With new platforms emerging to address specific needs, the crypto industry is regarded as a fast-rising landscape in the financial ecosystem. Sidra Chain stands out among these as a decentralized network tailored for Shariah-compliant financial transactions.
What is Sidra Chain?
Sidra Chain is a Proof-of-Work (PoW) blockchain forked from Ethereum, designed to facilitate fast, transparent, and low-cost financial transactions that adhere to Islamic law, or Shariah. Unlike traditional banking systems that rely on intermediaries, Sidra Chain enables peer-to-peer exchanges recorded on a public ledger. The platform targets a global audience seeking Shariah-aligned financial solutions. Moreover, as of July 2024, Sidra Chain has over 780 million Sidra Coins (SDA) in circulation and a mobile app launched.
Traditional Blockchain: The Baseline
Traditional blockchains like Bitcoin and Ethereum set the standard for decentralized technology. Bitcoin, launched in 2009, introduced a trustless system for peer-to-peer payments using PoW consensus. Ethereum, debuting in 2015, expanded the concept with smart contracts—self-executing agreements coded into the blockchain.
These platforms focus on decentralization, security, and transparency. However, they are agnostic to ethical frameworks and support a wide range of applications, from cryptocurrency trading to decentralized apps (dApps), without restrictions on industries or financial practices.
Key Differences: Sidra Chain vs. Traditional Blockchain
Sidra Chain stands out by embedding Shariah principles into its core, which traditional blockchains lack. Shariah law prohibits interest (riba), excessive uncertainty (gharar), and investments in forbidden sectors like gambling or alcohol. Sidra Chain ensures compliance by utilizing tools like Sukuk and Murabaha.
Sidra Chain’s PoW works via its mobile app, making mining accessible without specialized hardware. The Sidra ecosystem, comprising the network, coin, and bank, offers services based on Islamic norms, unlike traditional blockchains.
SidraClubs drive global expansion through partnerships with local entities, overcoming the limitations of traditional methodologies focused on independent developers.
Sidra Chain offers a unique blend of decentralized technology and Shariah compliance, creating a niche in Islamic financial markets. While traditional blockchains like Ethereum and Bitcoin remain unmatched in scale and versatility, Sidra Chain distinguishes itself by focusing on Islamic principles.
