A public blockchain company in the UAE has launched an open source blockchain tailored for the global Islamic economy, allowing developers from around the world to contribute to the code as technopreneurs and Islamic financial institutions continue to experiment with distributed ledger technology to advance the Islamic finance industry.
HLC Foundation, the first public blockchain serving the global Islamic economy, has made the HLC Blockchain available to the public through GitHub, opening a pathway to adoption and scale. Employing the Proof-of-Work consensus mechanism and UTXO (Unspent Transaction Output) model as utilized by bitcoin, HLC Blockchain is designed as an avenue to develop Shariah compliant financial products such as blockchain Sukuk, Takaful-based on smart contracts and stable coins as well as blockchain instruments for Waqf and Hajj.
“All of the above are applicable use cases on the HLC public platform which is striving to establish an ecosystem combined with development of the underlying technologies and practical applications,” according to Abdullah Han, the co-founder of HLC Foundation.
IFN Fintech has learned that HLC Foundation is expecting for the open source project to complete by the end of August, with a view of launching the HLC public chain before the 31st December 2019.
The public chain is built on a new distributed ledger, known as Directed Acyclic Graph (DAG).
“This underlying technology guarantees security and decentralization by achieving high throughput. By combining the advanced DAG technology with unique application scenarios, we are able to build across the multilayer payment system within the Islamic economy ecosystem,” explained the company.
HLC’s roadmap includes running a prototype on a testnet, develop an economic design, launch on a mainnet and develop use cases, Abdullah told IFN. The company is also working on a wallet and mining pool for the HLC public chain.