HALAL Screening Cryptocurrency
Is NEAR Protocol Halal?
Complete Shariah Compliance Screening of NEAR Protocol to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is NEAR Protocol
NEAR is a type of cryptocurrency that operates on its own blockchain, which is like a digital ledger that keeps track of transactions securely. What makes NEAR special is its focus on being user-friendly and scalable, meaning it can handle a lot of transactions quickly without slowing down. This is super important because it allows developers to build applications on the NEAR platform that can be used by many people at once, like games or social networks, without running into issues.
One of the coolest features of NEAR is its unique way of handling transactions called "sharding." This breaks the workload into smaller pieces, making it faster and more efficient. Plus, NEAR has a simple way for users to interact with it, so even if you're not a tech expert, you can easily send or receive NEAR tokens. Overall, NEAR aims to make blockchain technology accessible and practical for everyone, which is what sets it apart from many other cryptocurrencies!
Transparent and Credible Team
The NEAR Protocol team is clearly identified with founders Alexander Skidanov and Ilya Polosukhin having strong backgrounds in software engineering and leadership roles at reputable tech companies like Microsoft and Google. This indicates a transparent team with credible history. Score: 90
Clear Use Case or Purpose
NEAR Protocol aims to address scalability, usability, and security challenges in blockchain, enabling the creation of decentralised applications (dApps) and smart contracts. It has a clear purpose and use case in the blockchain space. Score: 90
Absence of Fraudulent Behavior
NEAR Protocol has been audited by third-party cybersecurity firms like BlockApex, ImmuneBytes, and Pessimistic.io, focusing on security and adherence to industry standards. This suggests a strong effort to ensure no fraudulent behaviour, scams, or rug-pull risks. Score: 90
Ethical Practices
NEAR Protocol has a clear strategic approach, focusing on community involvement through DAOs, and transparent governance. It also prioritises usability and developer experience, along with partnerships with reputable companies. This suggests an adherence to ethical practices in development and operation. Score: 90
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NEAR Protocol 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.
NEAR Protocol 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
NEAR Protocol 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 NEAR Protocol Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
NEAR Protocol Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform