Islamic Economy BlockChain Now Available As Open Source On Github

  • BY:HALALCHAIN
  • Jul 1, 2019
Islamic Economy BlockChain Now Available As Open Source On Github

On June 30th, the world’s first public chain serving the global Islamic economy held an open source launching ceremony in Dubai, announced the official open source of the HLC public chain. HLC invited the blockchain industry stakeholders in the Middle East and beyond to participate in the meeting, the HLC Foundation officially explained the technical roadmap and fintech innovation of the HLC public chain to the decision-makers of financial institutions and blockchain institutions in the Middle East and Muslim countries, HLC foundation announced official invitation to all institutions and startups to join the initiatives in the area of mining, stable coins, and tokenization of Islamic financial assets based on HLC public chain.

The ceremony was held at the Dubai Airport Free Zone( DAFZA). Two years ago, DAFZA invited the HLC operations center to settle in and actively supported the development of HLC in Dubai. Before the press conference, representatives of Nigerian central bank officials, Islamic Development Bank officials, Bahrain Bank officials, Khalifa investment officials, CSO Group CEOs and technology companies from India, Indonesia, Jordan, United Arab Emirates, Saudi Arabia, Nigeria, and the United States have entered the scene and signed on the sign-in wall.

HLC co-founder Abdullah announced that the HLC public chain is officially available for open source, and he quoted a passage from the ancient Arab philosopher Abu Hamid Al-Ghazali as an opening statement: “Allah created dirhams and dinars so that they may be circulated between hands and act as a fair judge between different commodities and Work as a medium to acquire other things (Allah inspired to create Dinar and Dirham, which is intended to be a fair scale for people to pass goods and services between hands). He said that today, the HLC public chain adheres to the classic POW Consensus and UTXO model, intended to mint crypto gold coins that pay tribute to the classic blockchain, it is secured by cryptographic algorithm , it concentrates energy as the fundamental source of mintage , its value is damage-proof, it is a cohesion of the spirit of shariah, as well as the ancient philosophy, this is why HLC public chain focuses on delivering a new economic model to re-engineer the ecosystem.

After the HLC public chain is available for open source, there will be a test network phase, which will then be transferred to the main public chain in a later stage. Abdullah will invite financial institutions in the Middle East to work together on the main public chain to consolidate the foundation of the ecosystem, issue stable coin, send the remittance on top of it. The assets belong either the public or the individuals on the blockchain are based on the underlying POW mechanism, which is secure and of free value transfer in nature.

 

Mr. Tony, the leading developer of HLC public chain demonstrated the asset transfer and miner work procedures on the HLC public chain. He explained the important technical support and obvious features of BLOCK DAG in the HLC public chain. He believes that as a public chain that adheres to the classical consensus of POW, HLC will find a balanced financial world between the value of gold coins and the speed of credit cards, which stands for security and scalability respectively in blockchain space. This is the confidence of the HLC public chain to stand out in this fierce-competed industry.

Subsequently, the meeting held the panel discussion, Nigerian Islamic economist Prof. Abdussalam presided over the discussion , he and the industry leaders from India, Jordan, Indonesia, Pakistan, contributed on how to develop the uses cases on the HLC public chain, with particular attention to Islamic bonds, insurance, exchanges, and assets tokenization, which indicates significant and tangible influences to take the industry into a new era.