WhiteCoin
Crypto Overview
Overview
WhiteCoin (XWC) is a cryptocurrency that was initially launched in 2014 as a proof-of-work coin but later transitioned to a proof-of-stake consensus mechanism. The project aims to provide fast, secure, and private digital transactions.
Purpose and Utility
The intended purpose of WhiteCoin is to serve as a medium of exchange and store of value, with features focusing on privacy and scalability. The project implements a hybrid consensus mechanism that combines proof-of-stake with masternodes for network security.
Business Model and Activities
The primary use case for WhiteCoin is as a payment cryptocurrency. The project does not involve any inherently prohibited activities like interest-bearing loans, gambling, or adult content. The consensus mechanism rewards network participants for securing the network through staking, which is permissible as it involves actual work and network maintenance.
Development and Adoption
Current development activity appears to be minimal, with limited recent updates to the core protocol. The project has seen decreased trading volume and market activity in recent years. However, the basic infrastructure remains functional for its intended use as a payment system.
Token Distribution
The initial distribution of WhiteCoin tokens occurred through mining and subsequent proof-of-stake mechanisms. While detailed information about current token distribution is limited, there is no evidence of concerning concentration of tokens or manipulative practices by the development team.
Crypto Impact
To assign a comfort level investing in WhiteCoin 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 WhiteCoin.
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.