Based on looking at the website, Elrond.com now operating as MultiversX presents itself as an “Internet-Scale Blockchain” designed for “next-gen applications.” While the site showcases impressive technical specifications, a strong developer focus, and various ecosystem partners, its core offering revolves around cryptocurrency and decentralized finance DeFi, which raises significant ethical concerns from an Islamic perspective due to elements of Riba interest, Gharar excessive uncertainty, and Maysir gambling. The emphasis on earning rewards through staking and involvement in DeFi platforms like eToro and WazirX directly contradicts Islamic financial principles.
Overall Review Summary:
- Website Presentation: Professional, modern, and information-rich, clearly targeting developers and tech enthusiasts.
- Stated Purpose: To provide a scalable, secure, and decentralized blockchain infrastructure for various applications.
- Core Offering: Cryptocurrency EGLD token, blockchain development tools, and integration with decentralized finance DeFi.
- Ethical Compliance Islam: Highly problematic. Directly involves cryptocurrency and DeFi, which often entail Riba interest, Gharar excessive uncertainty/speculation, and Maysir gambling, making it generally impermissible.
- Transparency: Good, with clear statistics on transactions, validator nodes, and a detailed ecosystem overview.
- Community Engagement: Actively promotes community involvement through Discord, Telegram, and hackathons.
- Sustainability Claims: Mentions “Carbon Neutral” and “Sustainability Integrations,” which is a positive aspect, but does not override the fundamental ethical issues of the core product.
The MultiversX platform, formerly Elrond, is deeply rooted in the blockchain and cryptocurrency space.
It highlights features like Adaptive State Sharding, Secure Proof of Stake, and a WASM-Based Virtual Machine, aiming to attract builders and innovators.
However, the foundational nature of cryptocurrency, especially its speculative aspects and association with interest-bearing activities in decentralized finance, makes it an area that Muslims should approach with extreme caution, if not outright avoid.
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The potential for quick gains and losses, the lack of tangible underlying assets for much of the ecosystem, and the inherent volatility often lead to financial instability and engagement in practices that contravene Islamic teachings.
Therefore, while technically advanced, its alignment with Islamic financial ethics is severely lacking.
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IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.
Best Alternatives for Ethical Digital Engagement:
For those seeking to engage with digital technologies and secure online interactions in a manner compliant with Islamic principles, focusing on practical, value-driven solutions is key.
Avoid speculative financial products and opt for tools that genuinely enhance productivity, learning, and secure communication without involving interest, excessive uncertainty, or gambling.
- ProtonMail:
- Key Features: End-to-end encrypted email service, based in Switzerland, strong privacy protection, no tracking.
- Price: Free tier available, paid plans starting around $5/month.
- Pros: Excellent privacy and security, user-friendly interface, independent audits.
- Cons: Free tier has limited storage, not as widely adopted as mainstream email providers.
- Nextcloud:
- Key Features: Self-hosted cloud productivity platform, file synchronization, collaboration tools, calendar, contacts, and more.
- Price: Free open-source software, hosting costs vary depending on provider or self-hosting setup average hosting around $5-$15/month.
- Pros: Full control over data, highly customizable, strong community support, ethical alternative to commercial cloud services.
- Cons: Requires technical knowledge for self-hosting, setup time can be significant.
- DuckDuckGo Privacy Bundle:
- Key Features: Privacy-focused search engine, browser extensions to block trackers, email protection.
- Price: Free.
- Pros: Enhances online privacy, simple to use, integrates easily with existing browsers.
- Cons: Search results can sometimes be less comprehensive than Google for very niche queries.
- Standard Notes:
- Key Features: End-to-end encrypted note-taking application, cross-platform, focuses on longevity and simplicity.
- Price: Free basic version, extended features with “Standard Notes Extended” subscription around $30/year.
- Pros: Extreme focus on security and privacy, reliable syncing, ideal for sensitive information.
- Cons: Interface is very minimalist, lacks rich formatting options found in other note apps without extensions.
- LibreOffice Suite:
- Key Features: Comprehensive open-source office productivity suite, includes word processor, spreadsheet, presentation, database, and drawing tools.
- Pros: Powerful alternative to commercial office suites, highly compatible with Microsoft Office formats, regular updates.
- Cons: Interface can feel less polished than commercial alternatives for some users, may have a slight learning curve for new users.
