Is Aragon Halal: Is ANT Halal?

The Price of Ant today is $ 7.79 with a trading volume of $ 14,252,267. Coinmarketcap ranking of 219, is all fairly impressive, but is it it halal?

What is Aragon: ANT?

Aragon Network (Aragon) is a decentralized autonomous organization (DAO) with the mission of providing a secure environment for entrepreneurship, showcasing team dynamics and business ecosystem, and networking through decentralized applications.

The company was founded in 2016 and allows its users to establish organizations using blockchain technology. The network is a digital space governed by stakeholders that vote to create or amend laws included in the network’s constitution.

The core Aragon platform implements blockchain-based contracts and smart-contract upgrades. The decentralized court ruling on the networks AragonOS smart contract platform resolves dispute issues involved with organizations that are built with blockchain processes.

Further details can be found on Aragon website.

Who Invests In Aragon ANT?

Aragon Technology

A DAO can be programmed using a variety of preconfigured building blocks, which can be plugged in and configured for use within a certain community. There are many important structural choices to be made during setup regarding voting parameters.

Some of the parameters can be changed by DAO contract owners of a token after they’ve paid the gas fees. Afterward, the parameters can be used for gas payments and the DAO contract is deployed to Ethereum’s network and has a unique DAO address.

DAO token holders may interact with the DAO through Aragon Client or through specialized interfaces created with Aragon Connect. Also, the underlying system of Aragon contains a registry containing every DAO that has been developed on Aragon, along with metrics such as the total value owed by token holders or the number of transactions performed by the DAO.

Legitimacy Screening of Aragon

Legitimacy screening ensures that the digital asset is a genuine project and not a scam. Aragon Association is however registered in Switzerland as a non-profit Verein and complies with relevant Swiss legislation.

This gives us the confidence to confirm that ANT has an underlying fundamental value, that can be considered as “Mal” under Islamic rulings. Therefore, as a project it has legitimacy in terms of Shariah.

Is Aragon project aligned with Islamic values?

Yes, ANT project does align with Islamic values so it has a big tick as far as the project screening is concerned. Aragon seeks to enable people worldwide to organise their affairs digitally. As such, increases are made in the number of borderless, permissionless organizations.

Financial Screening of ANT:

Financial screening ensures that the crypto asset meets the financial criteria for Shariah compliance, if it is an equity based token. ANT is not backed by any equity, so there is no financial screening required on this coin/ token. Here we would typically look at things like debt to income ratio to ensure borrowing is limited to a tolerable level.

ANT Token Screening for Shariah Compliance

ANT is the only asset to be used for the sole purpose of participation or governing of the Aragon Network. Relations were established by ANT to encourage voter participation in the governance, smart contract operations, or alterations of the contract’s parameters in this regard. In a similar way, ANT is the ability to purchase assets linked to the Aragon Network, including ANJ.

With the ANJ token, it is possible to goldern toe courts in the Aragon Network, along with the ARA token. Based on this the token could be considered halal.

Is Staking ANT: Aragon Halal?       

The staking protocol in this token involves third-party protocol Uniswap as executor. Users can provide liquidity of ANT into ANT ETH pool on Uniswap V2. The reward system in this protocol does not require go against sharia principles that we are aware of. Generally, Aragon does not provide on-chain staking for holders so staking Aragon: ANT would be Halal.

What Does The Muslim Crypto Community Think of Aragon?           

Sharlife considers ANT as a halal cryptocurrency based on the five areas assessed for Shariah complaince screening.

Crypto Halal Office for Monitoring and Sharia auditing on cryptocurrency markets thinks Aragon is a Halal digital asset based on its Shariah complaince screening.

If you know of other academic or scholarly views on this, please add in comments and we will update accordingly. Alternatively, you may want to join our community of Muslims crypto investors and traders, to share, learn and profit from halal digital assets.           

Is Aragon Halal: Is ANT Halal?

Yes, Aragon facilitates the building of independent communities through Decentralised Autonomous Organisations DAOs. Taking everything into account, there is nothing in the Storj ecosystem that goes against Shariah ruilings so we beleive Aragon: ANT is a Halal crypto asset. 

We hope you found this useful. Please view our Halal Crypto List to find suitable digital asset investments, without compromising your Islamic faith.