HALAL Screening Cryptocurrency
Is Akash Network Halal?
Complete Shariah Compliance Screening of Akash Network to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Akash Network
AKT, or Akash Network Token, is the cryptocurrency that powers the Akash Network, which is like a decentralized cloud computing platform. Imagine it as a marketplace where people can rent out their unused computing power, similar to how Airbnb lets you rent out a spare room. This means that instead of relying on big companies like Amazon or Google for cloud services, users can tap into a network of independent providers, making it often cheaper and more flexible.
What makes AKT unique is its focus on decentralization and efficiency. By allowing anyone with spare computing resources to offer them, it creates a competitive environment that can drive down costs and improve service quality. Plus, it’s built on blockchain technology, which adds a layer of security and transparency. So, in a nutshell, AKT is all about making cloud computing more accessible and affordable while empowering individuals to monetize their excess computing power!
Transparent and Credible Team
The Akash Network was founded by Greg Osuri and Adam Bozanich. Greg Osuri has over 25 years of experience in open-source development and founded AngelHack. He has also worked at IBM and designed Kaiser Permanente’s first cloud architecture. The team also includes individuals who are "crypto-native" and those who have transitioned into the field, ensuring a diverse and experienced team. This suggests a transparent team with credible history.
Score: 85
Clear Use Case or Purpose
The Akash Network is a decentralized cloud computing platform that leverages blockchain technology. It aims to create an open, global marketplace for computing resources, allowing users to deploy applications as Docker containers. The native utility token, AKT, is used for transactions, staking, and governance. This demonstrates a clear and legitimate use case.
Score: 90
Absence of Fraudulent Behavior
The Akash Network has undergone audits by third-party firms like Moultrie Audits. Moultrie Audits has a three-tiered system to ensure provider security and integrity. ChainLight identified a critical vulnerability in the network's ownership authentication, which was quickly patched. While there is no mention of regulatory body audits, the platform has addressed a critical vulnerability, demonstrating a commitment to security.
Score: 80
Ethical Practices
The project emphasizes community engagement through various channels like social media and GitHub. The platform is transparent about its architecture, use of blockchain technology, and the role of the AKT token. The network also employs a Proof-of-Stake (PoS) mechanism, which is more energy-efficient than Proof-of-Work.
Score: 85
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Akash Network Halal Project Screening
- Are the project’s purpose and operation Shariah Compliant.
- Does the project operate ethically and transparently, without harm to society.
- Does the project promote positive societal or environmental outcomes.
Akash Network Financial Screening
- Does the revenue involve Riba (interest), Gharar (excessive uncertainty), or Haram activities.
- What red flags are hidden within the projects finances and are within permissible limits.
- Types of revenue generation activities and the percentage that may be Riba or interest based.
- Audits from reliable sources
Akash Network Token Screening
- Is the Token governance fair and ethical?
- Are profit-sharing mechanisms (e.g., staking rewards, dividends) compliant with Islamic Finance?
- Does the token’s design, or unlock schedule raise unethical concerns?
- Halal underlying asset, and free from impermissible elements
Is Staking Akash Network Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Akash Network Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform