Obligatory Warnings: This is not financial advice, DYOR. This is neither a shill nor some religious fanboy post , just sharing my deep dive on something interesting I came across, which at first glance seemed like a joke.

Dubai is already one of the most crypto friendly country being a safe haven for exchanges & having 0% tax on capital gains from crypto. Today while looking into the rain exchange being approved in UAE, I came across a post about Islamic coin (ISLM), at first I thought it was some joke, like a meme coin or something, like we're gonna have some religious crypto battle with other religion named coins.

Then I discovered that it's actually being launched by the members of ruling family of Dubai. Obviously they have the funds to fund their project, but they have outside funding of over 400 million as well, with 200 million deal in June from Alpha Blue Ocean's ABO digital. (I believe it's a french VC firm).

I went to their website, read the white paper & researched it around the internet and here's my list of red flags (mostly) & green flags:

Red flags:

• I looked into it's white paper, mostly some bullshit about "empowering the Islam followers of the world"
• This is an actual quote from the white paper: "If 3-4% of the Muslim online community will hold Islamic Coin, it will become a bitcoin-scale crypto asset, generating a trillion dollars for its holders, and $100 billion for the Evergreen DAO". This makes it seem that they just wanna excite the investors & only care about making gains.
• The total token supply will be 100 billion (which reminds me of XRP & how heavily dumped it is). The initial supply will be 20 billion. 4.3 billion coins will be minted every in the first two years, from then on out the emissions will be reduced by 5% every two years. This means more than half of the supply (50 billion) will be out there within 18 years. 4.3 Billion tokens potentially being dumped is every two years is not good for price action.
• They have an oracle called "Shariah" for on-chain registry of halal certificates, so any dApp on it must get this approval which is ultimately the decision of the "Shariah board", so basically the royal family controls what goes on there.
• The initial token supply is not great with a lot of tokens going to initial investors & not making it clear how much exactly is gonna be Airdrops:
  • 2 billion – Evergreen Foundation: Charity fund & fund for other web3 projects.
  • 5.5 billion – Partners & initial investors
  • 4 billion – Private Sale
  • 5.5 billion – Business reserve for airdrops, operational costs, grants.
  • 3 billion – For founders (Royal family I guess)
• Obviously a government (ruling family, in this case) launching a token is more about control rather than anything else.

Green flags:

• Their blockchain HAQQ is ethereum codebase compatibility (so devs can build using the same tools as in ethereum) & IBC (Inter-blockchain communication protocol) that allows interoperability with other IBC compliant chains like cosmos & in future, ethereum.
• They've been developing it since 1 year with testnet, then main-net & so far being on point with each milestone.
• The biggest green flag is that the royal family obviously have deep pockets & deep connections. In Q4 2023, they're gonna implement ISLM coin as payment method with 20 major partners in MENA (Middle-east North Africa region), launch a mastercard backed by their coin. They're also gonna launch gold pegged stable coin in cooperation with UAE banks.

Both red & green flag:

• The royal ruling family: This might be just a way to make their pockets even deeper, but then again their pockets are already deep & this could actually be a genuine way for them to compete in the web3 space with every country trying to make their own blockchain. Dumping their own token & egging their face will be bad PR on an international stage, but there could be slow sell offs to potentially make billions.

Token & airdrop

• The airdrop snapshot has already been taken.
• The token hasn't been launched yet. There's another coin with a similar name (IslamiCoin) that has pumped ~300% in the last 10 days, obviously stay away from it.

My thoughts

• It's probably not gonna be a pump & dump for royal family to make their pockets deeper. But there's probably gonna be an initial dump because 50% of initial supply is going to initial investors.
• I think it's more about control, with crypto being embraced by them they wanna steer the public more towards their coin rather than others. They're doing this by making their wallet & mastercard an "easy way" to pay for goods & services and people probably are gonna use it, since most muslims care about goods & services being halal & any merchant that the coin works with will be halal certified.
• They'll probably gonna expand into doing large transactions with their gold pegged stable.
• I'm not gonna be apeing into it, I'm gonna see how it plays out for a few months.

That's all folks!!