HomeCryptocurrencyThe First Recovery Wallet in the World, a Halal Only Crypto Wallet, a Voting System for the Community, and Much More Features and Services Unfold with the Launch of ISLAMIwallet – CoinCheckup Blog
The First Recovery Wallet in the World, a Halal Only Crypto Wallet, a Voting System for the Community, and Much More Features and Services Unfold with the Launch of ISLAMIwallet – CoinCheckup Blog
August 15, 2022
ISLAMICOIN, one of the leading projects in the world of cryptocurrency and Islamic finance, announced the launch of the first Halal only crypto wallet with special features under the name of “ISLAMIwallet”.
This much-anticipated crypto wallet was released after experiments and tests to ensure the safety and functionality of what is considered the second largest project on ISLAMICOIN roadmap promising more innovations and developments in the long term.
So what is ISLAMIwallet?
According to the developers, ISLAMIwallet is a crypto wallet that intends to work by Shariah laws and regulations. You can send, receive and store ISLAMICOIN, Bitcoin, and other Halal cryptocurrencies including NFTs.
Using ISLAMIwallet mobile app will provide you with maximum security and safety as per the latest technologies. However, you will always have to keep your secret phrase away from foreign hands, and that also includes your email. ISLAMIwallet will prevent adding any custom token, but users can request adding of an unlisted token if it is classified as a Halal project.
ISLAMIwallet will start with version Zero (0) because counting start from Zero and the first index is always Zero (0). Adding to that, ISLAMIwallet will be the holder of all projects that are powered by ISLAMICOIN. Users will have one place to explore all projects and benefit from all the utilities that will be supported in the application.
When it comes to special features and services, ISLAMIwallet has a long list, currently, two of the most requested services will be provided; one of them, The Recovery Wallet is a service exclusive to ISLAMIwallet, and does not exist in any other wallet in the world.
In detail, this service will have an optional feature that will ask the user if he would like to add a recovery wallet when locking his/her tokens. This feature will be available first for ISLAMI tokens and will support later all halal tokens on Polygon POS chain. The recovery wallet can be for a family member or a friend. Investors should lock their tokens in a special smart contract in order to benefit from this feature. Users can benefit from the recovery wallet in the event of losing their wallet or the key phrase, in this case, the recovery wallet will be able to withdraw the tokens after the period of locking time has passed.
Another possibility to benefit is if the user’s wallet is hacked, then he will have the option to do an emergency withdrawal to his/her recovery wallet.
And finally, if the user passed away, then the recovery wallet holder can claim the locked amount, taking into consideration that the duration of the locking has ended. Noting that the fees of recovery wallet claiming and emergency withdrawal will be paid in ISLAMI.
Another service will also be featured in this version Zero, where the developers introduced a special voting system that will allow investors who lock their tokens for more than 30 days to vote on specific decisions and projects that will be applied by ISLAMICOIN. Voters can vote without paying any extra fees, the service is totally free. Investors have the option to donate to Bayt Al-Mal, also an ISLAMICOIN project for charity work, while voting.
Additional services include but are not limited to, direct access to Crypto Halal utility with the ability to subscribe using ISLAMICOIN and benefiting from a special discount, P2P Trading, Zakat calculator depending on balance and transactions (This feature will be audited by certified zakat offices). Users will have the option to pay zakat directly to any certified entity.
ISLAMIwallet will develop an ecosystem that will manage and control zakat distribution and show all balances and transactions done on the Zakat smart contract. At a later stage, the door will be open for any certified zakat collector entity to register their wallets to the ecosystem and receive payments directly to their vault in ISLAMIwallet.
An NFT marketplace will allow users to upload their NFTs and sell them after being approved to be compliant with Shariah. Users will sell their NFTs using ISLAMICOIN as a currency, ISLAMIwallet will charge low fees on this feature in order to encourage Muslim youth to share their arts and add value to the community.
The services will be provided through updated versions of the application, it is worth mentioning that ISLAMICOIN team had taken into consideration the community’s expectations and demands when developing ISLAMIwallet.
ISLAMICOIN founder Eng. Jaafar Krayem stated that “ISLAMIwallet project was achieved according to the roadmap in the third quarter of the year, ISLAMIwallet, with its first version, will provide several advantages to its users, starting with being a digital wallet on blockchain, in addition to being a base for the rest of the ISLAMICOIN projects”. He also thanked ISLAMICOIN team who participated in the completion of this work, as well as MetaIdentity, which specializes in providing blockchain services, and GoSmart Solutions, which worked on the interface and design of ISLAMIwallet.
ISLAMICOIN team is keeping their promises so far and working according to their roadmap which can be found on their website: www.islamicoin.finance.