Their token act as a store of value, while the whole network mainly provides a platform to build Dapps that rely on the blockchain ecosystem. The token is used to make payment for rent servers, provide data and applications. After a deep review on the network, the features and the token on IEXEEC RLC, we classify them as neutral and Shariah Compliant.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. The project has a clear roadmap and genuine product on the blockchain, while the token/coin has a fundamental underlying value that allows it to be categorized as "Mal" | Passed |
| Project | A project that provides a platform to build a new protocol. The project complies with shariah. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | The token acts as a store of value and medium of exchange. Can be used to pay for computing resources rents in this project. | Passed |
| Staking Method | Technically, the Proof of contribution reward system is likely similar to the traditional Proof of Work. The reward came from computation by computer resources. No staking. | Passed |
Read the source document and verify project fundamentals.