. Built upon the principles of ethics-first and adherence to Islamic law, HAQQ Network represents a groundbreaking solution tailored specifically to the needs of the Muslim community. With its focus on transparency, fairness, and inclusivity, HAQQ Network provides financial services that empower individuals to engage in transactions that are not only technologically advanced but also morally upright. By leveraging blockchain technology, HAQQ Network offers a decentralized platform where users can access a range of financial services, from payments to lending, all while upholding the principles of Shariah law.

How is HAQQ Network a decentralized system?

HAQQ Network is a decentralized system without a central authority controlling transactions. This promotes transparency, security, and removes the risk of manipulation often associated with centralized institutions.

What are the decentralized finance (DeFi) features of HAQQ Network?

Like many blockchains, HAQQ Network connects with the world of DeFi, opening doors to new ethical investment opportunities. DeFi allows for peer-to-peer financial transactions without intermediaries like banks, which is particularly appealing for Muslims seeking alternative investment options that avoid practices like Riba.

How does HAQQ Network's Proof-of-Stake consensus mechanism work?

HAQQ Network uses a Proof-of-Stake consensus mechanism, which is energy-efficient and aligns with Islamic principles by rewarding users based on contribution rather than simply holding wealth.

What is Islamic Coin (ISLM) and how does it function?

ISLM is the primary digital asset used within the HAQQ Network, facilitating seamless transactions, staking for network security, and contributing to the overall ecosystem's sustainability through thoughtful tokenomics.

How can you acquire ISLM tokens?

Users can acquire ISLM tokens either by buying them directly within the HAQQ wallet or through major cryptocurrency exchanges like KuCoin or decentralized exchanges like Sushi.

How does HAQQ Wallet work?

To interact with the HAQQ Network, users need to download and set up the HAQQ wallet. The wallet allows for the secure storage of ISLM and interaction with DeFi applications built on HAQQ Network. Users can purchase ISLM directly within the wallet via integrated peer-to-peer platforms or through major cryptocurrency exchanges. Once acquired, ISLM should be stored in the HAQQ Wallet for safekeeping.

What are the features of HAQQ Wallet?

• Secure Storage: Keeps your ISLM tokens safe.
• Seamless Transactions: Facilitates easy sending and receiving of ISLM.
• Staking: Allows users to stake ISLM to support network security and earn rewards.
• DeFi Integration: Enables participation in DeFi activities on the HAQQ Network.

What are the benefits of using HAQQ Network?

HAQQ Network empowers Muslims to participate in a financial system that aligns with their values, offering Sharia-compliant financial tools, transparency, security, and community-driven solutions that promote financial fairness and inclusivity.

Frequently Asked Questions

1. Can Islamic Coin (ISLM) transactions be tracked for financial reporting?

Yes. All ISLM transactions on the HAQQ Network can be tracked and categorized using Cryptoworth’s accounting platform. It transforms raw on-chain data into financial reports that comply with standard accounting practices — supporting ethically aligned bookkeeping.

2. How does Cryptoworth help with DeFi activity on HAQQ?

DeFi features on HAQQ — such as lending or staking — generate transaction data that must be tracked for cost basis and compliance. Cryptoworth enables accurate valuation and reconciliation of this data, essential for Sharia-compliant reporting. Learn more about audit-focused accounting tools.

3. Can I calculate cost basis for ISLM earned via staking?

Yes. Staking rewards on HAQQ must be valued at the time of receipt. Cryptoworth provides reliable cost basis tracking so accountants can produce complete and auditable financial records. Explore cost basis tools for proof-of-stake assets.