OneGram, the Sharia-compliant, gold-backed digital currency, has announced details for its OGC token crowdsale which will begin at the onset of Ramadan, 2017 – sundown on May 25th – and continue for 120 days.
OneGram seeks to raise $500 million by selling more than 12 million OGC tokens. For investors to participate in the crowdsale, they must first create an account on GoldGuard and purchase gold at live spot rates. This purchase includes 10 percent fees, which will be allocated to long-term business development (5%), marketing costs (1.5%), operational costs (1.5%), and salaries (2%). Once the cryptocurrency is deployed on the blockchain, there will be a 1% transaction fee. 70 percent of transaction fees will be reinvested to buy more gold, increasing the amount of gold that backs each token. 25% is used for development & operations, 2.5% is used for charity donations, and 2.5% is used to reward the POS miners.
Ibrahim Mohammed, CEO of OneGram, remarked: “We are very pleased with early support for the OGC token crowdsale from the cryptocurrency and Islamic finance communities. More than 1,000 people have registered for GoldGuard accounts to participate, and the number is growing each day as we prepare to launch our crowdsale in alignment with Ramadan.”
Sharia compliance is a key point for the OGC token, the founders of OGC developed an asset class and engineered the solution so it would fit within the parameters of shariah law.
Gold’s resiliency is hoped to limit exposure to risk for investors. OneGram’s transaction fees will be reinvested to buy more gold, increasing the amount of gold that backs each OGC. As transaction volume increases, more gold will be added to the vault and OneGram investors will share the profit. As such, OneGram will offer increasing value to investors, and give opportunities for Muslims to participate in the digital currency economy.
OneGram is a fully customized, proof-of-stake coin with over six months of development. Spawning from bitcoin, developers further anonymized the blockchain by employing zero-knowledge, dual-key stealth address and ring signature protocol enabling instant, untraceable, unlinkable, trustless transactions.