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Author Topic: [ANN] Introducing Ummati (UMM) - Bringing the blockchain to Islamic finance.  (Read 2936 times)
semaforo
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September 02, 2017, 04:55:26 PM
 #21

So... What is the application of this project? What are the main problems to solve?


   There is a range of problems that need to be addressed, and the idea is to create a platform that provides the tools to address them while simultaneously fostering the growth of a tight knit community of developers, entrepreneurs, creative workers like designers and writers, to form a unique and vibrant economy/ecosystem.

    Some of these problems include the following:

    -A large number of unbanked people.
  
    -Lack of financing options not involving interest.

    -Lack of Islamic microcredit initiatives in many
     countries.

    -Lack of peer to peer funding options for small scale
      entrepreneurs and investors

    -Costs associated with financing making microloans
     unusustainable- accounting, oversight, risk
     management.

    -Inability to quantify and leverage social capital.

    -Difficulty accessing sound investment advice for
      people who may be saving for the first time,
      particularly in countries with high inflation

    -Lack of mobile accessible platforms for small scale
      investors to access cryptocurrency markets.

    -The question of blockchain scalability.


       Some of the features that could be built on this platform that address these problems would include:
 
   -Islamic contracts formulated as secure and legally binding smart contracts managing crowdfunding, profit sharing, dividends, equity, and increasing liquidity for projects of all sizes.

   -A semi-decentralized trading platform utilizing colored coins to represent various asset classes on the blockchain, allowing greater divisibility and therefore access to small scale investors of both crypto and non-crypto assets and securities.

    -Standard procedures for incentivized financing
    supervision by agents- ie. Blockchain based guidelines
     for various levels of risk accreditation, in standard
     templates, blockchain based recording of the
     performance of financing agents allowing for a
     permanent and immutable review system which gives
     local agents the chance to become 'super project
     assessors' attracting more capital.
 
    -Multisignature escrow services.

    -Social media integration and social investing with multiple language support, so small investors in countries not well integrated in the global financial system can both leverage their social capital to fundraise globally and follow successful investors worldwide to help them make wise investment decisions.

   -Easy tools for integrating networks of local agents who can earn commissions locally by accepting mobile payments and cash as deposits.


   Yes, all of these things can be done with other blockchains. Yes, there are some people starting projects to do similar things in Islamic banking. However, the scaling difficulties being faced by Bitcoin and Ethereum may very well mean we are looking at a multi-blockchain future, where each blockchain represents a community. Hence the name.

     There is no guarantee that we will be able to fill the demand for Islamic banking services utilizing blockchain tech better than similar projects, but we will try, and for religious and social reasons our concept focuses on the needs of those who are most in need- not because it is the most profitable thing to do, but because it is the right thing to do.

       Since I became active in the bitcoin community I have noticed one thing consistently- the biggest determinant of the value and success of a coin is the community that surrounds it. This is why this is envisioned as a project that will emphasize the building of community from the ground up. Islam is the basis of the shared values that will define this community, but it should in no way be limited to Muslims- after all, the vast majority of Islamic values- kindness, compassion, mercy, justice, and truth, are universal to people of all belief systems and philosophies.

    The hope is that we can be part of a future where centralized banks fade from prominence much as the postal service is currently doing, giving way to a future where people have direct ownership over their savings and assets and control over how their wealth is invested- with a broad range of assets that conform to their moral values and beliefs accessible on a single platform.

     All criticism and discussion is very welcome! I will continue posting updates here in sha Allah (God willing)!

   Jazakum Allahu khair (May God give you goodness)!
    

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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semaforo
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September 02, 2017, 05:02:29 PM
 #22

Blockchain and tokens in general already serve the purpose. it's non inflationary by design. we do not need a token specific for the Muslim community.

    It is still in debate if this project requires it's own token or not. We are researching various projects, decentralized exchanges in particular, and weighing the pros and cons of building on an existing blockchain versus forming a new blockchain. If we do form a native blockchain and coin, it would likely be a clone of either LTC, BTC, or ETC with minor modifications.

   Part of the purpose of this thread is to try to make contact with more experienced developers who might be willing to offer advice and/or collaborate. One of the reasons we are hesitant to build on the bitcoin or ethereum blockchains is the issue of scaling. Perhaps more development of sidechain concepts will help to clarify this. We are open to suggestions and discussion.

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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September 02, 2017, 05:08:07 PM
 #23

Is there any registered company behind this Islamic project when you will take this step to register this bank into any Islamic country with totally Islamic laws for this financial system. I think bitcoin is really secure financial system where everyone can take benefit just for investing into this project. 

 
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semaforo
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September 02, 2017, 05:16:50 PM
 #24

Is there any registered company behind this Islamic project when you will take this step to register this bank into any Islamic country with totally Islamic laws for this financial system. I think bitcoin is really secure financial system where everyone can take benefit just for investing into this project.  

   The reason I have moved to Malaysia is to work on this project. Malaysia has a fairly transparent regulatory infrastructure and offers many incentives to fintech startups. Ultimately the technical structure will determine whether this project will be promoted as a corporation or by a non-profit foundation like the Bitcoin foundation.

    The need is identified and we have an ides of how a blockchain can be used to fill this need and achieve efficiency gains and ideally capture market share from traditional banks while also bringing in the unbanked. However, we need to have a better concept of the technical details as well as legal guidance. Generally the Malaysian government is very supportive of any new financial technologies that are going to continue solidifying Kuala Lumpur's position as a global Islamic finance hub poised strategically between the huge markets of east Asia and the Middle East.

   Ideally we would like to have some formal entity established within 18 months. It will probably take at least that long for us to get an alpha up and running.

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
semaforo
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September 03, 2017, 06:54:57 AM
 #25


Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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September 03, 2017, 08:03:42 AM
 #26

Is there somewhere I can contribute my ethereum to? Or does this not even have an ICO yet?
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September 03, 2017, 08:14:45 AM
 #27

It is specific platform only for muslim?
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September 03, 2017, 09:38:14 AM
 #28

Here is the initial list of offers for help who will be first priority for future giveaways/access to pre-ICO proportional to the fair market value of contribution.

auroboros - translation to Indonesian

btcltcdigger - translation to Croatian, block explorer publishing and hosting

 I can do Russian translation.

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Website | BitcoinTalk | Slack | Twitter | LinkedIn | Medium | Facebook | Reddit | Telegram
 
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ICO starts 1st Nov.
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semaforo
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September 03, 2017, 01:38:41 PM
 #29

It is specific platform only for muslim?

     Sorry, this should have been more clear. The platform is intended for everyone- emphasis on making available smart contracts that conform to Islamic financial jurisprudence is a means of creating an environment that will be attractive to people who believe in the principles, many of whom may identify as Muslims.

      This is not about using religion to make a quick buck- however, it doesn't hurt that this is a major hole in the market. We intend to try to compete both on a technical level as well as a social and moral level.
      

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
semaforo
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September 03, 2017, 02:15:32 PM
 #30

Is there somewhere I can contribute my ethereum to? Or does this not even have an ICO yet?

      We were hoping there would be people here willing to volunteer time in exchange for equity/tokens, but there has been little interest so far from engineers, developers, and designers.

      This should be open to anyone who wants to collaborate from day 1, so I would propose a pre-ICO funding round lasting 100 days starting on September 9th with the aim of raising 10 BTC for team building, subcontracting algorithm and smart contract concept development, blockchain research, whitepaper drafting, and branding concept development.

    If pre-ICO is successful, we should aim for a low key ICO launch by February. ICO structure is a matter of discussion, any input is welcome.

        For now, I would suggest 10,000,000 tokens at 1 satoshi each, representing 5% of total equity. I don't thinl this valuation is unreasonable considering that Kevin and I are going to spend at least 3 years on this living with basically no luxury- but that's for the market to decide.

 Thoughts or opinions?

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
semaforo
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September 03, 2017, 02:16:52 PM
 #31

Here is the initial list of offers for help who will be first priority for future giveaways/access to pre-ICO proportional to the fair market value of contribution.

auroboros - translation to Indonesian

btcltcdigger - translation to Croatian, block explorer publishing and hosting

Bitrain - translation to Russian.

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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September 03, 2017, 02:29:11 PM
 #32

this project has a very good concept, and of course very beneficial to the Muslim user, but the basic question that will surely exist is, is this project only for Muslims?

semaforo
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September 03, 2017, 03:28:26 PM
 #33

this project has a very good concept, and of course very beneficial to the Muslim user, but the basic question that will surely exist is, is this project only for Muslims?

        This project is definitely for everyone. The tech and the concept alone are unique right now, but competition may exist in the future. By attempting to secure a niche in the Muslim community, we can protect ourselves against competitors who may try to imitate the concept but may have more funding. Muslims simply want to have investment options where they don't have to worry about funding prostitution, alcohol, interest, gambling and other things that we believe to be harmful.

     The more people who want to follow these guidelines, the better, so by all means, all are welcome!

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
semaforo
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September 03, 2017, 03:35:03 PM
 #34

*UPDATE*


   I modified the title and original post slightly due to the repeated questions about whether the project is only for Muslims.

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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September 03, 2017, 04:12:01 PM
 #35

after reading your concept I am interested in your project with Muslim theme and your project is not just coin but platform, I will follow further information about your project good luck.

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September 08, 2017, 09:25:20 PM
 #36

 No updates for a week ? You might need a community manager and some telegram, slack and forum buzz to be succesfull Wink

◇◇◇◇◇◇◇◇◇◇◇◇◇◇◇
ICO starts 1st Nov.
◇◇◇◇◇◇◇◇◇◇◇◇◇◇◇
 
████████████████████████ PLAYKEY: DECENTRALIZED CLOUD GAMING PLATFORM ████████████████████████
█████████████ Getting lost in the sea of cryptocurrencies? Choose Playkey token! █████████████
Website | BitcoinTalk | Slack | Twitter | LinkedIn | Medium | Facebook | Reddit | Telegram
 
◇◇◇◇◇◇◇◇◇◇◇◇◇◇◇
ICO starts 1st Nov.
◇◇◇◇◇◇◇◇◇◇◇◇◇◇◇
semaforo
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September 15, 2017, 11:54:51 AM
 #37

No updates for a week ? You might need a community manager and some telegram, slack and forum buzz to be succesfull Wink

   Thanks for the advice. I was hoping we would find more people who would be as excited about the idea and would want to collaborate, but so far it's been little interest.

       Right now the question is whether and to what extent to go centralized vs. decentralized. The issue is due to securing patents. It will be easier in the future to do equity fundraising if the patents belong to a corporation, however  this is contrary to the open source spirit of decentralization.

   Any thoughts?

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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September 15, 2017, 12:23:59 PM
 #38

Anyone else watching the market live? Smiley BTC last 15 mins

Be proud Istri, I'm trying Wink

Btc: 16P9EwMg6TZmpPDNUvuViMEZfE9f3fpAbV
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September 15, 2017, 01:47:46 PM
 #39

good project, Muslims always have a very good way of managing finances, and if it's applied in crytocurrency, that would be a very good thing, I'm very interested in this project, I hope this project is successful

semaforo
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September 16, 2017, 05:56:21 PM
 #40

UPDATE

 We have a slack group, anyone interested in collaborating PM me.

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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