Bringing the blockchain to Islamic finance.

[semaforo]

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.

[1713953392]

1713953392

[dishku]

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. 

[semaforo]

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.

[semaforo]

[MercuryProtocol]

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

[Captenfrog]

It is specific platform only for muslim?

[bitrain]

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.

[semaforo]

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.
      

[semaforo]

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?

[semaforo]

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.

[Ardhi]

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]

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!

[semaforo]

*UPDATE*


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

[bozton]

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.

[bitrain]

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

[semaforo]

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

   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?

[spinnycat]

Anyone else watching the market live? BTC last 15 mins

[kutangterbang]

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]

UPDATE

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

[eye4bd]

Hi
Fascinating debates
going on! I'm really impressed with community interest
about initial concept of UMMATI. And of course your story for building
something. All the best!
My first contribution for make sure
the image get visible!

Thanks!