Is Fetch.Ai Halal: Is FET Halal?
In this article we do a complete shariah screening of Fetch.ai: FET cryptocurrency. From investing, trading to staking, we’ve got your halal crypto investments covered.
What is Fetch.ai FET?
Fetch.ai is working on developing a distributed machine learning platform based on a distributed ledger that allows anyone to provide or share information.
The artificial intelligence laboratory developing the Fetch.AI information extraction platform was founded in 2017 and launched via IEO on Binance in March 2019. The Fetch.AI mainnet went live in Jan 2020. The Cambridge-based artificial intelligence laboratory is developing blockchain-powered artificial intelligence.
Further details on Fetch.ai website
Who Invests In Fetch.ai?
Is Fetch.Ai Halal: Is FET Halal? We’d Love to Hear Your Thoughts
Sharing the collective wisdom of thousands of Muslim crypto traders and investors.
Fetch.ai is a permissionless, decentralized machine learning network for smart infrastructure built around a decentralized digital economy. The network supports autonomous agents capable of performing tasks such as delivering data or providing services and are rewarded with a digital currency for their work. The FET Token is the currency used on the network.
Legitimacy Screening of Fetch.ai
Fetch.ai has a legitimate product, built using blockchain technology and has public roadmap showing its development plans. This gives us the confidence to confirm that Fetch.ai 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 Fetch.ai project aligned with Islamic values?
Yes, Fetch.ai: FET project does align with Islamic values as the main goal of the project is to help artificial-intelligence technologies grow on the blockchain. For that reason, the project’s AI uses the most efficient way to provide services to users in Defi. The features included in this system are permissable and not against Islamic ruling.
Financial Screening of Fetch.ai:
Financial screening ensures that the crypto asset meets the financial criteria for Shariah compliance, if it is an equity based token. Fetch.ai: FET 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.
FET Token Screening for Shariah Compliance
The Fetch.AI token enables the protocol’s autonomous economic agents to perform certain tasks. Fetch.AI s token allows agents access to the digital world in the form of services, data, infrastructure, or access to data processing such as AI and ML algorithms.
Based on this the token is permissable so Fetch.ai: FET token is considered halal.
Is Staking FET Halal?
Yes, staking Fetch.ai: FET is Halal. Token stakers are rewarded with transaction fees s this Proof of Stake method meets the requirements of Shariah law.
What Does The Muslim Crypto Community Think of FET?
Crypto Halal Office for Monitoring and Sharia auditing on cryptocurrency markets thinks Fetch.ai: FET is a Halal digital asset based on its Shariah complaince screening.
Sharlife considers Fetch.ai: FET as a halal cryptocurrency based on the five areas assessed for 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 Fetch.ai Halal: Is FET Halal?
Yes, Fetch.ai: FET is Halal as it offers an open-source, decentralized machine learning platform embraces a distributed ledger to supply users with access to artificial intelligence in the form of secure datasets. None of this is against Shariah so Muslims may trade and invest in this digital asset.
We hope you found this useful. Please view our Halal Crypto List to find suitable digital asset investments, without compromising your Islamic faith.