HALAL Screening Cryptocurrency
Is Theta Network Halal?
Complete Shariah Compliance Screening of Theta Network to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Theta Network
THETA is a cryptocurrency designed to improve the way we stream video content online. Think of it as a way to make video streaming faster and more efficient by using a decentralized network. Instead of relying on a few big companies to deliver videos, THETA allows users to share their excess bandwidth and resources with others. This means that when you watch a video, you might also be helping someone else stream it more smoothly, all while earning some THETA tokens in return!
What makes THETA unique is its focus on the video streaming industry, which is huge and constantly growing. It combines blockchain technology with a special feature called "Edge Nodes," which helps distribute video content more effectively. This not only reduces costs for streaming services but also improves the overall experience for viewers. So, in a nutshell, THETA is like a community-driven solution for better video streaming, making it faster and cheaper for everyone involved!
Transparent and Credible Team
The Theta Network was co-founded by Mitch Liu and Jieyi Long. Liu has a background in computer science and business. Long has expertise in design automation and virtual reality. Advisors include Steve Chen (co-founder of YouTube) and Justin Kan (co-founder of Twitch). The team is actively involved and transparent with community engagement.
Score: 90
Clear Use Case or Purpose
Theta Network aims to enhance content delivery by reducing costs and increasing efficiency in the video streaming industry. It incentivizes users to share their resources and is designed for decentralized video streaming.
Score: 90
Absence of Fraudulent Behavior
Theta Network has undergone a security audit by CertiK. The audit identified and resolved several issues, indicating a commitment to security. Blockchain explorers like ThetaScan.io and NOWNodes verify the existence and operations of the network.
Score: 90
Ethical Practices
The project emphasizes collaboration with Chainlink to solve ad fraud. It also uses a peer-to-peer model to reduce reliance on centralized servers. The dual-token system aligns the interest of creators, viewers and network contributors. The project focuses on technological innovation rather than unsubstantiated claims.
Score: 85
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Theta 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.
Theta 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
Theta 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 Theta Network Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Theta Network Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform