Sahal Wallet — The first ethical and halal crypto wallet and gateway to the MRHB Network ecosystem
2022-04-05 • 6 min read
Introducing Sahal (Easy) Wallet — the world’s first crypto wallet to incorporate ethical and halal crypto asset screening.
In a decentralized system, individuals need to be responsible for the custody of their own crypto assets, unlike in a centralized exchange or a bank in a centralized financial system where a third party ‘holds’ your assets on your behalf.
Self custody is achieved by having your own crypto wallet with your own private keys to keep it secure. Once accessed, you can store, purchase, sell, and transfer cryptocurrencies in and out via the relevant blockchain.
In summary, there are two types of wallets available:
Looking for an easy-to-operate self custody wallet that offers frictionless access to ethical and halal crypto assets?
MRHB DeFi, a halal crypto ecosystem has created the Sahal Wallet.
Sahal (an Arabic word for “easy”) is a halal self-custody wallet that was specifically built to remove of investment confusion and friction currently surrounding the ‘fraudulent’, ‘haram’ and cynical perceptions of cryptocurrencies and support the existing $3 trillion community looking for a safer, more ethical way to enter the cryptoverse.
Sahal has been designed with a in-built screening framework that filters out the coins, tokens and protocols with interest-based returns or that are linked to business activities deemed unethical such as gambling, pornography and any other unethical (non-halal) or exploitative activities/projects.
This wallet also serves as the gateway to the entire MRHB DeFi ecosystem.
The pioneering ecosystem will house ten halal products such as Souq NFT, Liquidity Harvester, Entrepreneur Launchpad, and interest-free lending and borrowing among others.
In providing the above, Sahal will bring in millions of ethically conscious and faith-based investors and their communities into crypto.
As a self-custody wallet, Sahal gives users complete control over their crypto assets, private keys, and seed phrases without the need for a third party. This lowers the chances of data being stolen or breached.
However, if the user’s seed phrase and private keys are lost, the user’s funds will be inaccessible to both the user and the wallet providers. Sahal wallet is open source meaning its code is available for people to check the principles for any bugs or malwares.
Unlike many other self-custody (or non-custodial) wallets, which have more complicated user interfaces, Sahal is elegantly designed with simpler interfaces, making it more user-friendly and easy to manage than other non-custodial wallets.
The most notable feature of Sahal wallet is its ability to filter, invest and store halal crypto assets. The wallet uses MRHB’s proprietary screening process, which is managed by the Shariah Governance Board (SGB). Only halal tokens can be stored, exchanged, and transacted by users.
The Sahal wallet is a cross-chain mobile wallet that supports a wide range of cryptocurrencies and tokens on several blockchains due to its multichain feature.
Multichain (formally known as Anyswap) is developed mainly for cross-chain interactions. It currently allows for around 30 blockchains and over 1300 tokens to inter-operate and enables its users to swap between any two chains freely at cheaper rates.
According to Coinmarketcap, the price of Multichain is $9.04. Its total value locked (TVL) is more than 5 million and total supply is 100 million with over 18 million circulating supply. It is unsurpassed in terms of speed, security and decentralisation.
Sahal wallet is elegantly designed with a simplified interface making it more friendly and easier for its users.
Another great yet easy-to-use Sahal wallet feature is its token swap feature. Users can exchange one cryptocurrency to another easily without having to first undertake a crypto-to-fiat exchange or leave the wallet.
You can connect your Sahal wallet to various DApps and NFT marketplaces.
There is a standby customer support team that attends to Sahal wallet users if they have any issues related to their wallets.
Sahal wallet is accessible as a mobile app for Android and iOS users on the Google Play Store and App Store, respectively. To download Sahal, go to the Google Play Store or the Apple App Store and select “install.” Open the Sahal wallet app after the installation is complete.
Initially, you have two choices. You have the option of creating a new wallet or importing an existing one. Your seed phrase of twelve words will appear when you create a new wallet. Make a note of it and save it safely. If you lose access to your wallet and do not have your seed phrase, you will be unable to recover your crypto assets.
You’ll need to re-enter your seed phrase in the correct order after copying it. Similarly, you’ll provide your password and your wallet will be created.
The security characteristics of the Sahal wallet make it a safe self-custody wallet. Your seed phrase, public key, and private key are all controlled by you as a self-custody wallet. It’s best not to save your seed phrase on your device because it could be lost or hacked. Be aware that the biggest security risk is often the user themselves.
To receive cryptocurrencies, you can share your public key with anyone. However, because your private keys and seed phrase are what enables you access to your wallet’s funds, you must keep them secure and avoid leaking them.
Sahal wallet is secure enough that it cannot be hacked directly by cyber attacks unless you are a victim of phishing and malware attacks.
There are a few basic steps that can help keep your crypto assets secure in your wallet.
If you are extremely careful with how you use your wallet, your wallet will be safe.
But if you are still worried about losing your crypto assets to hacks, you might want to invest in a hardware wallet — but then you had better not lose the wallet itself.
Ultimately, self custody is as secure and safe as the user but Sahal removes much of the pain and friction of ethical and halal crypto investing.
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