By now, almost anyone heard about crypto. Usually, what may come to your mind is Bitcoin since it is the first and most popular cryptocurrency. 

Before we jump into the crypto world, you will need to understand Web1, Web2, and Web3. 

If you want it or not, Web3 is already here. Learn it or leave it at your own risk. Below is a short explanation:

Web 1.0 is the “read-only”
Web 2.0 is the “read & write”
Web 3.0 is the “read, write & trust”

As you can see World Wide Web 1.0 started as just simple web pages containing text and images linking to each other. 

Later on, Web 2.0 was introduced where users can interact with each other. Think of social media sites such as YouTube, Facebook, Instagram, etc.

Web 3.0 started in the middle of the financial crisis of 2008. A person or a group under the name “Satoshi Nakamoto” launched the first blockchain and Bitcoin – the very first cryptocurrency.

Here are some reasons why Satoshi Nakamoto may created Bitcoin:

1. Decentralization: Nakamoto was concerned about the centralized nature of traditional financial systems, where banks and governments have control over currency issuance and transactions. Bitcoin was designed to be decentralized, operating on a peer-to-peer network without the need for intermediaries like banks.
   
   
2. Financial Freedom: Nakamoto aimed to empower individuals by providing them with a financial system that operated independently of government control or manipulation. With Bitcoin, users have greater control over their funds and can transact with anyone, anywhere in the world, without restrictions.
   
   
3. Security: Bitcoin’s underlying technology, blockchain, offers a high level of security and transparency. Transactions are cryptographically secured and recorded on a public ledger, making it extremely difficult for unauthorized parties to tamper with or alter transaction data.

Whether you support these ideas or not, Web3, blockchains, and cryptocurrencies are here to stay. 

One of the challenges has been adoption. However, in 2023, the crypto wallet holders increased by 23% to over 500 million users.  

Now over 6% of the world’s population have crypto wallets. It is a matter of time before we all get comfortable with web3. 

Muslims were the front runners not only in the spiritual realm but also in science and technology from the 7th to 15th century known as the Islamic Golden Age. 

Unfortunately, we as Ummah – the super nation that transcended race and borders have been “asleep” in the last few hundred years. 

Once in a while, there comes a new technology that disrupts the status quo. We believe Web3 and blockchain are such technology. 

There are over 2 billion Muslims alive today and over 800 million Muslims are un-banked. 

We not only want to welcome and help these 800 Million Muslim brothers and sisters but also unite the whole Ummah so we are stronger together. 

This is why we built the HAQQ blockchain. This is why we created Deenar Gold. 

We hope you join us on this journey, insha’Allah.  

Instead of giving a typical technical explanation, let us share an example with you that will explain blockchain better, hopefully.

The concept of chains is not new to Islam. We as Muslims believe that our holy book – the Quran is the literal word of Allah SWT. Have you ever thought of how it has been preserved over 14 centuries?

Have you heard the term “Ijazah” of the Quran? In this context, if someone has an ijazah it means this person got the “permission” to recite the Quran from their teacher who in turn got “permission” from their teacher. This list goes on. This chain goes upward to the Prophet Muhammad SAW then to Jibreel AS then to Allah SWT. This way, the Quran is passed down accurately from one person to another, keeping its beautiful words alive for generations to come.

Even if all physical copies of the Quran were destroyed today, we can restore it from the memories of millions of hafiz al Quran – those who memorized all of the Quran by heart. 

Just like how the Quran has been preserved over centuries through the collective efforts of millions of memorizers (hafiz – preservers), blockchain preserves data by decentralizing it across a network of computers, making it nearly impossible to alter or tamper with.

So, just as the Quran has remained unchanged and accessible to Muslims worldwide, blockchain ensures the integrity and security of digital information for everyone.

Cryptocurrencies
Imagine you have a special kind of money that you can’t touch or see, but you can use it to buy things online or send to friends far away. That’s what cryptocurrency is like—it’s secure digital money that’s stored on computers secured by blockchain instead of in your pocket.

Bitcoin, Ethereum, and IslamicCoin are some examples.

Stablecoins
Now, some cryptocurrencies can change in value a lot, which can be risky and unstable. But then, there are special ones called stablecoins.

These coins are designed to always stay the same value, like having a special lock on your money box that keeps it from changing.

So, when you use stablecoins, you know that your money won’t lose its value.

USDC, USDT, and Deenar Gold are some stablecoins. 

Both USDC and USDT are backed by $1 in a bank account. 

Each Deenar Gold token is backed by 1 gram of physical gold in a vault. 

Please, watch the video that will cover all you need to know about crypto wallets:

https://deenar.com/lesson-5-2-understanding-crypto-wallets-and-their-types-hot-and-cold/

You can get your HAQQ wallet free here:

https://haqq.network/wallet

• $0 transaction fees*
• $0 custody fee
• $0 storage fee
• Deenar Gold is built on the HAQQ blockchain. You pay only gas fees which is $.00001 per transaction regardless of the amount. 

• Proof of reserved

…

Yes. Here is how: 

Absolutely. There are mainly 2 ways:

1. You can exchange your DEEN token for USDC or any other cryptocurrency on exchanges
2. You can also exchange your DEEN for a physical gold. Fees and terms may apply. Check it out here.