HALAL Screening Cryptocurrency
Is SUI Halal?
Complete Shariah Compliance Screening of SUI to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is SUI
SUI is a type of cryptocurrency that focuses on making transactions faster and more efficient. It’s built on a unique technology called a "blockchain," which is like a digital ledger that keeps track of all transactions securely. What sets SUI apart is its ability to handle a large number of transactions at once without slowing down, making it ideal for applications that require quick and reliable processing, like gaming or decentralized finance.
What makes SUI really special is its user-friendly design and scalability. It’s created to be easy for developers to build on, which means more innovative apps can be developed using it. Plus, because it can support many users simultaneously, it’s perfect for growing communities and businesses that need a fast and reliable way to manage their digital assets. So, whether you’re sending money or playing a game, SUI aims to make the experience smooth and enjoyable!
Transparent and Credible Team
SUI is developed by Mysten Labs, which has a team with extensive experience in blockchain technology, including former employees from Meta (Facebook), and the Diem project. Key team members include Evan Cheng (CEO), Sam Blackshear (CTO), and Adeniyi Abiodun (CPO), all with significant experience.
Score: 95
Clear Use Case or Purpose
SUI has a clear purpose as a Layer-1 blockchain focused on high-speed transactions, instant processing, and scalability. It aims to support various applications such as DeFi, gaming and NFTs.
Score: 95
Absence of Fraudulent Behavior
The SUI network has several features that indicate an absence of fraud such as, blockchain explorers for verification, third-party security audits of smart contracts, and integrations with compliance oracles like Netki's DeFi Sentinel.
Score: 90
Ethical Practices
The SUI project emphasizes security, privacy, and transparency in its operations, with a commitment to regulatory compliance. The use of third-party services for token storage and proactive communication on tokenomics indicate a commitment to ethical practices.
Score: 90
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SUI 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.
SUI 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
SUI 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 SUI Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
SUI Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform