HALAL Screening Cryptocurrency
Is Render Halal?
Complete Shariah Compliance Screening of Render to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Render
RNDR, or Render Token, is a cryptocurrency that helps people use their computers to create and share digital graphics and animations. Think of it like a marketplace where artists and designers can tap into the power of many computers to render their projects faster and more efficiently. Instead of relying on just one expensive computer, they can use a network of others to get the job done, making it easier for creators to bring their ideas to life.
What makes RNDR unique is its focus on the creative community. It connects those who need rendering power with those who have spare computing resources, allowing for a collaborative approach to digital art. This not only speeds up the rendering process but also makes it more affordable for artists. Plus, because it operates on blockchain technology, it ensures transparency and security in transactions, giving everyone involved peace of mind.
Transparent and Credible Team
The research identifies several key team members and founders, including Jules Urbach (Founder and CEO of OTOY, Inc. and Founder of Render Network), Ari Emanuel (Adviser to Render Network), and JJ Abrams (Adviser to Render Network). It details their experience in computer graphics, entertainment, and blockchain. This indicates a transparent team with a credible history. Score: 90
Clear Use Case or Purpose
The research clearly states that Render Network aims to democratise access to GPU power for rendering tasks, connecting users needing rendering jobs with those who have idle GPUs. The RNDR token is used to facilitate transactions within the network. This demonstrates a clear and legitimate use case. Score: 95
Absence of Fraudulent Behavior
The research mentions that Render Token (RNDR) has been audited by OpenZeppelin. It also highlights compliance with security frameworks like SOC 2 Type 2 and ISO 27001. The platform maintains its own security policy and complies with GDPR. These measures suggest no evidence of scams or rug-pull risks. Score: 85
Ethical Practices
The project emphasises security and compliance with regulations like GDPR. The platform also provides general security tips to users. The use of smart contracts for secure transactions further indicates ethical practices. Score: 80
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Render 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.
Render 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
Render 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 Render Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Render Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform