Is Prometeus Halal: Is Prom Halal?

In this article we do a complete Shariah screening of Prometeus to determine if PROM is a halal or haram cryptocurrency. The short answer is yes, Muslims may trade and invest in PROM, but have a read and see if you are comfortable with our assessment first.

What is Prometeus?

Prometeus (PROM) is a blockchain network that enables P2P transactions worldwide at no cost. The goal of this network is to provide an environment in which users can communicate regardless of location and censorship restrictions. Its mission is to disrupt the traditional financial industry and develop new blockchain products. The platform believes that for free access to knowledge, industry can affect the world in a significant way.

The platform discovered that the current community environment lacks secure, anonymous data sharing for the community as a whole. So, the platform created an environment that enabled the public to profit from the blockchain to overcome the remaining obstacles to setting the local community free. As the major social media platforms offer almost no forum where private expression may be expressed, a central social networking platform released a brand-new platform called Ignite. Ignite is a community-driven, firewall-resistant, and decentralized microblogging service that seeks to allow users to counter the frequent tone of mainstream views that are posted by their network of choice.

The secure framework of the ecosystem seeks to allow unsuspected and anonymous data exchange and storage. Likewise, Sort Data Congestion by Node is called Stoa and offers tools for exchanging data. At the moment, the platform’s Diacache module allows file exchange. Here, users have the right to control the data they share, and even frequently held beliefs against popular opinions get heard.

PROM is the official cryptocurrency of the Prometeus Network. Users might need to spend or stake a particular quantity of PROM tokens for the use of products and services. Stoa’s network user should have the PROM tokens to access or share information on the network. Unlike Ignite’s network, PROM tokens aren’t a barrier to basic services on the network. Instead, the user must stake PROM tokens for expanded services on the network.

Further details on Prometeus website

Prometeus Technology

The platform’s prometeus network supplies a large range of services that can cut across multiple product offerings. One of these products is Ignite which is a decentralized social network that makes it possible for users of the network to share their opinion inputs freely via videos and texts, which they share on Binance Smart Chain.

Sourced content is distributed all over the chain, and through the Apollo Platform becomes immutable stored data that could be accessed years later. According to the Ignite platform, its mission is to derive all people on the planet the opportunity to publicly share ideas and to access information globally. The platform uses its proprietary technology to make information sharing globally available and accessible.

The decentralized nature of the platform enables content of any type and sensitivity to be completely unrestricted.

An added feature of the Prometeus network is Stoa, a system that enables users to exchange information anonymously and securely using a peer-to-peer network. The system is complete on an anonymous software, and there’s no need to submit any personal data. The platform’s users are only requested to open a node as a buyer or a seller in its environment. The platform’s users can exchange data in any form, including documents, videos, or images. The platform’s Data Exchange function serves as a cross-horizontal hub for the storage of large-scale data and facilitates the connection between the industry and consumers.

Legitimacy Screening of Prometeus

According to the Prometeus website, the platform’s developers have remained silent and have assigned experienced individuals to manage its smooth operation and advancement. These have included Vladislavs Semjonovs and Iva Wisher in the past.

Semjonovs’s degree in international law from Kutafin Moscow State Law University can be credited, and after obtaining his degree, he moved on to go to the Riga Graduate School of law. After graduating from his program, he secured a variety of legal counsel until 2013, when he became an international trade director at AS Recipe Plus. After a little time spent working in the blockchain industry as a consultant at BlockchainSaw LLC, he moved into the area as a business expert shortly after. A few years after that, he founded Ignite Social before becoming the director of Prometeus.

Wisher is a person with a graduate level in marketing and handling public relations from The Russian Presidential Academy of National Economy and Public Administration (RANEPA). After his education, he was hired by High Sierra Pools as its spokesman, and he then moved onto VTB Capital as an investment banker. In 2020, he became the owner of Antler Ventures, and then was appointed as the COO of Prometeus Labs.

This gives us the confidence to confirm that Prometeus 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.

Prometeus project aligned with Islamic values?

Yes, Prometeus crypto project does align with Islamic values as it offers a secure and decentralized ecosystem designed to increase the effectiveness of real-world challenges in the field of data brokerage, intended for analysis in Influencer Marketing, the Medical and Insurance sectors. There is nothing against Islam about such a technology. 

Financial Screening of Prom:

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

PROM Token Screening for Shariah Compliance

The Prometeus token is a DeFi solution that is geared to the provision of spooled solutions for the arena of data brokerage. The project, as stated by the team behind its creation, was the product of many types of research into the provision of data-related solutions, starting with the stock market and expanding to other sectors. The Prometeus endeavor was developed as a layer 2 system by the Prometeus Labs that is intended to enhance the world with dependable and anonymous data exchange and storage.

The native token of the Prometeus network is the PROM token, and it functions for two primary functions on the network.

• Network compromise: Users of the initial network will need to invest the PROM in order to get involved with the Proof of Stake Authority network (not sure) and put up PROM to get rewards.
• Payments: PROM is the main form of payment for services in Promethean-based applications. The token is also crucial to Promethean supporters and is exchangeable with USDC and USDB.

This token has a utility that is permissable under Shariah so PROM token is considered halal.

Is Staking PROM Halal?       

Stakers can place their SOLs directly on the Solana network or send them to an active validator in order to guarantee the security of the Solana network and earn inflation rewards. As far as we can see this reward system does not contain Riba, Gharar, or Maisir and is therefore halal.

What Does The Muslim Crypto Community Think of PROM?           

Marhaba DiFi‘s Shariah governance board also beleives Prometeus: PROM is halal.  

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

Pratical Islamic Finance (PIF) is comfortable with Solana as a halal investment

Islamic Finance Guru (IFG) believes Prometeus: PROM is a halal cryptocurrency based on its method of Shariah complaince screening.

Sharlife considers Prometeus: PROM 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 Prometeus Halal: Is PROM Crypto Coin Halal?

Yes, Prometeus: PROM crypto coin is Halal as it is a third-generation blockchain that supports a wide range DiFi solutions, including the development of decentralized applications (DApps) and smart contracts. This technology is not against Shariah guidelines so Muslims may invest, trade and stake SOL crypto coin.

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