Garlicoin
Crypto Overview
Purpose and Background
Garlicoin is a cryptocurrency that started in 2018 as a meme coin inspired by garlic bread. It uses a modified version of Litecoin's code and implements the Allium hashing algorithm. The project began as a Reddit community initiative and aims to be a fun, community-driven cryptocurrency for payments and tipping.
Business Model and Utility
Garlicoin functions primarily as a medium of exchange and store of value. It operates on its own blockchain with relatively fast transaction times and low fees. The coin has seen some adoption within its community for tipping and small transactions, particularly in garlic bread-themed online communities.
Real-World Adoption
The cryptocurrency has maintained an active, albeit niche, community. It's traded on several smaller exchanges and has some merchant adoption, though limited. The project maintains active development on GitHub, and the community continues to engage through Reddit and Discord.
Token Distribution
Garlicoin had a fair launch with no pre-mine or ICO, meaning there was no initial allocation to founders or developers. Mining is open to anyone, suggesting a relatively fair distribution model.
Development Activity
The project maintains basic development activity, with occasional updates to core software and community tools. While not as active as major cryptocurrencies, the project continues to receive maintenance updates.
Revenue Model
Garlicoin operates as a pure cryptocurrency without lending, staking, or interest-bearing features. Its economic model is based on mining rewards and market-based trading.
Crypto Impact
To assign a comfort level investing in Garlicoin 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 Garlicoin.
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.