Akbar Cryptocurrency

Harnessing Faith for Science

Akbar will reward users who simulate medical protein folding on their computers for global scientific progress for Akbar, a Muslim-inspired, shariah-friendly, tradable cryptocurrency. An international financial ecosystem based on Akbar will be created, and users of Akbar can pay for goods and services across the world with our approved merchants and shops.

We believe that a cryptocurrency need to have three characteristics to have widespread adoption by the world: a compelling use case, superb technology, and an identity that users can identify with. What many do not realize is that while a compelling use case and superb technology are rationally beneficial characteristics that will attract users to use, they do not appeal to the emotional and irrational personalities of humans, who respond to feelings and emotions. And what evokes the most feelings and emotions in people? Religious faith.

The first religion we will focus on is Islam. Why Islam? Because its believers are more tightly knitted than other believers, which magnifies the intensity of Metcalfe’s Law - the effect of a telecommunications network is proportional to the square of the number of connected users of the system (n2). This also applies to religious communities, and thus, the Islamic community is stronger is many aspects. Islam also prohibits riba (earning interest from any transaction), maysir (speculation), and gharar (uncertainty of the underlying products traded in any financial transaction). It also requires a link between intrinsic value (exhibited by any of the six materials prescribed by the Quran as currency: gold, silver, dates, barley, salt, wheat) and any currency.

We aim to work with Stanford University’s Folding@Home initiative, which outsources the university’s protein folding research to external parties. Users use a software program which is downloaded onto their computers and that would digest numbers and send the results back to Folding@Home’s central database. Akbar’s miners have the chance to work on their own protein folding simulation projects. Proteins exist in our bodies. When they misfold, cancers and illnesses will occur.

Akbar is thus a shariah-friendly cryptocurrency which rewards miners for using their computers to research on solutions to medical problems caused by misfolded proteins. It harnesses faith for science.

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We will

0. We will serve them by granting them a means to generate scientific solutions to medical problems under the aegis of their religion. It also promote goodwill for Islam.

I believe there will be at least 50 people which consists of blockchain developers, UX / UI programmers, sales and marketing personnel, business development managers, legal and compliance lawyers, communicators, and community managers, product designers, data engineers, finance managers, security engineers, operations managers, and software engineers.  They will feel the full force of the solutions that the protein simulations come up with.

We have connections with: 

1. Ismailis of Canada

2. Muslims of Malaysia and Singapore

3. Venture capitalists who are experts in cryptocurrencies and blockchain

Affiliate Incentive Model. This is similarly to Amazon’s business model, which focuses on maximizing revenue instead of profit. Akbar will acquire merchants, users, and miners by giving rebates on purchases made with Akbar, discounts for buyers who pay with Akbar, and bonuses for early miners with lots of computing power. Rapid expansion of Akbar’s financial payment ecosystem is motivated by Metcalfe's Law, which states the effect of a telecommunications network is proportional to the square of the number of connected users of the system (n2). More users and miners and merchants = higher network effect. Thus, Akbar requires high cash burn to fulfil Metcalfe’s Law, so that Akbar can acquire more customers rapidly. The more people who use Akbar, the more the value of Akbar will increase. We will harvest data from user like Facebook does, and we can market goods and services to them.

I believe that Solve will advance my cause as it is affiliated to MIT and it has so many connections with people around the world. Solve can connect me with prominent personalities and academics and provide more knowledge and improvements to Akbar. I believe the media attention on MIT and Solve can rub off on Akbar, and we can ride on it to promote our mission. Lastly, because of the endorsement of MIT and Solve, we can make our global mission easier. 

I believe that our cause requires a) an excellent payment system built on Akbar coin, and b) cybersecurity blockchain development. For the former, we may need ecommerce and payment specialists, and cybersecurity specialists. Akbar may be declared as haram by Islamic authorities (we will attempt to connect with Islamic scholars who will endorse Akbar, and MIT may connect us with prominent Muslim scholars), Akbar may be blocked by Islamic governments, but it will be hard to block blockchain transactions.