HempCoin
Crypto Overview
Overview
HempCoin (THC) was launched in 2014 as one of the first cryptocurrencies focused on the cannabis and agriculture industry. The project aims to facilitate transactions between marijuana farmers, dispensaries, and other businesses in the legal cannabis sector.
Purpose and Utility
The stated purpose of HempCoin is to serve as a payment solution for the legal cannabis industry and agricultural businesses. However, current usage appears minimal, with very low trading volumes and limited merchant adoption.
Business Model Analysis
The core business model revolves around facilitating payments in the cannabis industry. While cannabis itself is a matter of scholarly debate regarding its permissibility in Islam, the token's primary function as a medium of exchange does not inherently violate Islamic principles as it involves actual asset exchange.
Development and Adoption
The project shows minimal recent development activity on its GitHub repository. Social media channels and community engagement are largely inactive. Market data indicates very low liquidity and trading volumes.
Token Distribution
Information about token distribution and founder holdings is not readily available, which raises transparency concerns. However, this lack of information alone does not make the project haram.
Crypto Impact
To assign a comfort level investing in HempCoin 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 HempCoin.
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.