Loop network is a cryptocurrency platform that offers a solution to the scalability and privacy limitations of earlier systems such as Ethereum. It supports smart contracts and provides off-chain/external scaling solutions for existing platforms. Loop Chain is EVM-compatible, has a fast block time, lower cost, and offers native cross-chain transfer and communication. Its key innovations include proof-of-stake and authority consensus, and expanding the use cases of the LOOP token. In addition, Loop network's operations on its ecosystem are neutral and classified as Shariah Compliant.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. The project has a genuine product on the blockchain, while the token/coin has a fundamental underlying value that allows it to be categorized as "Mal". | Passed |
| Project | Loop network is a cryptocurrency system that supports smart contracts and aims to solve the scalability and privacy limitations of earlier systems such as Ethereum. It offers an off-chain/external scaling solution for existing platforms, providing scalability and a better user experience for DApps/user features. Developers can build on LOOP Chain as it is EVM-compatible and supports all existing Ethereum tooling, has a fast block time, lower cost, and offers native cross-chain transfer and communication. Loop Chain's key innovations include proof-of-stake and authority consensus, native cross-chain communication using a bridge, and expanding the use cases of the LOOP token. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | The LOOP token serves a dual purpose as a payment method on the network and as a stake for users to participate in network governance and receive incentives. | Passed |
| Staking Method | Proof of stake method mechanism by this protocol complies with Shariah's rulings. Staking will be rewarded by transaction fees. | Passed |
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