What? I can't understand the culture in Sharia. Is this ICO just for Muslims? How to prove the project is funding for good, not the terrorism?
Hi, thank you for your interest in this project. Here is a background on Sharia and Islamic finance from our whitepaper:
Sharia and Islamic FinanceSharia is a set of religious laws derived from the Islamic tradition, in particular, the Quran and Hadith. It includes principles that guide the financial, economic, legal, and domestic affairs of Muslims.
Islamic finance prohibits unjustified enrichment, as well as engaging in transactions with excessive risk or speculation (such as gambling), in order to establish justice and avoid exploitation in business transactions.
Accordingly, Islamic scholars derived 3 key criteria that differentiate Islamic finance from its counterparts:
Prohibiting interest, which is the source of unjustifiable income.
Encouraging profit and loss sharing based on the partners’ capital, risks share and effort.
Prohibiting transactions that are uncertain and excessively speculative.
No, the ICO is not just for Muslims. The OneGram ICO will take place on the GoldGuard gold exchange.
The first step to participate in the ICO is to register with GoldGuard and purchase gold at live spot rates. Then the gold can be redeemed for OGC for a 10% premium. This premium is expected as by purchasing OGC, the investor is not only purchasing an asset that offers the spot value of gold but also the future value of additional gold to be purchased from transaction fees.
The project funding is for good, as outlined in our whitepaper as well:
Giving Back to the CommunityGiving back to the community and setting a good example for others is central to how we do business. We seek to contribute to social and economic progress both globally and locally.
With that in mind, we created the OneGram Foundation (OGF). OGF will take 2.5% of the total transaction fees that OneGram products generate and donate it to local and international charities.
By sharing our success, we aim to bring relief to the lives of the less fortunate.
OGF supports the principles of Islamic sharing and caring. The OneGram community is contributing, through corporate social responsibility, to humanitarian causes.
Link to whitepaper: https://onegram.org/whitepaper/Let us know if you have additional questions!
