The ISLM token

The Islamic Coin (ISLM) is the native currency of Haqq Network. It is used for paying transaction fees, governance and staking.

Transaction Fees

Transaction fees are paid by any user to post a transaction on the chain. The fee amount is determined by the computation and storage costs of the transaction. Minimum gas costs are determined by the proposer of a block in which the transaction is included.

Governance

Governance is the critical component of how HAQQ Network evolves. Active stakeholders of the network will be responsible for proposing, voting, and passing network upgrades.

Staking

Staking is the process of locking ISLM coins by bonding them to validators. Validators maintain the HAQQ Network. By bonding coins, ISLM holders delegate voting power to validators and become delegators, which gives them the right to earn rewards and participate in governance.

Other Fees

The ISLM token is required as fees for several tasks on chain to prevent spam and encourage considered usage of features.