Viacoin
Crypto Overview
Project Overview
Viacoin is a cryptocurrency that was launched in 2014 as a Bitcoin-derived blockchain focusing on fast transaction confirmations and scalability. The project implements features like SegWit and Lightning Network support.
Purpose and Utility
Viacoin was designed to serve as a fast digital payment system, with block times of 24 seconds compared to Bitcoin's 10 minutes. It uses a Proof-of-Work consensus mechanism with an auxiliary proof-of-work (AuxPoW) that allows merge mining with other Scrypt-based cryptocurrencies.
Current Status
As of 2024, development activity appears to have significantly declined, with limited recent updates to the core protocol. The project's social media channels and community engagement have also shown minimal activity in recent years.
Business Model Analysis
The core business model revolves around providing a fast and secure payment network. This fundamental utility aligns with Islamic principles as it facilitates legitimate value exchange without involving interest-based mechanisms or prohibited activities.
Token Distribution and Governance
The token distribution appears to have been fairly conducted through mining, without any pre-mine or ICO. This suggests the project wasn't designed primarily to enrich founders.
Platform Usage
Current usage of the network is minimal, with low transaction volumes. However, limited adoption does not affect its Sharia compliance status as the underlying technology and purpose remain halal.
Crypto Impact
To assign a comfort level investing in Viacoin 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 Viacoin.
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.