HALAL Screening Cryptocurrency
Is Chiliz Halal?
Complete Shariah Compliance Screening of Chiliz to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Chiliz
CHZ, or Chiliz, is a type of cryptocurrency that’s designed specifically for sports and entertainment. It allows fans to buy tokens that give them a say in certain decisions related to their favorite teams or clubs, like voting on team colors or which songs to play at games. Think of it as a way for fans to feel more connected and involved with their teams, almost like having a say in the game plan!
What makes CHZ unique is its focus on fan engagement through blockchain technology. It’s not just about trading or investing; it’s about creating a community where fans can interact and influence their favorite sports teams. Plus, it’s built on a platform called Socios.com, which makes it easy for fans to buy, sell, and trade these tokens. So, if you’re a sports lover, CHZ offers a fun way to be part of the action beyond just watching the games!
Transparent and Credible Team
Our research identifies Alexandre Dreyfus as the founder and CEO, with a background in web-based companies. It also lists other team members and advisors. This suggests a transparent team with a credible history. Score: 80
Clear Use Case or Purpose
Chiliz aims to transform passive sports fans into active participants by leveraging blockchain technology. It provides a platform for fan tokens and engagement with sports teams. This demonstrates a clear and legitimate use case. Score: 90
Absence of Fraudulent Behavior
Chiliz has undergone multiple third-party audits by firms like EtherAuthority and Fairyproof. These audits aim to ensure the security and reliability of the platform and its smart contracts. Additionally, Socios.com has received preliminary approval from the Malta Financial Services Authority (MFSA), enhancing its reputation for compliance. However, some users have raised "pump and dump" concerns. Score: 80
Ethical Practices
Chiliz emphasizes transparency, regulatory compliance, and fan engagement. They have also taken steps to protect their trademark. However, some marketing strategies could be misleading or exaggerated. Score: 75
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Chiliz Halal Project Screening
- Are the project’s purpose and operation Shariah Compliant.
- Does the project operate ethically and transparently, without harm to society.
- Does the project promote positive societal or environmental outcomes.
Chiliz Financial Screening
- Does the revenue involve Riba (interest), Gharar (excessive uncertainty), or Haram activities.
- What red flags are hidden within the projects finances and are within permissible limits.
- Types of revenue generation activities and the percentage that may be Riba or interest based.
- Audits from reliable sources
Chiliz Token Screening
- Is the Token governance fair and ethical?
- Are profit-sharing mechanisms (e.g., staking rewards, dividends) compliant with Islamic Finance?
- Does the token’s design, or unlock schedule raise unethical concerns?
- Halal underlying asset, and free from impermissible elements
Is Staking Chiliz Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Chiliz Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform