HALAL Screening Cryptocurrency
Is Quant Halal?
Complete Shariah Compliance Screening of Quant to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Quant
QNT, or Quant, is a type of cryptocurrency that focuses on connecting different blockchains. Think of it like a universal translator for various digital currencies and networks, allowing them to communicate and work together seamlessly. This is super important because, right now, many blockchains operate in isolation, which can limit their potential. By enabling these networks to interact, QNT aims to make the whole crypto ecosystem more efficient and user-friendly.
What makes QNT unique is its use of a technology called Overledger, which acts as a bridge between different blockchains. This means that developers can create applications that can run on multiple blockchains at once, rather than being stuck on just one. It’s like having a smartphone that can connect to any network, rather than being tied to just one provider. This flexibility opens up a world of possibilities for businesses and developers, making QNT a standout player in the crypto space!
Transparent and Credible Team
The Quant team is well-documented, with Gilbert Verdian (Founder and CEO) having extensive experience in cybersecurity and government. Colin Paterson and Paolo Tasca are also co-founders. The team's background suggests a credible history.
Score: 85
Clear Use Case or Purpose
Quant's purpose is to achieve interoperability between blockchains using its Overledger OS. This technology aims to connect different blockchains and legacy systems, providing a clear and legitimate use case. The platform enables the creation of multi-chain applications (MApps).
Score: 90
Absence of Fraudulent Behavior
There's no direct evidence of scams or rug-pull risks. The platform's smart contracts have been audited by third-party firms like Quantstamp. While there is no mention of regulatory audits of the company itself, the smart contract audits by Quantstamp do verify the security and adherence to industry standards.
Score: 80
Ethical Practices
Quant positions itself as a neutral technology provider rather than a currency competing with traditional financial systems. This approach, as well as the emphasis on interoperability and standardization, suggests a commitment to ethical practices. However, the closed-source nature of Quant raises some concerns about transparency.
Score: 75
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Quant 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.
Quant 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
Quant 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 Quant Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Quant Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform