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The world’s first Shari’ah compliant and gold-backed cryptocurrency OneGram launches in South Africa
OneGram, the first gold-backed and Shari’ah-compliant cryptocurrency, has launched in South Africa. Each coin is backed by one gram of physical gold, to offer an investment vehicle that combines one of the world’s oldest and most stable assets with a digital platform reflective of global demands.
Founded by Dubai-based Ibrahim Mohammed in January 2017, OneGram raised more than $400 million in its Initial Coin Offering (ICO) last year. Each coin is supported by one gram of physical gold. This provides it with a stable floor price as opposed to the volatility of cryptocurrencies like Bitcoin and Ethereum. This gives OneGram its base price, which cannot fall under the spot price of gold.
“Our approach to developing OneGram was to create a bridge between commodities and crypto using physical gold and package it together using innovative blockchain technology. In this way, we are able to give our users the best of both worlds and provide a degree of certainty around the notoriously fickle cryptocurrency market,” says Ibrahim Mohammed.
OneGram uses a proof of stake protocol as opposed to the more commonly used proof of work-based cryptocurrencies. This means the coin cannot be mined through the solving of complex mathematical problems. Instead, its algorithm attributes validation power to the proportion of coins held by an investor.
“Cryptocurrency mining presents a significant environmental risk to the planet as these computers require an immense amount of power to operate. Some analysts estimate that in 2015, the amount of electricity needed for one Bitcoin transaction could power almost two American households for a day,” says Mohammed.
In addition to his more than 15 years’ experience in global business, Mohammed is a IIMSAM Goodwill Ambassador and has been recognised for his humanitarian efforts. And it is with the later in mind that OneGram offers a unique ‘giving back’ feature.
Using a 70 percent portion of the one percent transaction fee, OneGram purchases more gold. This provides its users with a backup reserve continually increasing in value with every transaction made. Additionally, 2.5 percent of the transaction fee goes to the OneGram Foundation, a charitable organisation that is focused on benefiting communities around the world.
This is in keeping with the principles of Islamic Zakat donations, the compulsory giving of a set proportion of one’s wealth to charity. And given how OneGram uses physical gold as its baseline, it removes the speculation typically associated with cryptocurrency, making it compliant with Shari’ah law.
“OneGram presents investors in Africa with a unique way to join the cryptocurrency market with none of the risks typically associated with it. Driven by gold, OneGram is a powerful digital token that combines the world’s most influential asset with the means to embrace digital innovation. Furthermore, we are proud to contribute to charity with every OneGram transaction to make a real difference in the lives of children, families, and others who struggle for survival,” he says.
Such has the popularity of OneGram been, that it has investors from 88 countries around the world, many of them from non-Muslim regions.
“We anticipate the demand from Africa to be significant. Not only is there a willingness in the region to embrace digital innovation but having the ability to help with community development while growing in real-world value thanks to the investment in gold, makes it a unique offering in the cryptocurrency market,” concludes Mohammed.
For more information, visit https://onegram.org.
While this not a paid-for content advertisement, it is based on a submitted press release. Global Crypto does not align itself with any projects or coins, and does not endorse this featured project. The opinions outlined in this article do not necessarily reflect those of Global Crypto.
