Is Hive (HIVE) Halal or Haram?
Shariah compliance review of Hive (HIVE) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
Hive (HIVE) is a blockchain that operates on a delegated proof-of-stake (DPoS) consensus mechanism and was launched in March 2020 as a hard fork of the centralized Steem blockchain, serving as a bridge from Web 2.0 to Web 3.0. It boasts ""lightning-fast processing times and fee-less transactions,"" facilitating various use cases such as monetized social media, interactive blockchain games, identity management, and micro-loans. The platform supports decentralized applications (dApps) like Splinterlands, PeakD, and HiveBlog.<br><br> As a social network of apps and services, Hive allows users to explore blockchain technology, connect with the platform, and share content securely through an equitable redistribution of value, making users the owners of the network. Sponsors can engage with communities and artists directly without intermediaries.<br><br> Hive is an open-source blockchain that emphasizes scalability through layer-2 sidechains while maintaining a shared layer-1 blockchain backbone for data integrity. The ecosystem operates on two cryptocurrencies: the native governance token, HIVE, and the USD-pegged HBD stablecoin.""<br><br>Sharlife.my: Hive ecosystem is neutral.
Staking verdict: Questionable
Considering that Hive is a Layer1 blockchain that allows developers to build dApps, the participating in consensus protocol of the ecosystem is questionable at this point, before we make further and deeper analisys and research. Some applications built on this platform may potentially involve Shariah non-compliant elements, leading to questions regarding participation in the consensus protocol for this platform. This analisys is similar to the one of Ethereum, Solana, Polkadot, Chromia and WAX.
Browse all Shariah-compliant cryptocurrencies on the EthicalNode halal crypto screener.