HALAL Screening Cryptocurrency
Is Immutable Halal?
Complete Shariah Compliance Screening of Immutable to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Immutable
IMX, or Immutable X, is a cryptocurrency designed specifically for the world of digital assets, especially NFTs (non-fungible tokens). Think of it as a super-fast and eco-friendly way to buy, sell, and trade digital collectibles and gaming items. What makes IMX stand out is its ability to handle a massive number of transactions without slowing down, all while keeping fees super low. This means you can trade your favorite digital art or in-game items quickly and affordably!
What really sets IMX apart is its focus on being carbon-neutral. Unlike many other cryptocurrencies that can be energy-intensive, Immutable X uses a technology called "zero-knowledge rollups" to bundle transactions together, which makes it much more efficient and environmentally friendly. So, not only can you enjoy trading your digital assets, but you can also feel good about doing it in a way that’s better for the planet!
Transparent and Credible Team
The team is transparent with credible backgrounds. James Ferguson is the CEO and Co-Founder, with a background in software development and finance. Robbie Ferguson is a Co-Founder, with experience in building a tax platform. Alex Connolly is the Game Director with 15 years of experience in gaming. Score: 80
Clear Use Case or Purpose
Immutable X is a Layer-2 scaling solution for NFTs on Ethereum, aiming to enhance efficiency and reduce costs. It provides tools for NFT trading, minting, and developer tools. Score: 90
Absence of Fraudulent Behavior
The IMX token has been audited by EtherAuthority, and the smart contract was found to be secure with no vulnerabilities. There's no mention of scams or rug-pull risks. Score: 90
Ethical Practices
The project aims for carbon neutrality and provides transparent documentation. There is no indication of unethical practices. Score: 85
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Immutable 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.
Immutable 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
Immutable 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 Immutable Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Immutable Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform