March 17, 2023 | BY OSMAN BAH (The Advisor)
Why Should We Vet Our Projects
The cryptocurrency market has seen tremendous growth over the years, but it has also attracted its fair share of scams and fraudulent projects. To protect users from such projects, it is essential to vet a crypto project before listing it on an exchange. In this blog post, we will discuss the importance of vetting a crypto project and why Biokript, the world's first hybrid-Shariah Compliant crypto exchange, is a game-changer for Muslims and everyone else.
To begin, consider why it is critical to thoroughly vet a crypto project before listing it on an exchange. Most exchanges are centralized, which means they have complete control over the funds of their users. As a result, it is critical to ensure that the project listed on the exchange is legitimate and trustworthy. Biokript differs from centralized exchanges in that it emphasizes self-custody trading. This means that users have complete control over their funds and do not have to rely on the exchange to keep them safe. Biokript is one of the most secure exchanges on the market due to its emphasis on self-custody trading. Even so, why is a non-custodial project like Biokript still insisting on vetting projects?
The vetting process entails assessing the project's whitepaper, team, and product to ensure it is not a scam or fraudulent project. However, there is a problem when it comes to assessing the project's moral aspects. Who determines whether the project is motivated by passion or greed? To include everyone in the crypto trading ecosystem, a platform that addresses these characteristics is required. Biokript intends to hire a Shariah board to review projects for Islamic Shariah compliance. This means that everyone will be able to trade knowing that the platform's projects are not profiting from an immoral (haram) source.
Another significant aspect of Biokript is its hybrid-Shariah Compliant model, which provides a space where Muslims and everyone else can trade in a morally acceptable way. Islamic finance is based on the Shariah principles, which prohibit interest-based transactions. Therefore, Biokript vets projects against the Shariah compliance to ensure that they meet the ethical and moral standards of Islamic finance. Instead, Biokript's model is built on profit-sharing instead of interest-based transactions, which is in line with the Shariah principles. Biokript offers a 50/50 profit-sharing model with its users through the company's trading fees. The BKPT tokens are distributed to users in proportion to how much BKPT token the user holds, which means that the more BKPT token you have, the more profit you earn.
Ultimately, vetting a crypto project before listing it on an exchange is critical to ensuring that users' funds are safe and that they are trading fairly and ethically. Biokript's emphasis on self-custody trading, combined with its hybrid-Shariah Compliant model, makes it one of the market's most secure and morally acceptable exchanges. Biokript's Shariah compliance vetting process ensures that only legitimate and trustworthy projects are listed on the exchange. The profit-sharing model of Biokript, which is based on Shariah principles, promotes a fair and just financial system that benefits all users.