HALAL Screening Cryptocurrency
Is Fetch Halal?
Complete Shariah Compliance Screening of Fetch to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Fetch
FET, or Fetch.ai, is a cryptocurrency that focuses on creating a decentralized digital world where machines can communicate and work together without human intervention. Imagine a network of smart devices, like your fridge or car, that can make decisions on their own to optimize tasks, like finding the best route to avoid traffic or ordering groceries when you're low on supplies. Fetch.ai uses blockchain technology to ensure that these interactions are secure and efficient, allowing for a more automated and intelligent way of handling everyday tasks.
What makes Fetch.ai unique is its combination of artificial intelligence and blockchain. While many cryptocurrencies focus solely on financial transactions, Fetch.ai is all about enabling smart contracts and autonomous agents that can learn and adapt over time. This means that instead of just sending money from one person to another, FET can help create a whole ecosystem where devices and applications can collaborate, share data, and improve their performance. It's like giving your gadgets a brain, allowing them to work together seamlessly and make your life easier!
Transparent and Credible Team
Our research provides details about the founders - Humayun Sheikh, Toby Simpson, and Thomas Hain – including their backgrounds and roles. This suggests a transparent team with credible history. Score: 85
Clear Use Case or Purpose
The report details Fetch.ai's objective of creating a decentralised digital world where autonomous agents perform economic tasks. This indicates a clear and legitimate use case. Score: 90
Absence of Fraudulent Behavior
Fetch.ai has undergone audits by CertiK, and has KYC verification. This suggests no evidence of scams or rug-pull risks. However, there have been some accusations of unsubstantiated claims. Therefore, a slight reduction in the score is warranted. Score: 75
Ethical Practices
The project demonstrates a commitment to transparency with detailed documentation and audits. It also has a bug bounty program. However, there are some concerns about unsubstantiated claims. Score: 75
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Fetch 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.
Fetch 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
Fetch 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 Fetch Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Fetch Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform