What is Deenar Gold (DEEN)? Sharia-Based Gold Stablecoin

Bittime - In today's economy, financial stability and ethical integrity are of paramount importance. Even though financial technology like crypto continues to develop, stability remains difficult to achieve. 

Price fluctuations, unpredictable markets and regulatory concerns make it difficult for users to find reliable digital assets, especially for the more than 800 million Muslims worldwide who are looking for alternative investments. 

This is where Deenar comes in, a fully Sharia-compliant and gold-backed digital stablecoin, designed specifically to meet these challenges and offer new stability and security.

The First Gold Token in the Cosmos Ecosystem

The launch of Deenar marks a significant milestone as the first gold-backed stablecoin in the Cosmos ecosystem. 

This is a major step towards HAQQ's goal of integrating real world assets (RWA) into the Cosmos application chain ecosystem, bringing real utility to the growing Cosmos ecosystem. 

The introduction of Deenar bridges traditional gold assets with advanced blockchain technology, offering unmatched value to users and projects within the Cosmos network.

Read also: Get to know the Goldfinch Coin (GFI) and its Tokenomics

Deen and Dinar: A Combination of Tradition and Modernity

Deen represents the Muslim way of life, which is rooted in the values ​​of unity, tolerance and critical thinking. In Islamic civilization, the dinar historically symbolized a gold coin, as a true store of value. 

These concepts combine to create Deenar, the digital embodiment of Islamic values ​​and financial prudence.

Islam is the fastest growing religion; Despite this, more than 800 million Muslims remain without access to banking services, especially in Asia and Africa. 

Many avoid traditional banks because these institutions often engage in activities deemed incompatible with Islamic principles, such as usury, leaving millions of people without access to essential financial services. 

The deenar was designed to meet this ever-increasing demand, allowing Muslims to practice their religion while producing dinars without sacrificing their values.

How Does Deenar Work?

Deenar is issued by Fiduciary Standard, a regulated and licensed stablecoin issuer located in Switzerland. It is a digital asset where one token represents one gram of gold held with a trusted custodian. 

Whoever owns Deenar, owns the underlying gold held under Brink's custody.

Deenar's value follows the real-time market price of gold. Deenar is built on the ERC-20 protocol on the HAQQ Network blockchain, making it compatible with all HAQQ and Ethereum wallets that accept ERC-20 tokens. 

Thanks to the features of the HAQQ Network, DEEN also has representation in the form of Cosmos IBC tokens which can be transferred via IBC to other Cosmos networks.

Deenar operates based on rules and is fully automated, distributed between interchangeable actors. 

All transactions operate according to smart contract rules on the HAQQ blockchain, eliminating human error and ensuring the system operates as programmed. 

Deenar is available 24/7 to facilitate settlement on various assets, meaning Deenar can be bought/sold at any time and transferred anywhere.

We have obtained fatwa approval for the $DEEN token and continue to work closely with our Sharia Scholars to ensure that all aspects of Deenar are Sharia compliant.

Tokenomics $DEEN

$DEEN has a total supply of 12,000 tokens. The price of 1 $DEEN is equivalent to 1 gram of physical gold. 

Each $DEEN token represents 1 gram of SAM Precious Metal gold with a purity of 999.9 stored in a vault guarded by Brinks and can be broken down to six decimal places (for example, increments as small as 0.000001 gram).

DEEN tokens are created and destroyed by Fiduciary Standard as needed. The minimum purchase amount on the Deenar platform is 1 DEEN, plus a manufacturing fee depending on the size, which is posted on the Deenar website.

To purchase DEEN, sell the underlying gold, or redeem the underlying gold, users must complete an identity verification process, agree to certain terms and conditions for DEEN, and meet the applicable minimum purchase or redemption amount.

DEEN holders can redeem their tokens for the associated physical gold. They must hold tokens that correspond to the volume of gold bullion they wish to buy back. 

It is possible to define a line of gold bars separately. Holders must order more than 1 DEEN to redeem their tokens for physical gold bars, depending on the fees posted on the website.

Deenar vs. Traditional Gold

Traditional gold investments have several challenges, including storage costs, accessibility issues, and lack of liquidity. Deenar addresses this problem by digitizing gold, making it easy to access and transfer. 

Unlike traditional gold, which requires physical storage and security, Deenar is stored securely in audited vaults with Brinks, offering the same stability without the associated hassles.

Additionally, Deenar's blockchain-based nature enables seamless transactions, making it easier to use in everyday financial activities. 

Whether for saving, investing or shopping, Deenar provides the benefits of gold without the limitations of traditional gold investments.

A New Breakthrough in Ethical Digital Finance

Along with the adoption and growth of Web3, several gold stablecoins have entered the market, offering various utilities and benefits. 

However, Deenar stands out as the first gold stablecoin to be fully Sharia compliant and introduced on the Cosmos network. 

This is an important milestone in the unification of real-world assets with blockchain, driving more utility for gold stablecoins.

Deenar is not just a stablecoin; it is a representation of timeless values ​​that connect the past with the future. 

By combining the security of gold with blockchain innovation, Deenar cements its position as the top choice for those seeking stability, reliability and ethical compliance in their financial transactions.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

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