Is IOST Coin Halal?

What is IOST?

Technology created by IOSToken (IOST) is a proprietary blockchain targeted at the Internet of Services, or IOS. Focused on scalability and greater transaction speed, the chain is designed to provide contract processing solutions for businesses and end users of blockchain applications.

The IOST team plans to build the infrastructure layer to devise and deploy large-scale decentralized applications that will require high speed processing. IOST is also working on numerous additional functions, including decentralized storage and a dashboarding system for developers. IOST’s challenge is similar to that of Ethereum, NEO, Stellar, and Zilliqa.

Further details can be found on IOST website.

Who Invests In IOST?

Nirvana Capital

Node Capital

Origin Capital

Redbank Capital

Sailor Capital

Sequoia Capital

ZhenFund

IOST Technology

IOST uses a combination of proof-of-believeability (PoB) and sharding to speed up processing time. In May 2018, the IOST Foundation announced the launch of Theseus, a research and development team as well as accelerator geared to bolstering the platform.

Legitimacy Screening of IOST Crypto

IOST is led by experienced professionals and supported by world-renowned investors. Their intention is to become the underlying framework for on the web solutions that satisfies the requirements of a decentralized economy.

This gives us the confidence to confirm that IOST 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 IOST project aligned with Islamic values?

Yes, IOST project does align with Islamic values so this blockchain aims to compete with Ethereum in layer 1 applications. Developers can build Dapps on the IOST network with there isn’t any limitation on the gas fees. The permissibility of the Dapps built under this framework is based on the undertaking itself. The IOST project has nothing questionable in relation to Islamic rules.

Financial Screening of IOST:

Financial screening ensures that the crypto asset meets the financial criteria for Shariah compliance, if it is an equity based token. IOST 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.

IOST Token Screening for Shariah Compliance

Fairly straight forward assessment as this project is comparable to the likes of Ethereum and so this token should be considered halal.

Is Staking IOST Halal?       

The IOST Token can be staked, traded, and utilized on the expansive IOST ecosystem of DApps, services, and marketplaces. The new block procurement system implemented by this particular method follows the tenets of the Shariah, so staking IOST would be Halal.

What Does The Muslim Crypto Community Think of IOST?           

Sharlife considers IOST 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 IOST 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 IOST Coin Halal?

Yes, the Sharia screening of IOST is similar to Ethereum or Solana. The token can be staked, traded, and utilized on the IOST ecosystem of DApps, services, and marketplaces, which comply with Islamic rulings. There is nothing in the IOST ecosystem that goes against Shariah so we beleive IOST is Halal and compliant as an investment.

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