Is KardiaChain Halal: Is KAI Coin Halal?
In this article we do a complete shariah screening of KardiaChain: KAI Coin to establish if it is halal or haram. From investing, trading to staking, we’ve got your halal crypto investments covered. The short answer is yes, KardiaChain or KAI coin is halal, but please read on for details.
What is KardiaChain KAI?
The projects goal is to push the current boundaries by solving the prevalent issue of technological fragmentation in the blockchain world. KardiaChain is the world’s first decentralized Interoperable and Self-Optimized Blockchain Infrastructure.
If your unsure what that means here’s another explanation. KardiaChain’s main goal is to create a mechanism where developers can create smart contracts that will run on multiple blockchains to improve efficiency, allow prevention of congestion, and communicate with smart contracts on other platforms in a trustless, secure manner.
Phew! That was a mouth full, but hopefully a lot clearer now. Find out more on the KardiaChain website
Is KardiaChain Halal: Is KAI Coin Halal? We’d Love to Hear Your Thoughts
Sharing the collective wisdom of thousands of Muslim crypto traders and investors.
KardiaChain mainnet was released on Dec. 29, 2020, with approximately 6000 transactions per second (TPS) and many important functions, such as fully functional 2-layer BFT DPoS consensus, Dual Nodes technology, Kardia Virtual Machine (KVM), smart contract, and staking.
The Dual Nodes have their own independent links to ledger data of KardiaChain itself and another blockchain of choice. According to the KardiaChain whitepaper, these nodes have no permission restraints and are followed by some kind of consensus mechanism that permits the network to maintain its own decentralization. These nodes can interoperate with Ethereum, Tron and EOS.
Legitimacy Screening of KardiaChain
KardiaChain has a legitimate product, built using blockchain technology and has public roadmap showing its development plans. This gives us the confidence to confirm that KAI coin 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 KardiaChain project aligned with Islamic values?
Yes, KardiaChain project does align with Islamic values as the DeFi platform offered by this project consisted of Exchange and Swap. The products offered are neutral and permissible in accordance with Shariah’s rulings.
Financial Screening of KAI:
Financial screening ensures that the crypto asset meets the financial criteria for Shariah compliance, if it is an equity based token. KardiaChain 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.
KAI Token Screening for Shariah Compliance
The KardiaChain Token (KAI) is used as a unit of exchange between participants in the network. It is also used to pay for transaction fees.
Based on this the token is permissable so KardiaChain: KAI token is considered halal.
Is Staking KAI Halal?
Yes, staking KardiaChain: KAI is Halal. KAI is staked by network participants to become validators that validate the security of the Kardichain network, and users are awarded with KAI for providing validator services. Users can delegate their KAI staking to a trusted validator, to substantially benefit from creating Kardichain’s network.
This method of staking is permissable and in line with Islamic law.
What Does The Muslim Crypto Community Think of KAI Coin?
Crypto Halal Office for Monitoring and Sharia auditing on cryptocurrency markets thinks KardiaChain: KAI is a Halal digital asset based on its Shariah complaince screening.
Sharlife considers KardiaChain: KAI 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 KardiaChain Halal: Is KAI Coin Halal?
Yes, KardiaChain: KAI is Halal as its main goal is to create a mechanism where developers can create smart contracts that run on multiple blockchains. improving efficiency, reducing congestion, and communicate with other smart contract platforms in a secure manner. Nothing in this project is against Shariah so Muslims may trade and invest in KAI coin.
We hope you found this useful. Please view our Halal Crypto List to find suitable digital asset investments, without compromising your Islamic faith.