HALAL Screening Cryptocurrency
Is Echelon Prime Halal?
Complete Shariah Compliance Screening of Echelon Prime to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Echelon Prime
PRIME is a cryptocurrency designed to make online transactions faster and more efficient, especially for businesses and individuals who want to send money across borders. It operates on a blockchain, which is like a digital ledger that keeps track of all transactions securely and transparently. This means that when you use PRIME, you can send and receive money without needing a bank or middleman, making the process quicker and often cheaper.
What makes PRIME unique is its focus on providing low transaction fees and high-speed processing, which is a big deal in the crypto world. It also has features that help protect users from fraud and ensure privacy, making it a safe option for those who are cautious about their financial information. Plus, PRIME is built to be user-friendly, so even if you're not a tech expert, you can easily understand and use it!
Transparent and Credible Team
The report identifies Perry Haldenby as a co-founder and CTO, with a background in computer science and blockchain. It also mentions Parallel Studios as the development studio behind the flagship game, Parallel. This suggests a reasonably transparent team.
Score: 75
Clear Use Case or Purpose
The whitepaper clearly explains Echelon Prime's purpose as a non-profit focused on developing the next generation of gaming and Play-to-Earn (P2E) economies. The PRIME token is intended to power transactions, governance, and engagement incentives.
Score: 90
Absence of Fraudulent Behavior
The Echelon ecosystem emphasizes community-led governance and transparency, with community auditing of smart contracts. However, there's no explicit mention of audits by external cybersecurity firms or regulatory bodies.
Score: 70
Ethical Practices
The project emphasizes community involvement, open-source code, and a structured governance model. However, there is no information about KYC/AML compliance in the provided sources.
Score: 75
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Echelon Prime 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.
Echelon Prime 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
Echelon Prime 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 Echelon Prime Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Echelon Prime Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform