HALAL Screening Cryptocurrency
Is Core Halal?
Complete Shariah Compliance Screening of Core to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Core
CORE is a cryptocurrency that focuses on providing a decentralized platform for users to manage and grow their digital assets. Think of it as a digital wallet that not only stores your cryptocurrencies but also allows you to earn rewards by participating in various activities, like staking or providing liquidity. It’s designed to make it easier for people to engage with the world of crypto without needing to be a tech expert.
What makes CORE unique is its emphasis on community and accessibility. It aims to create a user-friendly experience, so even those new to crypto can navigate it with ease. Plus, it often rewards users for their participation, which encourages a sense of belonging and collaboration. So, if you’re looking to dive into the crypto space while being part of a supportive community, CORE could be a great option!
Transparent and Credible Team
Our research identifies key team members but lacks details on their specific experiences. The core team is mentioned. While roles are provided, the absence of detailed experience makes assessment challenging. Score: 70
Clear Use Case or Purpose
Core aims to address the blockchain trilemma and enhance Bitcoin's utility by integrating it with EVM-compatible smart contracts. It also seeks to be the largest Bitcoin DeFi ecosystem. This demonstrates a clear and legitimate use case beyond speculation. Score: 90
Absence of Fraudulent Behavior
Core has undergone audits by Halborn and Least Authority, indicating an effort to ensure security. The use of DPoW and DPoS mechanisms also suggests a commitment to security. However, there is a lack of mainstream media coverage and an absence of financial audits which raises some concern. Score: 75
Ethical Practices
The project promotes decentralisation, community governance, and security measures, including non-custodial Bitcoin staking. However, there is a lack of transparency in specific compliance efforts, and some claims about guaranteed returns need to be verified. Score: 75
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Core 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.
Core 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
Core 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 Core Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Core Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform