HALAL Screening Cryptocurrency
Is Ronin Halal?
Complete Shariah Compliance Screening of Ronin to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Ronin
RON is a cryptocurrency that powers the Ronin Network, which is designed specifically for gaming and digital assets. Think of it as a special kind of digital money that allows players to buy, sell, and trade in-game items easily and securely. It’s like having your own wallet for video games, where you can keep track of your virtual treasures and even earn money while playing!
What makes RON unique is its focus on the gaming community. Unlike many other cryptocurrencies that are used for various purposes, RON is tailored for gamers, making transactions faster and cheaper. Plus, it’s built on a blockchain that helps ensure that everything is transparent and secure, so players can trust that their assets are safe. So, if you’re into gaming, RON is like having a VIP pass to a whole new world of possibilities!
Transparent and Credible Team
The Ronin cryptocurrency is developed by Sky Mavis, a company founded by key individuals including Nguyen Thanh Trung, Aleksander Larsen, Jeffrey Zirlin, and Tu Doan. These individuals have significant experience in blockchain and gaming, particularly with the success of Axie Infinity, which is a major driver for the growth and adoption of the Ronin Network. This indicates a transparent team with credible history. Score: 90
Clear Use Case or Purpose
Ronin is designed as an Ethereum-based sidechain specifically tailored for the play-to-earn gaming ecosystem. It aims to provide a fast, cost-effective, and scalable platform for gaming applications. This indicates a clear and legitimate use case. Score: 90
Absence of Fraudulent Behavior
Ronin has undergone various audits and security assessments, particularly after the 2022 hack. The company has worked with cybersecurity firms like Chainalysis to investigate the hacks and improve security measures. Additionally, the network was taken offline after a breach in 2024 for a thorough audit. This suggests a strong effort to ensure no fraudulent behaviour, scams, or rug-pull risks, although past breaches highlight vulnerabilities. Score: 75
Ethical Practices
Ronin has implemented security measures like slashing penalties and double signing penalties for validators. The network also transitioned to Delegated Proof of Stake (DPoS) to increase decentralisation. There are ongoing efforts to improve the network's infrastructure and has formed partnerships to simplify NFT and crypto purchases. These indicate an adherence to ethical practices in development and operation. Score: 85
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Ronin 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.
Ronin 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
Ronin 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 Ronin Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Ronin Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform