Sidra Chain MainNet Launch: What You Need to Know

As an investor exploring the world of cryptocurrency, you may have questions about Sidra Chain, the new sharia-compliant blockchain designed to make digital assets accessible to Muslims. Sidra Chain launched its MainNet in October 2023, marking a major milestone for the project. Transactions are already happening on the network, which you can view on the ledger at ledger.sidrachain.com. If you are a Sidra token miner still waiting on verification, continue to be patient as the process moves forward. If you’ve already received Sidra tokens through a transfer, you can use them for transactions immediately. Sidra Bank aims to open the door to cryptocurrency participation for Muslims seeking investments compliant with Islamic law. Stay tuned for more details on utilizing Sidra Chain’s services as the platform develops.

Sidra Chain MainNet Went Live in October 2023

The Launch

In October 2023, Sidra Chain successfully launched their MainNet, marking an important milestone for the project. The MainNet demonstrates that Sidra Chain is prepared for decentralized global finance following Islamic principles. Transactions are already occurring on the MainNet, which can be viewed on ledger.sidrachain.com.

Mining and Transactions

As a Sidra token miner, you must wait to be verified after submitting the required documentation. Once verified, you can utilize the tokens you have acquired through mining or received from other parties to conduct transactions on the MainNet.

A Shariah-Compliant Blockchain

Sidra Chain was established to develop a decentralized digital asset that aligns with Islamic financial principles. The objective is to provide Muslims interested in cryptocurrency an alternative that complies with Shariah law.

So many people asking about mainnet of sidra chain
MainNet was already live since last October 2023

Many transactions are happening on mainnet already you can check transactions on https://t.co/KwalsJsSNB

As a sidra token miner you just need to wait for your verification after…

— SidraChain (@sidrabank) March 23, 2024

The Road Ahead

With the MainNet now live, Sidra Chain will focus on enhancing the ecosystem. Priorities include improving the user experience, boosting security, and forming partnerships with Islamic financial institutions. Scaling the network to handle increased demand and traffic growth is also a key goal.

Overall, the launch of the MainNet signifies that Sidra Chain is ready to progress to the next stage of its roadmap in becoming a globally recognized Shariah-compliant blockchain and cryptocurrency. The MainNet paves the way for Sidra Chain to achieve mainstream adoption in the Islamic world and beyond.

Transactions Are Already Happening on the Sidra Chain MainNet

The Sidra Chain MainNet launched in October 2023, enabling peer-to-peer transactions of Sidra tokens between users. The MainNet marks an important milestone for the project, transitioning from a test network to live production.

Live Network Means Real Value

With the MainNet live, Sidra tokens now represent real value that can be exchanged on a live, decentralized network. Holders of Sidra tokens can transact and transfer the digital assets freely on the MainNet.

Transaction Verification Using Consensus

Transactions on the Sidra Chain MainNet are verified using a consensus mechanism in which certain nodes, called validators, work together to determine the validity of transactions and blocks. This distributed consensus model helps secure the network and prevents fraud.

How to Access Your Sidra Tokens

If you participated in the Sidra token sale or earned Sidra tokens through the test network, your tokens have been automatically transferred to the MainNet. You can now access them through compatible wallets, including the official Sidra Wallet.

To access your Sidra tokens, you will need to go through a verification process to link your wallet address to your identity. This mandatory verification, called Know Your Customer (KYC), is required under Islamic financial principles to prevent illegal activity. Once verified, you can send, receive, and trade Sidra tokens freely on the MainNet.

The launch of the Sidra Chain MainNet is an exciting milestone that will allow more people to participate in a Shariah-compliant digital economy. By following Islamic principles of transparency, accountability and risk-sharing, Sidra Chain aims to open up cryptocurrency to Muslim communities around the world.

What You Need to Do as a Sidra Token Miner

As a Sidra token miner, there are a few steps you must take to verify your account and begin transacting on the SidraChain MainNet. First, you will need to submit the required Know Your Customer (KYC) documents to verify your identity. These typically include a government-issued ID, such as a passport or driver’s license, as well as a selfie for facial recognition.

Once your KYC verification is approved, your Sidra token mining account will be activated. At this point, you can begin sending and receiving Sidra tokens on the MainNet. Any Sidra tokens you may have acquired prior to the MainNet launch can now be transferred to the MainNet and used for transactions.

On the SidraChain platform, you have the ability to check your transaction history and account balance through the block explorer service at ledger.sidrachain.com. This provides transparency into all the transactions occurring on the MainNet in real time. As an early supporter of the project, your role as a miner is to help secure the network in its initial stages by staking your Sidra tokens. By staking your tokens, you earn rewards and help achieve consensus on the network.

SidraChain aims to provide a decentralized Shariah-compliant blockchain solution for the Muslim community. As a Sidra token miner, you play an important part in helping the project achieve its goal of creating an alternative digital asset for people of Islamic faith. Your active participation in the ecosystem by verifying your account, transacting on the MainNet and staking your tokens is greatly appreciated and helps drive the success of this innovative project.

Overall, the key steps you need to take as a Sidra token miner are: verify your account, transfer any existing tokens to the MainNet, check your transaction history and account balance, and stake your tokens to earn rewards and secure the network. By following these steps, you can play an active role in the SidraChain community and support the growth of this Shariah-compliant blockchain platform.

How to Use Sidra Tokens You’ve Acquired

You’ve acquired Sidra tokens and are ready to use them on the Sidra Chain Mainnet. As a Sidra token holder, there are a few steps you must take in order to access and utilize your tokens.

### Verify Your Identity

In order to use your Sidra tokens, you must first have your identity verified to comply with Sidra Bank’s know-your-customer (KYC) requirements. You will need to submit personal documentation to prove your identity before you can access your tokens. Once verified, your tokens will be deposited into your Sidra Chain wallet.

Access Your Wallet

Your Sidra Chain wallet allows you to store, send, and receive Sidra tokens. You can access your wallet through the Sidra Chain website or mobile app. Enter your wallet password or private key to log in. Your available token balance and transaction history will be displayed.

Send and Receive Tokens

From your Sidra Chain wallet, you can send Sidra tokens to other users or receive tokens from others. Enter the recipient’s wallet address and the amount you wish to send. A small transaction fee will be deducted from your balance. Double check that the address is correct before confirming the transaction. Received tokens will be deposited directly into your wallet and you will receive a notification of the incoming transaction.

Track Your Transactions

All of your Sidra token transactions, both sent and received, are recorded on the Sidra Chain public ledger. You can view all of your transaction histories, dates, amounts, and wallet addresses within your Sidra Chain wallet. The ledger provides transparency and immutability to ensure Shariah compliance.

By following these steps, you can securely access, send, receive, and track your Sidra tokens on the Mainnet in a Shariah-compliant manner. Sidra Bank aims to provide Muslims with digital assets and financial services that align with Islamic principles, and the Sidra Chain ecosystem allows you to participate fully in this vision.

What Is Sidra Bank Trying to Achieve?

Sidra Bank seeks to provide a Shariah-compliant digital asset for the Islamic community.### Facilitating Islamic Transactions

Sidra Bank aims to offer Muslims an opportunity to participate in the cryptocurrency market in a manner that complies with Islamic law. By basing their digital asset, the Sidra token, on principles of Islamic finance such as prohibiting usury (riba), Sidra Bank wants to facilitate digital transactions that align with Islamic values.

An Alternative to Conventional Cryptocurrencies

Most cryptocurrencies do not comply with Shariah law due to elements like speculative trading, lack of underlying assets, and interest payments. Sidra Bank wants to provide an alternative that operates based on the principles of Islamic finance. The Sidra token can allow Muslims to utilize the benefits of blockchain technology and digital assets in a permissible way.

Decentralized and Transparent

Like other cryptocurrencies, the Sidra token utilizes blockchain technology to enable direct, decentralized, and transparent peer-to-peer transactions without the need for a central authority. However, Sidra Bank aims to apply Islamic principles to their blockchain and token. They want to build a system that operates based on ethics of transparency, trust, and fairness in accordance with Shariah law.

A New Form of Islamic Finance

Islamic finance prohibits interest payments and speculative behavior, instead encouraging commerce and trade. Sidra Bank seeks to bring these principles into the digital age through their Shariah-compliant cryptocurrency and blockchain platform. They aim to provide Muslims with an ethical alternative for participating in the digital economy through a decentralized system built on trust, transparency and fairness. Overall, Sidra Bank wants to achieve a new form of Islamic finance fit for the 21st century.

In summary, Sidra Bank has ambitious goals to facilitate ethical digital transactions, provide an alternative to conventional cryptocurrencies, build a transparent and decentralized system, and develop a new model of Islamic finance suitable for the modern world. By basing their digital asset and blockchain platform on Shariah principles, Sidra Bank hopes to achieve these objectives in a manner that serves and benefits the Islamic community.

Why Sidra Chain Aims to Be Shariah-Compliant

To appeal to Muslim cryptocurrency investors and remain compliant with Islamic law, Sidra Chain built their platform to align with Shariah principles. According to Shariah law, certain financial practices like usury (excessive interest), uncertainty, and gambling are forbidden.

Prohibition of Interest

Sidra Chain does not charge or pay interest on transactions or accounts. Instead, they aim to profit from a portion of network fees, which are permitted under Shariah law. This approach avoids the forbidden practice of riba, or usury.

Certainty of Transactions

Smart contracts on Sidra Chain are designed to execute transactions with certainty, avoiding speculation. Once initiated, the outcome of a smart contract is predetermined and guaranteed. This provides the clarity and transparency required under Shariah law.

Avoidance of Gambling

Sidra Chain’s token model and consensus mechanism are designed to reward participation, not chance. Contributors are compensated for providing computing power, bandwidth, and storage to the network. This avoids the prohibited practice of maisir, or gambling, by tying rewards directly to resource contribution instead of random chance.

By building their platform to comply with these Shariah principles from the start, Sidra Chain aims to attract Muslim users who want to participate in decentralized finance and blockchain technology in a halal way. Their Shariah-compliant approach could help drive mainstream adoption of cryptocurrency among Muslim communities.

Sidra Chain’s commitment to following Islamic law in both spirit and implementation is an innovative move in the blockchain industry. If successful, Sidra Chain could become an important model for other Shariah-compliant platforms in the future.

Benefits of a Shariah-Compliant Cryptocurrency

A Shariah-compliant cryptocurrency like Sidra Chain offers several advantages over traditional digital assets.

Reduced Volatility

Unlike speculative cryptocurrencies, Sidra Chain will be backed by real-world assets to stabilize its value. This reduced volatility provides more security for investors and encourages mainstream adoption.

Transparency

Sidra Chain will operate on a public blockchain, providing transparency into how funds are used and assets are managed. All transactions and wallet balances are visible on the blockchain, reducing risks like fraud or money laundering.

Trust and Accountability

Sidra Chain is managed by licensed and regulated entities to ensure trust, security, and accountability. Custodians and fund managers will follow strict Shariah compliance audits and oversight. Investors can have confidence their funds are handled responsibly.

Liquidity

Sidra Chain will provide instant liquidity, allowing assets to be quickly bought, sold or exchanged without affecting their market value. This liquidity makes the ecosystem more useful for a wide range of applications like remittances, payments, and financing.

Financial Inclusion

A Shariah-compliant cryptocurrency can provide access to digital financial services for Muslims who were previously excluded. This access can help empower communities through opportunities like peer-to-peer lending, crowdfunding, and microlending.

In summary, Sidra Chain aims to unlock the benefits of blockchain technology and cryptocurrency for observant Muslim communities in a ethical, responsible way. By addressing issues like volatility, transparency and trust that have so far limited mainstream adoption, Sidra Chain could pave the way for Shariah-compliant digital finance.

How to Track Sidra Chain Transactions

To track transactions on the Sidra Chain MainNet, visit the official Ledger Explorer at ledger.sidrachain.com. This public ledger provides transparency into all Sidra token transfers, staking transactions, and dApp interactions on the network.

As an investor or miner, you should regularly check the Ledger to monitor the status of your holdings and rewards. Once your Know Your Customer (KYC) verification is complete and you have received your Sidra tokens, you can view your balance and transaction history by entering your wallet address into the Ledger search bar. Your wallet address is the cryptographic hash that represents your holdings on the Sidra Chain.

Miners who are operating validator nodes can also view details related to block production and staking on the Ledger. This includes information such as block height, timestamp, validator, transaction fees, and rewards. Monitoring your node’s performance and rewards will help ensure maximum uptime and returns on your investment in hardware and Sidra tokens.

For users transacting with dApps and smart contracts on Sidra Chain, the Ledger provides records of all interactions, including contract calls, token transfers, and more. This transparency helps build trust in the network by allowing users to verify where their funds are going and how they are being used.

As the Sidra Chain ecosystem and number of dApps grow, the Ledger Explorer will serve as an important window into the network’s usage, adoption, and overall health. Regularly checking in on the latest blocks, transactions, validators, and dApps on the Ledger is the best way for token holders, miners, and users to stay up-to-date with this exciting new Shariah-compliant blockchain.

In summary, the Sidra Chain Ledger Explorer provides transparency and monitoring for all network participants. Tracking the status and transactions of your holdings, mining operations, and dApp interactions on the Ledger will help ensure you maximize the benefits of participating in the Sidra Chain ecosystem.

Sidra Chain MainNet FAQs: Your Top Questions Answered

With the launch of Sidra Chain MainNet in October 2023, you likely have many questions about what this means and how it may impact you as a community member. This section will provide answers to some of the most frequently asked questions regarding MainNet to help clarify any confusion.

MainNet refers to Sidra Chain’s fully decentralized and autonomous blockchain network. Now that MainNet is live, the Sidra Chain platform can operate independently without relying on any third-party blockchain. All transactions and mining activities will be processed and validated on the Sidra Chain network.

If you hold Sidra tokens, you do not need to take any action to access your tokens on MainNet. Your tokens have been automatically mapped to the MainNet, so you can continue transacting as usual. However, if you wish to mine Sidra tokens, you will need to complete KYC verification and register as a miner on the Sidra Chain platform. Miners who contribute computing power to validate transactions on the network and discover new blocks will receive Sidra token rewards.

For security reasons, Sidra Chain will not provide private keys to access your MainNet wallet. You should never share your private keys or seed phrases with anyone. Sidra Chain will not ask for this sensitive information. If someone contacts you requesting your private keys or offering to help you “activate” or “migrate” your tokens, it is likely an attempt at fraud or phishing. Do not share any account information or click on any links from unverified sources.

The launch of MainNet demonstrates the dedication of Sidra Chain’s developers and community to building a fully decentralized network focused on Shariah compliance and ethical governance. MainNet provides enhanced security, stability and scalability to support the long term growth and adoption of Sidra Chain. If you have additional questions about how MainNet may impact you or want to get involved as a community member, visit the Sidra Chain website or join their official Telegram group.

Conclusion

As we’ve explored, the launch of Sidra Chain MainNet represents a major milestone for the project and its community. With MainNet now live, real transactions are flowing across the network as designed. For prospective miners awaiting verification or holders with coins, opportunities abound to use and transact on Sidra Chain’s Shariah-compliant blockchain. Ultimately, Sidra Bank’s groundbreaking initiative provides an on-ramp for Muslims worldwide to engage with decentralized finance in accordance with their values. By participating, you support financial inclusion and self-determination. Sidra Chain MainNet enables you to uphold principles while accessing crypto’s possibilities. Read Something Similar