HALAL Screening Cryptocurrency
Is Kaspa Halal?
Complete Shariah Compliance Screening of Kaspa to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Kaspa
KAS, or Kaspa, is a type of cryptocurrency that focuses on speed and scalability. Imagine it as a super-fast digital cash system that allows people to send and receive money almost instantly, without the long wait times you might find with other cryptocurrencies. It uses a unique technology called "blockDAG," which means it can process many transactions at once, making it really efficient. This is great for everyday use, like buying coffee or sending money to a friend.
What makes KAS stand out is its ability to handle a high volume of transactions without slowing down. While many cryptocurrencies can get congested when lots of people are using them, Kaspa keeps things running smoothly. Plus, it’s designed to be user-friendly, so even if you’re not a tech expert, you can easily understand and use it. Overall, KAS is all about making digital transactions faster and more accessible for everyone!
Transparent and Credible Team
Our research provides details about the founders and key team members including Yonatan Sompolinsky, Shai Wyborski, and Michael Sutton, highlighting their academic and professional backgrounds in computer science and cryptography. This suggests a transparent team with a credible history. Score: 90
Clear Use Case or Purpose
Kaspa aims to be a more circulative and practical currency, aligning with Satoshi Nakamoto's vision of a peer-to-peer electronic cash system. It uses BlockDAG technology and a Proof-of-Work consensus mechanism to achieve speed and security. The whitepaper also explains its purpose and design. This demonstrates a clear and legitimate use case. Score: 90
Absence of Fraudulent Behavior
The project has an open-source codebase, allowing for community review and contribution. While the report doesn't explicitly mention third-party audits, it notes that Kaspa is listed on a U.S.-regulated exchange (Pionex.US), indicating it has met certain regulatory requirements. The report also discusses community governance and a fair launch with no pre-mine, further suggesting an absence of fraudulent activity. Score: 85
Ethical Practices
Kaspa is a community-governed project with its native cryptocurrency (KAS) distributed via a fair launch. The project's marketing approach is described as organic, excluding shilling, airdrops, and paid advertising. The report does highlight some concerns about misleading marketing strategies and transparency in fund distribution however this does not undermine the ethical approach of the project itself. Score: 75
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Kaspa 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.
Kaspa 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
Kaspa 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 Kaspa Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Kaspa Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform