Mina Protocol is a layer 1 like Ethereum and Bitcoin. Mina is a L1 blockchain based on zero-knowledge proofs (âÃÂÃÂZKPâÃÂÃÂ) with smart contracts written in TypeScript. It is the first cryptocurrency protocol with a succinct blockchain (22KB). Mina protocol claimed for having a fixed size of blockchain to manage the ecosystem. Overall, this token is classified as 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 | Mina Protocol is a layer 1 like Bitcoin and Ethereum that store hundreds of gigabytes of data which increase the size of blockchains over time. With Mina, no matter how much the usage grows, the blockchain always stays the same size. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | MINA is used to facilitate network transactions and distribute fees between users. | Passed |
| Staking Method | Contributing to staking will earn staking rewards from transaction fees. The reward system is permissible as it does not contain Riba, Gharar, or Maisir. | Passed |
Read the source document and verify project fundamentals.