Islamic Coin (ISLM) is the native currency of Haqq Network. It is used for payments, governance, paying transaction fees and staking.
Staking is the process of locking ISLM coins by bonding them to validators. Validators maintain the Haqq Network. By bonding coins, ISLM holders delegate voting power to validators and become delegators, which gives them the right to earn rewards and participate in governance (see Tendermint BFT).
Upon Haqq mainnet launch, the minting of new coins is temporarily disabled and Haqq mainnet is operated by a restricted validators set controlled by the Core Team (Proof of Authority consensus). The reason behind that is to execute proper testing of Century Coinomics and let the Haqq community learn how to stake and run their own validators on the Haqq network. For that purpose, Haqq public testnet will be launched with Proof of Stake and minting enabled. When the Haqq community finishes evaluating Haqq on testnet and The Haqq Team ensures its stability, minting will be enabled on mainnet as well as Proof of Stake – the validator set won’t be restricted by the ones controlled by the Core Team. This will allow validators and stakers to participate in the Haqq consensus and earn staking rewards.
After minting is enabled and until 100 billion coins are minted, every block produces new ISLM coins and gas fees collected from users. New ISLM coins and gas fees are distributed between validators, delegators and Evergreen DAO:
10% goes to Evergreen DAO.
1% to 5% goes to a block proposer and its delegators.
The remainder is distributed proportionally to all bonded validators and their delegators.
Delegators of bonded validators are rewarded in proportion to the amount of their delegation, relative to the total amount delegated to the validator, including validator self-delegation. Rewards are distributed to the delegators minus the validator's own commission.
ISLM supply is limited to 100 billion coins. Every Era, which is 2 years, ISLM’s emission rate is reduced by 5%. Emission will stop in 100 years from the first block of the first Era.
During the first Era, 4.33% of coins will be minted, followed by 4.12%, with the 9th Era seeing 2.87%. More than 50% of the total supply will be minted from mainnet launch by the end of the 9th Era, including initial supply. 100% (100 billion ISLM) will be minted at the end of the 50th Era, no more ISLM will be minted after that.
Initial supply: 20 billion. It will be minted in a genesis block and will be distributed on the day of network launch with the following structure:
2 billion – Evergreen Foundation – according to Century Coinomics.
5.5 billion – Partners: boards, initial supporters, promoters and market makers.
4 billion – Initial Private Sale. These coins will be sold to qualified private investors.
5.5 billion – Business reserve and ecosystem development fund. These coins will be used for public distributions, operational costs, business development, grants and other ecosystem-focused activities.
3 billion – Founders Reward.
Coins dedicated for the Evergreen DAO will be locked until it is fully developed, tested and deployed on mainnet.
Founders Reward allocation minus 0.01 ISLM will be deposited on a Vesting Smart Contract on network launch. 0.01 ISLM subtracted from Founders Reward will be used for the payment of transaction distribution fees after launch.
Vesting Smart Contract transfers 1/24th of deposit immediately on deposit creation, while the rest becomes available for claiming by portions of 1/24th every 30 days.
The Initial Private Sale and Partners allocations won't be locked on network launch, because they have to be distributed between the Private Sale buyers and Partners during the first few weeks after network launch. However, each buyer and Partner will still have their coins vested, based on the vesting schedule that applies to the Founders.
