Ares Protocol
Crypto Overview
Overview
Ares Protocol is a decentralized oracle platform built for the Polkadot ecosystem. It aims to provide secure and verified off-chain data to blockchain networks, particularly focusing on cross-chain oracle services.
Purpose and Utility
The primary utility of ARES token is for governance and securing the oracle network. Token holders can participate in the protocol's governance decisions and stake tokens to become data validators. The token also serves as payment for oracle services within the ecosystem.
Business Model Analysis
The business model revolves around providing oracle services to other blockchain projects, particularly within the Polkadot ecosystem. The model appears halal as it provides a legitimate technological service and doesn't involve prohibited activities like interest-based lending or gambling.
Platform Development and Adoption
The project maintains active development on GitHub and has established partnerships within the Polkadot ecosystem. While adoption is still in early stages, this doesn't impact its halal status.
Token Distribution
Token distribution includes allocations for team members and early investors with standard vesting periods. While a significant portion is allocated to the team, this is common in blockchain projects and doesn't inherently make it problematic from a Shariah perspective.
Crypto Impact
To assign a comfort level investing in Ares Protocol from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Ares Protocol.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.