HALAL Screening Cryptocurrency
Is GALA Halal?
Complete Shariah Compliance Screening of GALA to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is GALA
GALA is a cryptocurrency that powers the Gala Games ecosystem, which is all about creating fun and engaging video games. Think of it as the digital currency you can use to buy in-game items, trade with other players, or even support game developers directly. What makes GALA special is that it’s built on the idea of giving players more control over their gaming experience. Instead of just playing games for free or paying a subscription, players can actually own their in-game assets, like characters or skins, and trade them as they wish.
What really sets GALA apart is its focus on decentralization and community involvement. Players can participate in decision-making about the games they love, and developers can create games that are truly player-driven. This means that the gaming experience is not just about entertainment but also about building a community where everyone has a say. So, if you’re into gaming and want to be part of a new wave where players have real ownership and influence, GALA is definitely worth checking out!
Transparent and Credible Team
The GALA team includes Eric Schiermeyer (co-founder of Zynga), Jason Brink, and Wright W. Thurston. However, there is a legal dispute between Schiermeyer and Thurston regarding misappropriation of company assets. This raises concerns about internal management. Score: 60
Clear Use Case or Purpose
GALA is the native token of the Gala Games ecosystem, used for in-game purchases, governance, and NFT transactions. This provides a clear use case. Score: 80
Absence of Fraudulent Behavior
There was a security incident involving unauthorized minting of 5 billion GALA tokens, which the company is investigating. However, third-party audits from Certik and Anchain.AI show efforts to verify security. Score: 70
Ethical Practices
Gala Games emphasizes community governance and transparency, using a Gnosis multisig safe. However, the legal disputes between co-founders and the security breach raise concerns. Additionally, some sources claim a lack of transparency. Score: 65
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GALA 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.
GALA 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
GALA 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 GALA Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
GALA Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform