BankSocial
Crypto Overview
Overview
BankSocial (BSL) launched as a decentralized lending platform aiming to provide peer-to-peer lending services on the blockchain. The project claimed to offer social lending features where users could lend and borrow crypto assets.
Purpose Analysis
The stated purpose was to facilitate decentralized lending and borrowing operations through smart contracts. The platform intended to enable users to earn returns through lending their cryptocurrency to others.
Business Model Evaluation
The core business model revolves around cryptocurrency lending for profit, which is not permissible under Islamic finance principles as it constitutes riba (interest). The lending is not structured as an act of charity but rather as a profit-generating mechanism.
Development and Adoption
The project appears to have minimal development activity, with limited recent updates to its platform or ecosystem. There is little evidence of significant adoption or active usage of the platform for its intended purposes.
Token Distribution and Governance
Information about token distribution and governance structure is not readily available, making it difficult to assess the fairness and transparency of the project's token economics.
Crypto Impact
To assign a comfort level investing in BankSocial 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 BankSocial.
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.