Is Ontology (ONT) Halal or Haram?
Shariah compliance review of Ontology (ONT) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
Ontology aims to enhance trust, privacy, and security in Web3 through decentralized identity and data solutions. Its high-speed, low-cost public blockchain enables individuals and enterprises to build compliant digital identity solutions, prioritizing user privacy while promoting transparency and trust. Sharlife.my: We concluded ONTOLOGY as Shariah Compliant. No prohibited elements have been identified in the ecosystem.
Staking verdict: Questionable
Permissibility of staking is questionable, because it is a layer 1 blockchain, with various dApps running their applications on the blockchain, including DEFI, Lending and Borrowing, Gambling, etc, hence impermissible transactions might get recorder in L1 blocks, thus benefiting validators with commissions. It is better to avoid staking this protocols until we receive final fatwas from high rank scholars.
Browse all Shariah-compliant cryptocurrencies on the EthicalNode halal crypto screener.