Diamond
Crypto Overview
Overview
Diamond (DMD) is a proof-of-stake cryptocurrency launched in 2013. The project claims to function as a store of value and medium of exchange, with emphasis on security through its staking mechanism.
Intended Utility
The stated purpose of Diamond is to serve as a digital payment system and store of value, with features including staking rewards for network participants. The project emphasizes long-term holding through its proof-of-stake consensus mechanism.
Actual Utility Assessment
Current usage appears extremely limited, with very low trading volumes and minimal developer activity. The project's development appears largely stagnant, with no significant updates or improvements in recent years. The official website provides minimal information about ongoing development or adoption.
Token Distribution and Governance
Information about token distribution and current holdings is not readily available, raising transparency concerns. There is limited public information about the current development team or project governance structure.
Technical Implementation
The cryptocurrency operates on its own blockchain using a proof-of-stake consensus mechanism. While this mechanism itself is halal-compliant as it involves actual asset ownership and network participation, the practical implementation and current state of the network raise concerns about the project's viability.
Crypto Impact
To assign a comfort level investing in Diamond from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Diamond.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.