HALAL Screening Cryptocurrency
Is Celestia Halal?
Complete Shariah Compliance Screening of Celestia to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Celestia
TIA, or "This Is Africa," is a cryptocurrency that aims to empower communities across the African continent by providing a decentralized platform for financial transactions. It allows people to send and receive money easily, even in areas where traditional banking services are limited. By using TIA, individuals can participate in the digital economy, access new opportunities, and support local businesses without the high fees often associated with traditional banking.
What makes TIA unique is its focus on inclusivity and community development. Unlike many cryptocurrencies that cater to a global audience, TIA is specifically designed to address the needs and challenges faced by African communities. It promotes local entrepreneurship and encourages people to invest in their own economies. Plus, its user-friendly approach makes it accessible to everyone, regardless of their tech-savviness, helping to bridge the gap between the digital world and everyday life.
Transparent and Credible Team
Our research provides detailed information on the founders (Mustafa Al-Bassam, Ismail Khoffi, John Adler, and Nick White) including their backgrounds and experience. This indicates a transparent and credible team with relevant expertise, so a high score is warranted.
Score: 85
Clear Use Case or Purpose
The report clearly outlines Celestia's purpose as a modular blockchain focusing on data availability, scalability, and interoperability with other blockchains. This indicates a clear and legitimate use case.
Score: 90
Absence of Fraudulent Behavior
The report mentions that Celestia has undergone audits by Informal Systems, Crypto Aegis, and Otter Audits LLC. These audits indicate efforts to ensure the legitimacy of the project. Additionally, there is a statement that Celestia has not been involved in civil or criminal litigation and is not on anti-money laundering lists. However, there are some transparency issues and community concerns about a $100 million financing round, with suspicions that it might have been an OTC sale disguised as financing. This raises some concern, so the score is reduced slightly.
Score: 70/100
Ethical Practices
The project’s focus on transparency is supported by detailed documentation, a whitepaper, and third-party audits. However, there have been community concerns about transparency issues in financial dealings, which lowers the score..
Score: 75
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Celestia 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.
Celestia 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
Celestia 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 Celestia Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Celestia Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform