MsgSender
Crypto Overview
Project Overview
MsgSender (MSG) is a utility token that powers the MsgSender platform, which aims to facilitate decentralized secure messaging and communication on the blockchain. The token is used for processing transaction fees within the platform.
Intended and Current Use
The intended purpose of MSG is to serve as the native token for the MsgSender messaging protocol, where users need to spend MSG tokens to send encrypted messages. Currently, the token appears to be primarily used for trading on various cryptocurrency exchanges, with limited evidence of actual messaging platform usage.
Technical Analysis
The project maintains an open-source codebase, though development activity appears minimal based on public repository data. The platform's core messaging functionality exists but has not seen significant adoption.
Token Distribution
Initial token distribution allocated 30% to the founding team with a 2-year vesting period, 30% for platform development, 20% for marketing and partnerships, and 20% for public sale. The vesting schedule for team tokens indicates an attempt at responsible token management.
Adoption and Usage
While trading volume exists on various exchanges, actual platform usage metrics show limited adoption of the messaging functionality. However, limited adoption does not impact halal classification as long as the underlying business model is permissible.
Sharia Considerations
The core business model of providing secure messaging services is permissible under Islamic principles. The token serves as a utility token for accessing platform services, which constitutes a valid exchange of value. The project does not involve interest-bearing mechanisms, gambling elements, or prohibited industries.
Crypto Impact
To assign a comfort level investing in MsgSender 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 MsgSender.
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.