Etherconnect
Crypto Overview
Project Overview
EtherConnect (ECC) appears to be a defunct cryptocurrency project that was operational in 2021. Limited verifiable information is available about this project, as it has ceased operations. The project claimed to be a decentralized finance platform but showed characteristics of a Ponzi scheme.
Business Model Analysis
The project promised high yields through a lending platform, which is fundamentally problematic from an Islamic finance perspective as it involves riba (interest). The platform's business model was centered around users lending their cryptocurrency to receive promised returns, which is not compliant with Shariah principles unless done as an act of charity without expectation of return.
Development and Adoption
There is no evidence of genuine technological development or legitimate business operations. The project appears to have been primarily focused on marketing and promising unrealistic returns rather than developing genuine utility.
Token Distribution and Founder Analysis
Details about token distribution and founder backgrounds are unclear, but the project's sudden disappearance and loss of user funds suggests it was designed to enrich its creators at the expense of participants.
Crypto Impact
To assign a comfort level investing in Etherconnect 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 Etherconnect.
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.