The cryptocurrency market is not fully regulated, especially when we consider the proliferation of decentralized trading platforms. Thus, it becomes difficult to pinpoint the reliability of the trading platform knowing that it could be operating a smokescreen of decentralization when it is not.
There is a need to uphold trust and transparency in transactions in the cryptocurrency industry. A project called Marhaba is looking to restore ethics and dignity to the cryptocurrency industry. I think that this is a great venture and I shared my perspective on this project in this article.
The team behind the Marhaba project took the time to explore some of the factors that led to the global financial challenge sometime around 2008. It discovered that financial recklessness and the inability to be morally inclined when making financial decisions were some of the reasons for the global economic meltdown.
Now, the team figured out that if the financial ecosystem is transparent and modeled in a way that the interests of the end-user are covered; the industry could flourish more than it has.
Taking it further, the Marhaba team sought creative ways to deploy the proposed solutions in the cryptocurrency market, which is one of the most thriving financial markets today.
The same scenario as in the traditional financial ecosystem also rears its ugly head here. To that end, Marhaba has opted to make the goal of this project to be an ethically-backed project that upholds transparent cryptocurrency transactions.
Solving the Problem by Taking Away Interests on Loans
The first major move of this project is the removal of interests on loans. This is opposed to the traditional financial system that requires borrowers to pay certain percentages as interest on the loans taken.
On the contrary, Marhaba did away with interests because this is one of the primary ways to encourage financial inclusion. Considering that many borrowers may not have access to credit because of the (high) interest rates, the removal can go a long way to encourage these persons to take loans for their business expansion.
Marhaba has also developed a trading terminal called DeXregator. This is designed to be a “single point of entry to scan and swap tokens in the fragmented cryptoverse.” With this terminal, users of the Marhaba platform would be able to swap or exchange their tokens with another.
The DeXregator platform has also been equipped with functionalities to mitigate front-running attacks, reduce transaction fees and minimize the slippage rate of decentralized transactions.
Sahal Wallet: Cryptocurrency Wallet for Cross-Chain Transactions
Have you always wanted to transfer crypto tokens from one wallet to another across different blockchain networks? It may not have been possible with other digital wallets, but the Sahal Wallet from Marhaba handles that with ease.
Through this wallet, Marhaba users can perform cryptocurrency transactions across multiple blockchain networks. The wallet can also be used for filtering specific digital assets, such as those that attract interest on transactions, relate to pornography, or are linked to gambling.
Marhaba is a great project that has a solid use case that can introduce new mechanisms to the cryptocurrency market. The Shariah undertone can also go a long way to bolster a truly decentralized and interest-free digital asset economy.
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Authored by Ericks1