A new Islamic cryptocurrency, E-Dinar Coin, was released on August 15. E-Dinar Coin states that 7% of its financial assets will be spent on charity. The system has won foundation that supports ecological projects in Asia. This approach reminds a Zakat (giving charity to the poor) part of the Sharia law. The E-Dinar Coin cryptocurrency most likely has a wide horizons in the modern world.
Allcoinsnews reports: E-Dinar international p2p exchange platform has announced the launch of its new E-Dinar Coin cryptocurrency following a community analysis of the cryptocurrency market which studied the successful cases along with the drawbacks of existing projects. E-Dinar Coin works with proof-of-stake technology.
Proof-of-stake is a method of the cryptocurrency protection based on the need of the proof of keeping a certain amount of funds in the account. When using this method the cryptocurrency algorithm is more likely to choose an account with a larger amount of funds for the confirmation of another block in the chain. Using the E-Dinar Coin algorithm the performance of the transaction must be confirmed ten times; each of the computers, confirming the transaction, receives remuneration that is calculated using the age and number of the coins that are stored in the user’s account and interest rate (up to 0.65% per day).
E-Dinar stated it chose proof-of-stake partly as it does not require any costs for saving energy and storing a huge database and mining farms, but also because it has a strong resistance to attacks and there is no choice of hashes for mining.
Some key features of E-Dinar Coin include:
Mining prestart: August 15, 2016
Fee for transfers between wallets: EDR 0,1
Block Time: ~ 5 sec
Number of coins (max.): 999.000.000.000.000 (999 trillion) – to be released within 33 years
Pre-mining total number of coins: 2.500.000.000 (2.5 billion)
Hashing Type: X11
Besides developing and promoting of blockchain technology, E-Dinar also supports financial independence from the central and commercial banks and other financial institutions and general freedom from international and national control
E-Dinar Coin is also introducing measures to fight air and water pollution, deforestation investing part of its income in the development of new urban projects that are aimed at providing cities with clean water and fresh air as well as at reducing the heat island effect in urban areas, the level of pollution and climate change in general on the planet.