Dubai, June 4, 2018: One year ago, the first “indigenous” Islamic project offering digital tokens which are backed by gold and following the strict Shari’ah principles was launched. Its name is OneGram and within a year it “has changed the digital face of Islamic finance,” as one Muslim scholar said. OneGram is a huge success story and attracted the attention of the whole world. As a revolutionary fintech project it was appreciated by many media including Forbes, which ranked it the 13th among Top 20 Middle East fintech projects. Even though it is based in Dubai, a contemporary gold trading hub which importance still growths, the investors come from 88 countries, many of them from non-Muslim regions.
Now, after a year of ardent development effort of the whole OneGram team and in the middle of Ramadan, the most sacred month of the Muslim calendar, the mainnet is ready to be launched.
As Ibrahim Mohammed, the founder of OneGram said, “The OneGram project is inseparably linked to Ramadan, the most sacred month for Muslims. Together with the start of Ramadan in May last year, the ICO was officially launched and the OneGram project was born.” And as he adds: “Today, I can say with great joy and pride in my heart that after a year of great effort, the development process will be accomplished at the end of this year’s Ramadan and the first One Gram transaction will be executed. The mainnet will be launched and it will be accessible to all users and holders of OneGram coins.”
There is no doubt that OneGram is a very specific, unique, bitcoin non-resilient project paving the way for the completely new comprehension of the initial idea of Satoshi Nakamoto to offer a peer-to-peer electronic cash system. As Ibrahim Mohammed said, “We knew we were going to break new ground. We were bringing together the conventional commodities investment and pairing it with the latest technology in digital currency. We are encasing all this in a 1400 years old jurisprudence.”
There are various inherent features that make this project attractive and exceptional for crypto investors, however five of them are crucial:
01 Gold backed digital asset. Gold is one of the oldest and most stable assets people around the world have been trading with for centuries. It is one of the six basic Islamic means of trading. Its liquidity is very high. Each OneGram coin is backed by one gram of physical gold, so the OG coins have a floor price, which should not fall below the spot price of gold.
02 Sharia compliance. OneGram is the first Shari’ah certified asset for trading that follows the old Islamic civilization rules called Shari’ah. The non-crypto authorities call for strict regulation of the crypto market; OneGram as the first Shari’ah compliant digital asset is inherently regulated by rules imposed on financial operations in the Islamic world, hence no illicit operations are allowed.
03 Growth with every transaction. OneGram is a kind of community asset, which rewards its members for their membership via transaction fees. 2,5% of any transaction fee is for growing a backup reserve of OneGram as a digital asset itself. It means that the level of backup grows with every single transaction and makes OneGram more backed. Hence OneGram is more valuable with each transaction making it a strong asset. This economic motive makes it attractive for the crypto community as well as for the general public.
04 Delegated proof of stake. We prefer social responsibility; hence we have chosen proof of stake blockchain technology that is eco-friendly and saves energy 10-times plus in comparison with proof-of-work protocols. Moreover, it is very fast, the guaranteed transaction time does not exceed 1 min – in reality it takes only seconds to carry out a transaction. Delegates and validators are democratically elected by the community of OneGram stakeholders copying the ancient democracy model.
05 Foundation. OneGram team shows compassion with anybody suffering and it does not matter what kind of suffering it is. Hence 2.5% from any transaction fee (which is 1 percent) is determined as a form of Islamic zakat (alms-giving). Therefore, we have established the OneGram Foundation with the aim to help anybody in need.
All these features make OneGram truly original even outside of Muslim regions. Hence, it comes as no surprise that the number of non-Muslim OneGram investors exceeds the Muslim ones.
With the end of Ramadan, the first transaction validation will be done and the project OneGram will be accomplished. Testing results of the blockchain are impressive, since after 60 million trial transactions carried out in more than 450.000 blocks with 1200 automated test accounts (bots) the average speed of a transaction was 5 seconds. So we can conclude that the whole blockchain is very fast; moreover, it is very stable and reliable. Intervals between particular blocks take 10 seconds. The parameters predestine OneGram to be one of the fastest, properly set, balanced, and secure transaction systems in the world.