- Signal Private Messenger:
- Key Features: End-to-end encrypted messaging, voice, and video calls, strong privacy by default.
- Pros: Widely regarded as the gold standard for secure communication, easy to use, no ads or trackers.
- Cons: Requires both parties to use Signal for full encryption benefits, not as universally adopted as WhatsApp.
- Brave Browser:
- Key Features: Privacy-focused web browser with built-in ad blocker and tracker blocker, faster browsing.
- Pros: Significant privacy enhancement, faster loading times due to ad blocking, offers optional crypto rewards which can be disabled.
- Cons: Some websites may detect ad blockers, optional crypto features are a point of concern for some users though not mandatory.
The best path is to always gravitate towards technologies and services that offer genuine utility and security without compromising core Islamic principles, moving away from speculative or interest-based digital ventures.
Elrond.com Review: A Deep Dive into MultiversX and Its Ethical Implications
Based on the website’s content, Elrond.com, now rebranded as MultiversX, presents itself as a cutting-edge blockchain platform aiming to solve scalability issues inherent in previous generations of blockchain technology.
It highlights its “Internet-Scale Blockchain” capabilities, featuring a network of over 3,000 validator nodes and boasting impressive transaction speeds.
The platform is designed for “next-gen applications” and emphasizes its carbon-neutral status.
While technically sophisticated and attractive to developers, the fundamental nature of the platform, centered around cryptocurrency and decentralized finance DeFi, poses significant ethical challenges from an Islamic perspective.
The involvement with EGLD token, smart contracts, and partners like DeFiLlama and eToro directly links it to activities that often embody Riba interest, Maysir gambling/speculation, and Gharar excessive uncertainty, making its core offerings largely impermissible. Privacar.com Review
Understanding MultiversX: The Internet-Scale Blockchain
MultiversX positions itself as a robust infrastructure for the digital economy, focusing on high throughput and efficiency.
The website emphasizes its technological advancements, such as Adaptive State Sharding and Secure Proof of Stake, which are touted as solutions to traditional blockchain limitations.
- Adaptive State Sharding: This is highlighted as a key innovation, allowing the network to process transactions in parallel, thereby increasing its capacity.
- The website claims it’s “the first to present a viable solution where all three aspects of sharding are live.” This technical claim, if validated, could indeed contribute to network efficiency.
- This technological approach aims to prevent network congestion, which is a common issue with older blockchain technologies like early Ethereum.
- Secure Proof of Stake SPoS: MultiversX uses SPoS as its consensus mechanism.
- This mechanism is designed to be energy-efficient, a significant advantage over Proof of Work PoW systems like Bitcoin, which consume vast amounts of electricity.
- The site states it offers “provable security guarantees,” crucial for maintaining network integrity and trust.
- WASM-Based Virtual Machine: The platform supports smart contracts written in familiar programming languages.
- This lowers the barrier to entry for developers, making it easier for them to build applications on MultiversX.
- The “fastest VM in the space” claim suggests a focus on performance, which is vital for complex decentralized applications.
The technical prowess described on Elrond.com is undeniable.
However, the purpose of this advanced technology, which is to facilitate a cryptocurrency-driven ecosystem, remains the central point of ethical concern.
The infrastructure, no matter how efficient, cannot sanitize the underlying impermissible nature of the financial activities it supports. Taxiinamsterdam.com Review
The EGLD Token and Its Role in the Ecosystem
The native token of the MultiversX network is EGLD eGold. The website clearly states its functions within the ecosystem, primarily enabling access and usage, providing security, and reinforcing economic alignment for stakeholders.
- Utility and Access: EGLD is required for network transactions, paying gas fees, and interacting with smart contracts.
- The “Average Cost per Transaction” is stated as “~$0.002,” indicating a low transaction cost, which is attractive for users and developers.
- Users “Get EGLD” through various means, indicating its necessity for engaging with the platform.
- Security and Staking: EGLD is used in the Secure Proof of Stake consensus mechanism, where validators stake EGLD to secure the network and earn rewards.
- The website mentions “75 Validators” securing the network and earning rewards. This earning mechanism, where one locks up capital to gain more capital without a direct, tangible service or production, often falls under the category of Riba interest in Islamic finance, especially if it’s a fixed or guaranteed return.
- The concept of earning “rewards” from holding or locking tokens is inherently problematic.
The EGLD token’s function as a medium for speculation and as a component in a system that generates passive income through staking which often resembles Riba is a major ethical hurdle.
The emphasis on “economic alignment for all stakeholders” through this token reinforces its speculative and interest-bearing nature.
MultiversX for Developers: Building the Next-Gen Applications
The website prominently features sections aimed at developers, inviting them to “Start building” and highlighting tools and incentives for creating applications on the MultiversX blockchain.
- Developer Royalties: MultiversX offers a compelling incentive: “Developers get 30% of the gas fee every time someone calls their smart contract.”
- This direct revenue share is designed to attract talent and foster a vibrant developer community.
- While incentives for development are generally positive, if the applications built on the platform facilitate impermissible activities like gambling dApps or interest-based lending protocols, then supporting such development becomes problematic.
- Comprehensive Infrastructure: The site states, “MultiversX provides the infrastructure you need to tackle any use case.”
- This broad claim suggests that developers can build anything, from gaming to DeFi, without restriction.
- The lack of specific ethical guidelines or filters for applications built on the platform means it can be used to create tools for both permissible and impermissible activities.
- Technical Documentation and Support: The presence of a “builders-hub” and implied technical resources suggests a robust environment for developers.
- This support is critical for adoption and innovation within the ecosystem.
- However, the focus on enabling a wide array of applications, including those within the ethically murky DeFi space, is a cause for concern.
The allure for developers is clear, with attractive incentives and a powerful underlying technology. Hichapp.com Review
However, the absence of an ethical framework for the types of applications built on the network means that the platform, by its very design, can facilitate activities that are not in line with Islamic principles.
MultiversX Ecosystem and Partners: Red Flags in DeFi Connections
The “Explore the Ecosystem” section of Elrond.com showcases a wide array of projects and partners, including DeFi platforms, crypto exchanges, and cloud providers.
- DeFi Integrations: Partners like DeFiLlama largest TVL aggregator for DeFi, Tradesilvania crypto investment platform, WazirX Bitcoin and cryptocurrency exchange, DEXTools revolution of DeFi, and eToro friendly platform, serious investors are explicitly listed.
- The term “DeFi” itself is a major red flag, as decentralized finance platforms frequently involve lending protocols with interest Riba, liquidity pools with uncertain returns Gharar, and highly speculative trading Maysir.
- eToro, for example, is a well-known trading platform that facilitates speculative trading in various assets, including cryptocurrencies, often using leverage, which intensifies the speculative nature.
- WazirX and Tradesilvania are cryptocurrency exchanges, inherently dealing in speculative assets and potentially facilitating interest-based transactions.
- Cloud and Technology Partners: While partners like Google Cloud and Tencent Cloud are legitimate technology providers, their involvement primarily supports the underlying infrastructure for a crypto-centric ecosystem.
- These partnerships provide the necessary computing power and scalability for the blockchain, but do not mitigate the ethical issues of the content being hosted or the transactions being processed.
- Overall Ecosystem: The ecosystem boasts “123 Projects,” “96 Partners,” “75 Validators,” and “31 Service Providers.”
- This indicates a thriving, interconnected network, but the connections largely reinforce the platform’s role in the ethically problematic cryptocurrency and DeFi sectors.
The prominent display of partnerships with platforms deeply embedded in speculative and interest-based finance strongly indicates that Elrond.com MultiversX is a facilitator of impermissible financial activities.
For a Muslim, engaging with such an ecosystem would be akin to knowingly participating in a financial system that deviates from Islamic teachings.
MultiversX Pros & Cons: An Ethical Lens
When evaluating MultiversX from an Islamic ethical perspective, the conventional “pros” often become “cons” due to the underlying impermissible nature of the activities. Daudarts.com Review
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Conventional Pros Ethically Problematic:
- High Scalability and Speed: “263,000 transactions per second max recorded.” While impressive technically, this speed is leveraged for a system that facilitates speculative and interest-based transactions.
- Low Transaction Cost: “~$0.002 per transaction.” Makes engagement with the platform more accessible for users, but it’s still for ethically problematic activities.
- Developer Incentives: “30% Developer Royalties.” Attracts talent, but this talent may be building tools for impermissible financial practices.
- Carbon Neutrality: A positive environmental claim, but the core business model remains ethically flawed.
- Robust Ecosystem: “123 Projects, 96 Partners.” Indicates significant adoption, but the majority are intertwined with DeFi and speculative crypto.
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Ethical Cons Significant Concerns:
- Involvement with Riba Interest: The “Secure Proof of Stake” mechanism often involves staking, which can be seen as earning passive income without a tangible productive asset, resembling interest. Many DeFi projects built on such platforms explicitly deal with interest-bearing loans.
- Gharar Excessive Uncertainty/Speculation: Cryptocurrency trading is highly volatile and speculative. The value of EGLD and other tokens can fluctuate wildly based on market sentiment rather than intrinsic value or productive output. This level of uncertainty is generally forbidden in Islamic finance.
- Maysir Gambling: The high volatility and speculative nature of crypto trading often cross into the territory of gambling, where outcomes are heavily dependent on chance and market manipulation rather than fundamental analysis or productive effort. The pursuit of quick, easy gains through price fluctuations is akin to gambling.
- Lack of Tangible Assets: Unlike traditional investments backed by physical assets or productive enterprises, many cryptocurrencies derive their value purely from market demand and perceived future utility, making them highly susceptible to bubbles and crashes.
- Facilitation of Impermissible Activities: By providing the infrastructure and promoting partnerships with DeFi platforms, MultiversX indirectly facilitates activities that are not permissible in Islam.
In essence, while MultiversX boasts advanced technology and a thriving ecosystem, its core business model and the activities it supports are deeply intertwined with practices that contradict fundamental Islamic financial principles.
For a Muslim, the “cons” far outweigh any technical “pros.”
The Impermissible Nature of Cryptocurrency and DeFi in Islam
The consensus among many Islamic scholars and financial bodies is that dealing with cryptocurrencies, particularly those primarily used for speculation and within the decentralized finance DeFi ecosystem, is largely impermissible haram. This stance is rooted in several core Islamic financial principles. Tikram.jo Review
- Riba Interest: Many DeFi protocols involve lending and borrowing where interest is charged. Staking mechanisms, where users lock up their crypto assets to earn rewards, can also resemble interest, as returns are often predetermined or linked to the amount staked rather than actual productive output.
- For example, liquidity pools in decentralized exchanges often pay “yields” to providers, which can be analogous to interest.
- The website mentions “earning rewards” for validators, which directly relates to this concern.
- Gharar Excessive Uncertainty: Cryptocurrency markets are notorious for extreme volatility and lack of intrinsic value. The value of many tokens is not tied to a tangible asset, a productive business, or a clear economic utility, making them highly speculative. This excessive uncertainty in outcomes makes such transactions akin to gambling.
- The rapid price swings seen in EGLD and other tokens illustrate this inherent Gharar.
- Maysir Gambling: Given the high speculative nature and extreme price fluctuations, engaging in cryptocurrency trading often becomes a form of gambling. Individuals often invest hoping for quick, exponential gains, rather than based on fundamental value or productive investment.
- Platforms like eToro, a partner of MultiversX, actively promote speculative trading, which can easily lead to Maysir.
- Lack of Tangible Underpinnings: Traditional Islamic finance emphasizes investments in real, productive assets or businesses. Many cryptocurrencies, including EGLD, lack this tangible backing, deriving their value primarily from market demand and speculative sentiment.
- Potential for Fraud and Scams: The decentralized and unregulated nature of much of the crypto space makes it fertile ground for scams, pump-and-dump schemes, and fraudulent projects, further increasing the risk and uncertainty.
- Role as a Medium of Exchange: While some argue for the permissibility of cryptocurrencies as a medium of exchange, their primary use cases in the current market, especially within the DeFi ecosystem, are predominantly speculative.
Therefore, for a Muslim, engaging with platforms like Elrond.com MultiversX, which are designed to facilitate such activities, would mean participating in a system that fundamentally contradicts the ethical and legal frameworks of Islamic finance.
The path of seeking alternative, permissible digital and financial engagements is strongly recommended.
FAQ
What is Elrond.com?
Elrond.com is the former domain for MultiversX, an “Internet-Scale Blockchain” platform designed for next-generation applications, aiming to provide a scalable, secure, and decentralized infrastructure for a variety of uses, particularly within the cryptocurrency and decentralized finance DeFi space.
What is EGLD token?
EGLD eGold is the native cryptocurrency token of the MultiversX network.
It is used for network transactions, paying gas fees, interacting with smart contracts, and for staking by validators to secure the network and earn rewards. Boho-spring.com Review
Is MultiversX Elrond carbon neutral?
Yes, the MultiversX website states that the platform is “Carbon Neutral” and emphasizes its “Sustainability Integrations,” highlighting its commitment to environmental responsibility.
What is Adaptive State Sharding on MultiversX?
Adaptive State Sharding is a core technological feature of MultiversX Elrond that allows the blockchain network to process transactions in parallel by dividing the network into smaller segments shards, significantly increasing its transaction processing capacity and scalability.
How does Secure Proof of Stake SPoS work on MultiversX?
Secure Proof of Stake SPoS is the consensus mechanism used by MultiversX.
It is an energy-efficient method where validators stake EGLD tokens to participate in securing the network and validating transactions, earning rewards for their participation.
What kind of applications can be built on MultiversX?
MultiversX aims to support a wide range of “next-gen applications,” leveraging its WASM-Based Virtual Machine to allow developers to build various decentralized applications dApps, including those in gaming, DeFi, and other Web3 functionalities. Gbmerchandise.com Review
Does MultiversX offer developer incentives?
Yes, MultiversX offers attractive incentives for developers, notably providing “30% Developer Royalties,” meaning developers receive 30% of the gas fees every time someone calls their smart contracts built on the platform.
What are some of the partners of MultiversX?
MultiversX has partnered with various entities, including DeFi platforms like DeFiLlama and DEXTools, cryptocurrency exchanges such as Tradesilvania and WazirX, trading platforms like eToro, and cloud providers like Google Cloud and Tencent Cloud.
What are the key features of the MultiversX blockchain?
Key features of the MultiversX blockchain include Adaptive State Sharding for scalability, Secure Proof of Stake SPoS for energy-efficient security, a WASM-Based Virtual Machine for smart contract development, and low transaction costs.
What is the average transaction cost on MultiversX?
According to the MultiversX website, the average cost per transaction is approximately ~$0.002, indicating a very low fee structure for network operations.
How many validator nodes does MultiversX have?
The MultiversX network is decentralized via over “3,000+ nodes,” specifically stating “3,200 Validator Nodes” on its homepage, contributing to its security and decentralization. Designdan.london Review
What is the maximum recorded transactions per second TPS on MultiversX?
MultiversX boasts a maximum recorded transaction speed of “263,000 transactions per second,” showcasing its high throughput capabilities.
Does MultiversX have a community presence?
Yes, MultiversX has a strong community presence, indicated by “39k On Discord and Telegram” and active participation in events like the xDay 2023 hackathon with “1k+ participants.”
What is the purpose of “Sovereign Chains” on MultiversX?
“Sovereign Chains” refers to a feature that allows for the creation of independent, customizable blockchains that can interoperate with the main MultiversX network, providing flexibility and specific use cases for different projects.
How can I get EGLD?
The MultiversX website provides a “Get EGLD” link, directing users to platforms where they can purchase the EGLD token to access and utilize the MultiversX network and its services.
What kind of projects are built on MultiversX?
The MultiversX ecosystem includes “123 Projects” across various categories, including decentralized applications dApps, Web3 platforms, and various utility-focused solutions. Oliveproperty.uk Review
What is the “Growth Games Grants Program” mentioned on Elrond.com?
The “Growth Games Grants Program” is an initiative by MultiversX to foster ecosystem growth by providing grants to developers and projects building on their blockchain, encouraging innovation and expansion of the network.
How does MultiversX address sustainability?
MultiversX claims to be “Future-Proof in Every Way” with a focus on sustainability, indicating that it is “leading the way towards a more responsible and sustainable infrastructure for all digital things,” emphasizing its carbon-neutral status.
What is the significance of AI Agents welcome on MultiversX?
The “AI Agents welcome” feature indicates MultiversX’s focus on integrating artificial intelligence with blockchain technology, suggesting a future where AI agents can operate and interact within the decentralized network.
Where can I find the latest news and updates about MultiversX?
The MultiversX website has a “Latest News” section on its homepage and a dedicated blog linked as “View All” where they publish updates on network upgrades, technical developments, ecosystem news, and community events.
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