Swarm City
Crypto Overview
Overview and Purpose
Swarm City (SWT) was launched in 2017 as a rebrand of the Arcade City project. It was designed to be a decentralized commerce platform where users could create and participate in marketplaces for goods and services using blockchain technology.
Intended Utility
The SWT token was meant to serve as the native currency within the Swarm City ecosystem, facilitating peer-to-peer transactions and marketplace interactions. Users would use SWT to pay for services, and the token would also serve governance functions within the platform.
Current Status
As of 2023, the project appears to be largely inactive. The official website is no longer maintained, and there has been minimal development activity on the project's GitHub repositories for several years. The token still exists on the Ethereum blockchain, but trading volumes are extremely low and there is little to no evidence of the token being used for its intended purpose.
Business Model Analysis
The original business model was halal-compliant, focusing on facilitating legitimate commerce and peer-to-peer transactions. There was no evidence of inherent riba, gambling, or other prohibited activities in the core design.
Token Distribution
The initial token distribution appears to have been relatively fair, with no evidence of excessive founder allocation. However, due to the project's current inactive status, detailed information about current token distribution is limited.
Crypto Impact
To assign a comfort level investing in Swarm City 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 Swarm City.
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.