HALAL Screening Cryptocurrency
Is JasmyCoin Halal?
Complete Shariah Compliance Screening of JasmyCoin to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is JasmyCoin
Jasmy is a cryptocurrency that focuses on data ownership and privacy, especially for Internet of Things (IoT) devices. Imagine all the smart gadgets in your home, like your fridge or thermostat, collecting data about your habits. Jasmy aims to give you control over that data, allowing you to decide who can access it and how it can be used. This way, you can benefit from your own information while keeping it safe from unwanted eyes.
What makes Jasmy unique is its emphasis on empowering individuals with their data in a world where privacy is often overlooked. It uses blockchain technology to create a secure environment where users can share their data with companies in exchange for rewards, all while maintaining their privacy. So, it’s like having a personal data vault that not only protects your information but also lets you earn from it!
Transparent and Credible Team
The report details the team, including former Sony executives like Kunitake Ando, Kazumasa Sato and Hiroshi Harada. Their experience in tech and finance lends credibility to the project.
Score: 80
Clear Use Case or Purpose
JasmyCoin aims to empower users with control over their data within the IoT ecosystem, enabling data monetisation, secure data exchange and cross border payments. This demonstrates a clear purpose that is not a meme coin.
Score: 90
Absence of Fraudulent Behavior
JasmyCoin has undergone a security audit by SlowMist Technology. It's also listed on a Japanese crypto exchange, complying with the Payment Services Act (PSA). However, there are concerns about the actual number of active users versus automated bots and regulatory scrutiny from Japan’s Financial Services Agency (FSA).
Score: 70
Ethical Practices
The project emphasises data security and privacy, aiming to return data ownership to individuals. However, there are concerns about data privacy claims and the actual number of active users.
Score: 70
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JasmyCoin 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.
JasmyCoin 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
JasmyCoin 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 JasmyCoin Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
JasmyCoin Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform