July 22, 2021

Discovering the life in the metaverse 11

FAQ

Why should you stake your Islamic Coin?

By staking your IslamicCoin, you get the best of both worlds. You get rewards for contributing to the validation of transactions and upholiding the security of the blockhain, without operating or owning any infrastructure yourself.

What is Islamic Coin?

Islamic Coin is a native currency of Haqq, a community-run network, dedicated to empowering an ethics-first Shariah-compliant financial ecosystem. Islamic Coin has a finite total supply and 10% of each issuance is automatically dedicated for philanthropic purposes. Find out more here. https://islamiccoin.net/‍

What is non-custodial staking?

You leverate the infrastructure of a validator to stake your Islamic Coin on the network. Your IslamicCoin stays in your wallet, so you earn rewards and keep full custody of your cryptocurrency.

What is a blockchain?

A blockchain is a distributed database that is shared across nodes, or moderators, of a computer network. When transactions occur on the blockchain, the information is stored digitally in a way that guarantees the fidelity and security.

What is a proof-of-stake in blockchain?

Proof-of-stake, or PoS, is the process through which more blocks, or information, is added to the blockchain. PoS is completed by “validators” who validate the transactions that occur. The amount they can validate depends upon the amount of tokens they own on that particularly network. Validators get rewarded for validating transactions as their role helps keep the blockchain secure.

What is delegation?

To be a validator, you need a node. Not everyone has the infrastructure to become a node, which can make getting access to rewards from staking difficult. Delegation works around this. In delegation, a delegator will use a validator’s public node infrastructure to access the rewards. Choosing the right validator not only impacts whether your funds are safe, but also the amount of reward you gain for delegating your assets.