In this article we do a complete shariah screening of Revain to determine if REV is a halal or haram cryptocurrency. The short answer is yes, Muslims may trade and invest in REV, but have a read and see how you feel about it first.
What is Revain?
Revain is a trusted review platform that utilizes blockchain technology for its integrity and credibility. Without the capability to tamper with or delete the reviews themselves, it ensures that reviewers are rewarded for their input from within the community.
Revain features different categories and subcategories, each pertaining to a business area of activity or item. Within each segment, each site is ranked by its user rating and the number of reviews.
Put simply its a blockchain version of a review site, primarily for blockchain projects. Further details on Revain website
Is Revain Halal: Is REV Coin Halal? We’d Love to Hear Your Thoughts
Sharing the collective wisdom of thousands of Muslim crypto traders and investors.
The reviews that are published on Revain are stored in the blockchain. Every review has a hash code which is kept on the blockchain and cannot be changed. It ensures the authenticity of the reviews and eschews the possibility of censorship and plausible deniability.
Revain Widget is a free tool provided by Revain, and displays a company’s reviews on the website. Users can also use the tool to write reviews of the organization without needing to leave the site.
Legitimacy Screening of Revain
Revain has a product built using blockchain tech that is publically available and currently has almost 200,000 companies detailed there. This gives us the confidence to confirm that Polkadot 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 Revain project aligned with Islamic values?
Yes, Revain: REV crypto project does align with Islamic values. The project allows its users to document ratings for different digital services, including cryptocurrencies. Users can claim rewards after posting their insights about such projects. Very basic use of blockchain tech which doesnt have anything against Islamic rulings.
Financial Screening of Revain:
Financial screening ensures that the crypto asset meets the financial criteria for Shariah compliance, if it is an equity based token. Revain 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.
REV Token Screening for Shariah Compliance
Revain gives authors the opportunity to earn incentives for their constructive feedback of content with our second token REV.
The REV utility is meant to be a medium of rewards system, while RVN is a dollar pegged stablecoin used to reward and penalize employees and companies in the process of reviewing performance.
Based on this REV token itself is considered halal.
Is Staking Revain: REV Crypto Halal?
The staking mechanism used by this protocol is in line with Shariah rulings so staking Revain is Halal
What Does The Muslim Crypto Community Think of Revain?
Sharlife considers Revain: REV crypto coin as a halal cryptocurrency based on the five areas assessed for Shariah complaince screening.
Islamic Finance Guru (IFG) believes Revain: REV is a halal cryptocurrency based on its method of Shariah complaince screening.
Marhaba DiFi‘s Shariah governance board also beleives Revain: REV is halal.
Crypto Halal Office for Monitoring and Sharia auditing on cryptocurrency markets thinks Revain: REV coin 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 Revain Halal: Is REV Crypto Coin Halal?
Yes, Revain: REV crypto coin is Halal as it resembles reviewing platforms like Yelp or TripAdvisor, and motivates independent authors to leave written reviews and attach scores to them. Reviews are accumulated, averaged, and publicly displayed by Revain on its platform. None of this is against Shariah guidelines so Muslims may invest, trade and stake REV 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.