HALAL Screening Cryptocurrency
Is Wormhole Halal?
Complete Shariah Compliance Screening of Wormhole to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Wormhole
W is a cryptocurrency that focuses on making digital transactions faster and more secure. Think of it as a digital version of cash that you can use online. It allows people to send and receive money without needing a bank, which can save time and reduce fees. Plus, it uses advanced technology to keep your transactions safe from fraud, making it a reliable option for those who want to manage their money digitally.
What makes W unique is its emphasis on user-friendliness and accessibility. It’s designed to be easy for anyone to use, even if they’re not tech-savvy. Additionally, W has a strong community behind it, which means that users can share tips and support each other. This combination of simplicity and community makes W stand out in the crowded world of cryptocurrencies, making it a great choice for newcomers looking to dive into the digital currency space!
Transparent and Credible Team
Our research identifies co-founders like Tony Jin, Anthony Ramirez, Saeed Badreg, and Robinson Burkey, detailing their experience. This suggests a transparent team with a credible background. Score: 80
Clear Use Case or Purpose
Wormhole is designed as an interoperability protocol that facilitates the transfer of information and value between isolated blockchain networks. Its core function is to connect blockchain networks, which is a clear and legitimate use case. Score: 90
Absence of Fraudulent Behavior
Wormhole has undergone third-party audits by PCR, Halborn, and Ackee Blockchain. These audits aimed to identify and address vulnerabilities, particularly after the 2024 hack. The platform also offered a bug bounty. This suggests a commitment to security. Score: 75
Ethical Practices
Wormhole emphasises security audits and community oversight. The platform has transparent documentation and responded to a security breach by restoring funds. However, the hack does raise concerns. Score: 70
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Wormhole 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.
Wormhole 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
Wormhole 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 Wormhole Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Wormhole Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform