XELS
Crypto Overview
Overview
XELS is a cryptocurrency project launched in 2021 that aims to create a blockchain-based carbon offset trading platform. The project intends to tokenize carbon credits and make them more accessible to businesses and individuals looking to offset their carbon footprint.
Purpose and Utility
The stated purpose of XELS is to serve as a digital representation of carbon credits on the blockchain. The token is designed to represent real-world carbon offset credits, making them more easily tradeable and verifiable. Each XELS token is meant to represent one metric ton of CO2 offset.
Business Model Analysis
The business model involves creating a marketplace for carbon credits using blockchain technology. This core function aligns with halal principles as it involves the exchange of real assets (carbon credits) and serves an environmentally beneficial purpose. The platform does not engage in interest-based lending or prohibited activities.
Development and Adoption
Current development activity appears limited, with minimal recent updates to the project's codebase. While the project maintains a website and social media presence, concrete evidence of widespread adoption or major partnerships is sparse. However, limited adoption does not affect its sharia compliance status.
Token Distribution
The token distribution includes allocations for the team and development fund, with standard vesting periods in place. While detailed information about current token holdings is limited, the initial distribution structure appears reasonable and aligned with typical project requirements.
Crypto Impact
To assign a comfort level investing in XELS 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 XELS.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
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