The cryptocurrency market has developed irregularly and unpredictably over the course of its short lifetime. Since the release of Bitcoin to the public in January 2009, more than 2129 cryptocurrencies have been issued. Only a few of them have performed successfully. Examination of this sector is both infrequent and limited. The plurality of researchers focusing on cryptocurrencies concentrate on Bitcoin in particular rather than on other cryptocurrencies and digital coins, the technological progression of the field, and relevant government regulation. Part of this could be attributed to the unique and mysterious reputation of Bitcoin founder Satoshi Nakamoto. The true identity of Nakamoto remains unknown, although it may be exposed soon by John McAfee, the founder of McAfee.
This new industry has attracted interest in the world of Islamic finance. So far three cryptocurrencies with Shariah-compliant principles have been launched. In March 2018, HalalChain was introduced by the CEO of HalalChain in Japan. HalalChain (HLC) is a cryptocurrency token which is based on the global Halal food industry and operates on the Ethereum platform. It has a market capitalization of 5,621,347 USD and it is ranked 423 out of 2129 cryptocurrencies, according to CoinMarketCap.com.
The second cryptocurrency of note is DubaiCoin (DBIX). DubaiCoin is a cryptocurrency that was founded by a multinational group in February 2016 and is based on open-source technology such as smart contracts and other developing applications. DubaiCoin can be generated by users through the process of mining. It is been traded in the market and has a capitalization of 1,384,192 USD. It holds a ranking of 753 out of 2129, according to CoinMarketCap.com.
The third cryptocurrency is HelloGold (HGT). HelloGold is a cryptocurrency token initiated in 2015 by Malaysian co-founders that is based on a mobile application that allows for gold trading. HelloGold operates on the Ethereum platform and has a market capitalization of 212,543 USD. It holds a 1432 ranking out of 2129, according to CoinMarketCap.com.
The cryptocurrency industry is expanding significantly, and the number of coins that are circulated is increasing as well. Although the industry owes its existence to the pioneering Bitcoin, it is possible that Bitcoin will not lead the industry in the long run. The cryptocurrency industry has displayed creativity in implementing new solutions and developing new digital coins. Some of these coins are related to financial ethics and Shariah-compliant principles. Other Shariah-compliant cryptocurrencies that are expected to be traded in the future include RAIN, which is based in Bahrain, NoorCoin, which is based on Singapore, and OneGram, which based in the UAE.
