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Haqq Network (HAQQ) tests new foundations in the metaverse economy

Years ago, Haqq Network (HAQQ) began exploring the worlds of Web 3 and virtual assets and positioned itself as a pioneer of Sharia-compliant blockchain companies. Now the leading network is testing the metaverse economy... Here's how the Haqq network sees the field.

In recent years, the pace of technological progress has accelerated. From self-driving cars to big data analytics, from generative artificial intelligence to virtual reality, what seems appropriate for a science fiction movie or a tech enthusiast's game is starting to play a serious role in our lives.

Haqq Network (HAQQ) explores the metaverse economy

However, these developments are largely based on the use of personal data. Users' private information, in-app activity, and behavior patterns are tracked, collected, sold, and processed. Although this is necessary for future developments, users often cannot opt ​​out of data collection and are annoyed by targeted advertising. Above all, they have no control over their personal data.

Data is the cornerstone of the economy of the future: the economy of innovators. However, Web2 solutions leverage user data to generate value but offer no rewards in return. One potential solution lies in the metaverse, broadly defined as an interconnected system of decentralized finance, social networks, decentralized applications, and anything else that allows users to maintain sovereignty over their data.

However, it is important to keep in mind that, as always, there is no one-size-fits-all approach. Some cultural and religious communities, such as practicing Muslims, do not require generic solutions but solutions that meet their needs and align with their moral standards and values. Is it possible to build a metaverse economy compatible with... Islamic law In 2024?

How to Make the Metaverse Economy Sharia Compliant

Is the virtual economy consistent with Principles of Islamic Sharia Much depends on its specific design and activities:

First, all transactions and ownership of digital assets in the metaverse must be transparent and verifiable. Otherwise, this would constitute ambiguity, excessive uncertainty, which is prohibited. The lack of real value of virtual assets can also fall under the definition of gharar. Therefore, blockchain-based tokens must either represent a claim to assets in the real world. (Just like Nike did with their NFT sneakers). Or gives its owner a clear advantage in the metaverse.

Second, interest-based transactions such as mortgages and loans should be banned as they are known as usury – which is also an activity prohibited under Islamic law. They can be replaced by alternative financing models such as profit sharing (musharaka) and cost-benefit-based financing (murabaha), which are deployed through the smart contract system.

Finally, all activities that promote or fund gambling, speculation, or content deemed harmful or offensive must be strictly prohibited throughout the Metaverse. It is important to put in place an appropriate governance structure for the platform and adequate community management tools to maintain these ethical standards.

Oracle Sharia (Sharia Oracle): Accurate solution from the right network

However, it is important to maintain a certain degree of decentralization while addressing the issue of compliance with Sharia law in the Metaverse. To test the new foundations of its network, HaqQ implemented a two-step authentication solution: Shariah Oracle. The Sharia Oracle allows the blockchain to retrieve verified external or off-chain information and provides an on-chain record of digital halal certificates – essentially a whitelist.

Each decentralized application (dApp) or smart contract that wishes to be listed in the Haqq Wallet (HAQQ) must undergo approval from the Haqq community. After paying a small processing fee to avoid spam attacks. After that, if smart contract creators want to obtain halal digital certification. The case will be transferred to the AI ​​Compatibility Check procedure, developed in collaboration with SingularityNET. After successful analysis of the code's decision tree algorithm against a dataset of Shariah compliance standards. The smart contract will be reviewed by the Sharia Council.

This multi-step review system reduces human error and maintains community governance. It also protects the entire ecosystem from spam attacks and technical errors in the code. The most important thing is that Oracle Sharia Creates a consistent and transparent way to ensure Shariah compliance. Registration does not reduce users' possibilities: transactions can still be carried out with an external contract. However, the customer will receive a warning message informing them of the potential risks.

The future of technology lies in meeting the needs of society

The Oracle Canon Haqq Network (HAQQ) is just one example of applying innovation to meet the needs of a specific community. The Sharia-compliant economy in Metaverse emphasizes that the future of technology as a whole lies in respecting the cultural, ethical, and religious standards of its users, helping to create a more sustainable development path.

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