Topic: Bringing the blockchain to Islamic finance. - page 2. (Read 3315 times)

   We have been putting quite a bit of work in lately, thanks for your support.

  We are planning on renting an office space next month and be working full time on it.

this is really good news and I am getting more and more interested in following this project and I am also very supportive

Asalam aleikum, thanks for the support. We need all the support we can get. Particularly if we are going to try to launch our own blockchain.

As a Muslim I am very happy to see this. this is my first time looking at religious blockchain. I hope this project will continue to run and will be a successful project in the future.

We were actually debating building the platform on the ethereum blockchain which is still very possible if not probable, but we are concerned about congestion and the real viability of the currently proposed scaling solutions.

  One of the main reasons is some debates within Islamic law, one of the foremost being the need for asset backed currencies.

   Also, we need to provide solutions to the whole banking industry- there are a handful of p2p lending ICO's on the market, but none of them will actually be usable by at least a half billion observant Muslims.

can you please tell me why we need extra specialized projects (Islamic oriented) while we can just help to promote BTC/ETH to Islamic world? I think it's a better option.

  Wir können gerne reden. Ist noch nicht alles übersetzt worden, aber ich kann versuchen jeglicher fragen zu beantworten.

  All of the oppressed people are the focus, but of course the most oppressed take priority. The financial system, particularly the petrodollar arrangement, prop up fiat currency and allow central banks to continue stealing the fruits of hard working people's labor. The more people we can help get out of the fiat system, the less power that system will have to continue the deficit financing of unjust foreign policy.

  Certainly finance is a key element to any kind of change bitcoin and cryptocurrency is poised to radically transform the financial landscape, which why those with the ability and knowledge must be proactive about shaping this transformation for the sake of justice and true peace.

  Thanks very much for your support, check out our blog, facebook, and white paper if you get a chance.

Good projects that can help manage people's finances and can help to add capital to people who want to start their business. But hopefully with the benefits you have gained from this project, you can help the Muslims in the affected Palestinians. Good luck for your project. Cheers

Okay we are going ahead with crowdfunding.

    We made a video to introduce the idea to non-cryptocurrency people. The campaign can be seen at this link


https://www.launchgood.com/project/ummati_platform__a_halal_social_investment_platform#!/

  So good news, Sebastien Jehan of the inventor of Rockchain, a blockchain based privacy dApp, is joining the Ummati team as a senior developer. He has the experience to help us develop our proof of concept.

Also we will be launching a crowdfunding campaign to help pay for
1. An animated explainer video and
2. Proof of concept development

  So we need anyone with a social media account to help us get the word out! Anyone interested?

   I'm not sure I understand quite what it is you mean by repairs.

  If you mean reimbursing investors in case of insolvency, wr can at the least liquidate whatever assets we can and reimburse investors with priority. However, we are living at such a minimal standard and putting our own wealth and savings into this project, and we're willing to continue to develop it indefinitely. Worst case scenario in that regard would be that we would all have to take up full time jobs and work on it on the side.

   Not sure if that answers your question.

What will you do in the case that you need to do some repairs to an investment?

Another update on the website. http://ummati.io

  Any opinions?

https://bitcointalksearch.org/topic/platform-2388527

 I had hope posted a big ANN thread with pictures and fonts would get some more attention, but no replies on it.

  I can only assume the market is so full of garbage that no one is taking the time to actually look at a really good idea.

  We need some bright marketing ideas.

BIG UPDATE!!!!!

  We finally have the website up. It still needs a little work but it gets the job done.

Check it out!

http://ummati.io

Also, I really wanted to ask if anyone has input or advice about ICO structure. This is the tentative plan, anyone have opinions or suggestions?

Pre-Sale

The pre-sale will last one month and will enable participants to participate in the ICO at a 50% discount for a number of coins equivalent to what they purchase in the pre-sale. That means that tokens purchased during the pre-sale will additionally be convertible 1:2 for Ummati ICO tokens. The total number of tokens available in the pre-sale will be 157,000 tokens divided according to percentage of total funds contributed, with a hard cap of $600,000.

  Funds from the pre-sale will be used for producing working prototypes (contract templates and UI, wallets, identifying markers for assets, consensus protocol, reputation algorithm) and for ICO marketing- ie. detailed animated explainer video, website upgrades, media spots, conferences.

 The pre-sale will begin on December 1st, 2017/1439 and will continue for one month. All tokens will be delivered on or before March 1st.


ICO Crowdsale

  The ICO will begin no earlier than three months after and no later than six months after the end of the pre-sale. A total of 1,417,500 tokens will be sold. Each token represents the right to claim one coin from 7.5% of the total supply of coins on the blockchain, which will be premined upon launch of the blockchain. Total supply of coins is capped at 21,000,000.

Each token also represents a percentage of ownership stake in Ummati Platform in perpuity, and entitles the owner to same percentage of total profits.

The ICO will last 30 days. The 1,417,500 will be divided according to the percentage of contribution, with pre-sale participants receiving a 50% bonus on an equivalent number of tokens to what they purchased in the pre-sale. The tokens are divisible to eight decimal places. The sale will have a hard cap of $15,000,000.

Total tokens sold will represent 10% equity in Ummati and this ownership will not be diluted.



Thidly, we want to get the word out. We sincerely believe Ummati is one of the better ideas in the blockchain space, and it's a shame to see so many bad ideas getting so much funding based just on hype. So I think we should set aside something like 3% of the equity for bounties, and some of this should go towards signature campaigns. Anyone interested?

By the way, what's the deal- why are so few people following our blog? We've got really enlightening content that will probably make you money if you take the time to understand it.

medium.com/ummati

  Actually this reminds of some great news that I have not yet shared on this thread. Sheikh Umar Vadillo, a scholar with close to three decades experience researching fiqh al muamalat (jurisprudence of financial transactions) and one of the founders of the global gold dinar movement, has agreed to join the team. This will give us access to a huge network of supporters of currency reform all over the world, and hopefully will add to our credibility as offering a legitimate platform and cryptocurrency for the Muslim community.

  The reason this relates to your statement, @davidjones003, is because one of the core principles of Sheikh Umar's work is the necessity of freedom to transact in the currency of one's choice. This is one of the grounds on which he, along with a number of other Islamic scholars, issued a fatwa (legal ruling) declaring paper money to be haram (illegal). The reason is because in Islam people should be free to transact in whatever currency they choose, and most countries have laws that declare that the only legal currency is the one that is issued by the central bank. Many of Sheikh Umar's lectures and interviews can be seen on youtube,  for example

https://www.youtube.com/watch?v=5xry9gdU9yg

   The addition of Sheikh Umar to the team means that there is going to be even more emphasis in Ummati on the freedom of people to use the currency of their choice, and within the platform users will have the choice to choose a default currency. This currency can be gold, dollars, or even kilos of rice at market price. If people choose to hold their funds in this currency, any trades they do will be conducted using Ummati's native token, but the actual price of the trade will be settled on the spot price of whatever default currency the users are using.

  So in short, anyone concerned about it being imposed on countries can rest assured that the very core of Ummati platform is to try to reduce this kind of financial oppression, and to increase people's prosperity through TRUE free markets, where anyone can buy and sell without paying fees of any kind to governments. Forcing people to use a currency that you control the production of is a form of tax or theft, because you artificially create demand for your currency, then steal the value from it through inflation. In Islam, taxation is based on wealth, so there is no idea of punishing people for being successful by taxing income, or discouraging a vibrant economy by charging fees for people to do business.

As long as it's not covertly imposed on countries