Launching iGold project: Full speech and details by Eng.Jaafar Krayem, ISLAMICOIN founder
Dear ISLAMICOIN community
We proudly present to you the iGold project, whose first phase of development was completed by the ISLAMICOIN team. As banks around the world continue to collapse periodically, gold remains the safest investment for savings, with electronic gold being even safer than physical gold storage.
iGold is a digital asset backed by physical gold, designed to achieve security, stability, and gold value in blockchain. Each unit of iGold equals 0.1 grams of 24-carat gold.
Our goal is to provide a smooth, secure, and transparent experience for anyone interested in buying, selling, or holding digital gold. iGold is Sharia-compliant, meaning that it is designed to comply with Islamic financial principles.
iGold has many advantages, which we will not all discuss today to leave room for project development. However, the most important ones include the ability of iGold holders to use the service of locking iGold in ISLAMIwallet and use the Emergency Withdraw feature in emergency cases, just like the case of ISLAMICOIN, USDT, and USDC on the Polygon network. This allows you to retrieve your gold safely in case of phone loss or wallet theft.
iGold is an opportunity for low-income individuals to accumulate gold with small amounts and exchange it for actual ounces when purchasing a quantity of iGold that equals the weight of a gold ounce, which is 31.1034768 grams or 311.034768 iGold.
iGold will be a means of ensuring loans in the upcoming Islamic Loan project in this summer, within the ISLAMIwallet.
The iGold smart contract has been meticulously designed using Solidity language on the Polygon blockchain. We have implemented many important components in the contract, including OpenZeppelin libraries, oracle gold price in Chainlink and our custom NFT contract to encode the gold ounce. Additionally, the iGold contract has been audited by Solid proof, a well-known German smart contract auditing company. This provides an additional layer of security and assurance to users, as the audit verifies that the contract code is free of errors and vulnerabilities.
One of the key features of the iGold contract is its ability to facilitate seamless trading between iGold tokens and USDT tokens. By utilizing an innovative price monitoring mechanism, we ensure accurate and up-to-date pricing information for all transactions.
We have implemented a gold reserve system that maintains a direct relationship between the supply of iGold coins and the physical gold held in reserve, overseen by the Crypto Halal office. This ensures that the value of iGold tokens is always backed by a corresponding amount of actual gold. The physical gold is currently stored in Beirut, and will later be held by a specialized entity in Dubai, which will be announced in due course.
iGold tokens can also be easily redeemed for an equivalent amount of physical gold, allowing users to take possession of their gold assets whenever they choose. By integrating NFT contracts with iGold, users can encode their gold holdings and transfer ownership through unique NFT tokens, each representing one ounce of 24-carat gold. This provides an additional layer of flexibility and benefit to the iGold ecosystem.
Delivery of actual gold ounces will be available in Lebanon, the United Arab Emirates, France, and Switzerland, subject to special arrangements, with delivery fees determined by country and delivery date.
Finally, as a token operating within the ISLAMICOIN community, iGold includes a fee system that uses the ISLAMI currency. One percent of the USDT purchase value is fully burned and paid in ISLAMI currency, helping to create a deflationary environment and promote long-term sustainability.
The trading of iGold will start on May 1st, 2023, exclusively on ISLAMIwallet without any intermediary platform, to avoid the bankruptcy of platforms.
You store your money in gold, which is safer than the dollar.
You store your money electronically, which is safer than banks, especially with the recovert wallet feature in ISLAMIwallet.
You trade on the decentralized ISLAMIdex platform via ISLAMIwallet, which is safer than centralized platforms and will not be subject to hacks and other security issues.
With iGold, you are the only one who controls your assets of gold and can manage them as you please without any authority from anyone.
You can sell them whenever you want, at any time, according to global market prices or request to physically receive them in one of the previously mentioned countries.
In summary, iGold represents an innovative and secure digital gold solution for the Islamic community. By leveraging blockchain technology, we look forward to seeing the iGgold ecosystem grow and thrive as we continue to build a brighter future for the Islamic community.
Holders of iGold currency will be able to offer gifts for weddings, new births, or any special occasion using iGold currency, to avoid losing the value of gold in case of selling it.
iGold gifts will be better than crafted gold gifts, as they retain their value. In the near future, investors will be allowed to participate in owning and selling gold through iGold in accordance with specific terms and conditions that will be determined later.
We will work step by step and consistently to make iGold the largest decentralized gold market in the world, and all buying and selling fees will be paid in ISLAMICOIN and burned to support their value and expand their usage areas.
Thank you for your continuous support, and may peace, mercy, and blessings of Allah be upon you.
Invest in iGold, invest in the future of Gold!