| Blockchain Name | HAQQ Network |
| Blockchain Code | HAQQ |
| Layer | Layer 1 |
| Consensus Mechanism | Tendermint |
| EVM Compatible | Yes |
| EVM Chain ID | 11235 |
| Native Coin Code | ISLM |
| Native Coin Name | Islamic Coin |
| Project Link | https://haqq.network/ |
| Whitepaper | https://haqq.network/wp |
HAQQ is a blockchain platform designed with a focus on ethical finance and compliance with Islamic financial principles. It aims to provide a Sharia-compliant blockchain infrastructure, enabling financial products and services that adhere to Islamic law. Below, we explore HAQQ's consensus mechanism, protocols, and its diverse use cases.
HAQQ operates using the Tendermint consensus mechanism, which is a variant of the Byzantine Fault Tolerant (BFT) consensus algorithm. Tendermint is known for its efficiency and fast finality, making it well-suited for applications requiring high transaction throughput and security. Validators in the HAQQ network are responsible for validating transactions and producing new blocks, ensuring network integrity and performance.
HAQQ’s platform includes various protocols tailored to support Sharia-compliant financial products. These protocols ensure that all transactions and financial activities adhere to Islamic principles, avoiding elements such as interest (riba) and excessive uncertainty (gharar). The platform also supports smart contracts, enabling the development of decentralized applications (dApps) that comply with Islamic financial law.
HAQQ’s infrastructure supports a wide range of use cases in ethical finance. One prominent application is in providing Sharia-compliant investment opportunities. By ensuring that all financial products adhere to Islamic principles, HAQQ allows Muslim investors to participate in blockchain-based finance confidently.
Another significant use case is in Islamic banking services, where HAQQ can support the development of compliant lending, borrowing, and savings products. These services can be tailored to meet the needs of the global Muslim population, offering an alternative to traditional financial systems that may not align with their beliefs.
HAQQ also enables the creation and management of halal supply chains. By recording transactions and product information on the blockchain, HAQQ ensures transparency and traceability, which is crucial for certifying products as halal and maintaining consumer trust.