IQ Protocol
Crypto Overview
Overview
IQ Protocol is a decentralized finance (DeFi) protocol designed to enable NFT and token rentals through a unique collateral-free model. The platform aims to create a sustainable token utility through renting mechanisms rather than traditional staking or lending.
Purpose and Utility
The primary purpose of IQ Protocol is to facilitate the renting of NFTs and tokens without requiring collateral from borrowers. The protocol introduces the concept of 'power tokens' which represent the right to temporarily access or use certain features/assets. The IQT token serves as the governance token for the protocol and is used for protocol decisions.
Business Model Analysis
The business model appears to focus on creating legitimate utility through rental markets rather than speculative trading. The protocol does not involve interest-bearing products or traditional lending, instead using a unique rental mechanism that aligns with halal principles.
Current Usage and Adoption
While the protocol is still in relatively early stages, it has established partnerships with several blockchain projects to implement its rental solution. The development team maintains regular updates and improvements to the protocol.
Token Distribution
Based on available data, the token distribution appears reasonably balanced between the team, early investors, and the community. There are vesting schedules in place for team allocations, which helps prevent rapid selling.
Development Activity
The project maintains active development with regular GitHub commits and protocol updates. The team is transparent about their development roadmap and progress.
Crypto Impact
To assign a comfort level investing in IQ 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 IQ 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.
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You can change your vote if you change your mind.