OneGram is a new cryptocurrency backed by gold, sharia-compliant and adapted for the Islamic Financial Markets. OneGram the world’s first Sharia-compliant, gold-backed digital currency, today announced details for its OGC token crowdsale which will begin at the onset of Ramadan, 2017 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, of which will be allocated to long-term business development (5%), marketing costs (1.5%), operational costs (1.5%), salaries (2%).
Also, once the cryptocurrency is deployed on the blockchain, there will be a 1% transaction fee. 70 percent of transaction fees are 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 (staking). Sharia compliance is a key differentiator for the OGC token, the founders of OGC developed a breakthrough asset class and engineered the solution so it would fit within the parameters of shariah law. OGC is being hailed by the Islamic finance world as a game changer and potentially can change the face of Islamic digital finance.