HALAL Screening Cryptocurrency
Is Internet Computer Halal?
Complete Shariah Compliance Screening of Internet Computer to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Internet Computer
ICP, or Internet Computer Protocol, is a type of cryptocurrency that aims to extend the functionality of the internet by allowing developers to build and host applications directly on the blockchain. Think of it as a new way to create websites and software that aren’t reliant on traditional servers or cloud services. Instead, everything runs on a decentralized network, which means it can be more secure and resistant to censorship. This makes it easier for people to access and use applications without worrying about central control.
What makes ICP unique is its ability to scale and support a wide range of applications, from social media platforms to enterprise software, all while maintaining speed and efficiency. It uses a special technology called "chain key cryptography," which allows it to process transactions quickly and securely. This means that developers can create apps that are not only powerful but also user-friendly, making the internet a more open and innovative space for everyone.
Transparent and Credible Team
The report provides details about the founder, Dominic Williams, and other key team members, highlighting their experience and track record. The DFINITY Foundation has published numerous research papers and filed patents, which indicates a credible team with a strong background. Score: 90
Clear Use Case or Purpose
The Internet Computer aims to be a general-purpose blockchain that can replace traditional IT with Web3 services. Its purpose is to create a decentralised internet where applications and data are hosted on-chain. This demonstrates a clear and legitimate use case. Score: 90
Absence of Fraudulent Behavior
The project has undergone multiple third-party audits by firms like Trail of Bits and NCC Group. These audits cover various aspects of the network, including the consensus layer and cryptography. There is also a mention of community governance. This suggests a commitment to transparency and security. Score: 85
Ethical Practices
The project emphasizes decentralisation, transparency, and community governance. It also provides detailed documentation and resources for developers. However, there have been criticisms regarding the concentration of voting power and allegations of insider trading which impact transparency. This concern lowers the score. Score: 70
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Internet Computer 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.
Internet Computer 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
Internet Computer 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 Internet Computer Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Internet Computer Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform