Is DigiByte (DGB) Halal or Haram?
Shariah compliance review of DigiByte (DGB) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
DigiByte (DGB) is an open-source blockchain and asset creation platform that began development in October 2013, with its DGB token's genesis block mined in January 2014 as a fork of Bitcoin. As a mature public blockchain, DigiByte employs five different algorithms to enhance security and was designed to improve upon Bitcoin's security, capacity, and transaction speed. The platform is structured in three layers: a smart contract "App Store," a public ledger, and a core protocol that facilitates communication between nodes to relay transactions.
Staking verdict: Non-Comfortable
There is no Proof of Stake consensus, the chain functions on Proof of Work protocol, which is "mining". This is why any so called "staking" or other instrument with a fixed yield for this cryptocurrency is not legitimate, because it lacks participating in creating new transactions in the blockchain. <br><br>You can read more about Proof-of-Stake protocol on our Blogs section below this crypto list. However, we are not talking about other pledge or liquidity instruments that involves DGB. It will have a separate ruling.
Browse all Shariah-compliant cryptocurrencies on the EthicalNode halal crypto screener.