Zugacoin
Crypto Overview
Overview
Zugacoin (SZCB) is a cryptocurrency created in Nigeria that claims to be Africa's first decentralized cryptocurrency. The project states its purpose is to help facilitate cross-border payments and financial inclusion across Africa.
Purpose and Utility
The stated purpose of Zugacoin is to serve as a medium of exchange and payment system, particularly focused on African markets. The project claims to want to help unbanked populations access financial services.
Business Model Analysis
While the basic concept of a payment system is halal-compliant, there are significant concerns about transparency. The project's documentation and technical details are limited, and there's minimal information about how the system actually operates.
Real-World Adoption
Despite being launched in December 2020, there is very limited verifiable evidence of actual adoption or usage of the platform for its stated purposes. The token appears to be primarily traded on smaller, less established exchanges.
Development Activity
There is minimal visible development activity. The project's GitHub repositories, if they exist, are not publicly accessible, making it difficult to verify ongoing technical development.
Token Distribution
Information about token distribution and vesting schedules is not clearly documented or transparent. This lack of transparency about token economics is concerning from a due diligence perspective.
Crypto Impact
To assign a comfort level investing in Zugacoin 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 Zugacoin.
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.