IslamicFinance.de

OneGram, a Sharia-compliant, gold-backed digital currency, has raised $461,497.59 so far in its OGC token crowdsale. The crowdsale will run for a total of 120 days, in which OneGram seeks to raise $500 million by selling over 12 million OGC tokens. For participating, investors are required to create an account on GoldGuard and purchase gold there. According to the official release, once the cryptocurrency is deployed on the blockchain, there will be a 1% transaction fee. 70% of transaction fees are reinvested to buy more gold, increasing the amount of gold that backs each token. 25% is used for development and operations, 2.5% is used for charity donations, and 2.5% is used to reward the POS miners. Sharia compliance is a key differentiator for the OGC token, the founders of OGC developed the solution so it would fit within the parameters of shariah law.