Prom
Crypto Overview
Overview
Prom (PROM) is a blockchain protocol that aims to create a decentralized infrastructure for online events and ticketing. The project was launched in 2019 and operates on the Ethereum blockchain.
Intended Utility
The primary purpose of PROM is to serve as a utility token within the Prometeus Network ecosystem. It is designed to facilitate decentralized data exchange and marketplace operations, particularly focusing on ticketing solutions and event management.
Business Model Analysis
The business model appears to be focused on legitimate use cases, providing transparent and decentralized solutions for event management and data exchange. The model does not inherently involve any prohibited activities under Islamic law.
Actual Utility Assessment
Current usage of PROM shows moderate adoption in its intended use cases. The project maintains active development on GitHub, with regular updates and improvements to the protocol. However, the majority of token activity appears to be concentrated on cryptocurrency exchanges rather than within its intended ecosystem.
Token Distribution and Governance
Initial token distribution allocated significant portions to the team and early investors, with vesting periods in place. The project implements a governance system where PROM holders can participate in decision-making regarding protocol updates and treasury management.
Technical Implementation
The protocol operates through smart contracts on Ethereum, facilitating peer-to-peer transactions without interest-bearing mechanisms. The staking mechanism used for network security follows Proof-of-Stake principles without involving riba.
Crypto Impact
To assign a comfort level investing in Prom 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 Prom.
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.