HALAL Screening Cryptocurrency
Is Arweave Halal?
Complete Shariah Compliance Screening of Arweave to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Arweave
Arweave is a unique type of cryptocurrency that focuses on permanent data storage. Imagine it as a digital library where you can store information forever, and once it's there, it can't be deleted. This is super useful for things like important documents, websites, or even art, because it ensures that they won't disappear over time. Instead of paying for storage every month, you make a one-time payment, and your data is preserved for as long as the Arweave network exists.
What makes Arweave stand out is its innovative approach to data permanence. It uses a technology called "blockweave," which is like a blockchain but designed specifically for storing data in a way that makes it easy to access and verify. Plus, it encourages users to contribute to the network by rewarding them with its native token, AR, for helping to store and maintain the data. So, not only do you get a reliable place to keep your information, but you also become part of a community that values long-lasting digital content!
Transparent and Credible Team
Our research identifies the founders Sam Williams, William Jones, and Ahmed Al-Balaghi, and provides details of their experience and roles. This indicates a transparent team with credible history. Score: 90
Clear Use Case or Purpose
Arweave provides a decentralized, permanent data storage solution using blockweave technology and Proof of Access. This shows a clear and legitimate use case. Score: 90
Absence of Fraudulent Behavior
Arweave has undergone cybersecurity audits and a tokenomics audit by third-party firms. The project also has a bug bounty program to further enhance the security of the ecosystem. There is no indication of scams or rug-pull risks. Score: 90
Ethical Practices
Arweave has content moderation mechanisms to comply with different legal standards. It also supports the preservation of academic and historical records. There is a focus on transparency, with a detailed whitepaper available. Score: 85
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Arweave 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.
Arweave 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
Arweave 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 Arweave Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Arweave Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform