Dogecoin
Crypto Overview
Purpose and Utility
Dogecoin was created in 2013 as a 'joke' cryptocurrency, initially meant to be a lighter, more accessible version of Bitcoin. While it started as a meme, it has evolved into a legitimate payment system and digital currency. The primary intended use is as a medium of exchange for tips, small payments, and charitable donations.
Business Model and Operations
Dogecoin operates as a proof-of-work blockchain, similar to Bitcoin. It has an infinite supply with approximately 10,000 new DOGE mined per minute. The project maintains transparency through open-source code and community governance. The network does not facilitate any inherently haram activities like interest-bearing loans or gambling.
Real-World Adoption
Dogecoin has achieved significant merchant adoption, with companies like Tesla, AMC Theaters, and the Dallas Mavericks accepting DOGE as payment. The cryptocurrency is actively used for charitable donations and online tipping. The Dogecoin Foundation, established in 2014, helps guide development and adoption.
Development Activity
While development was initially sporadic, recent years have seen increased activity. The Dogecoin Foundation has outlined a technical roadmap including scalability improvements and smart contract capabilities. Notable developments include reduced transaction fees and improved network security.
Token Distribution
Dogecoin has one of the most decentralized distributions among major cryptocurrencies. There was no pre-mine or ICO, and tokens are distributed through mining. No single entity controls a majority of the supply, reducing the risk of founder enrichment.
Login to join the discussion
salam alaikum, i want to start by appreciating your effrots. the PIF team has been doing some very hardwork to let the ummah know of the crypto that are halalto invest in. my question is, some days back(getting to a week or two now) some reports regarding the halal status of some meme coins was made available, i went through them and the reason behind PIF's rating. Alhamdullilah, i found some very interesting things i learnt but recently, i have been trying to look for some meme coins and i cannot find their report. my question is what is the reason for retracting the reports, as i have bought some earlier and i dont know what to do nw. pls respond to a brother in need if you see this message.
Login to join the discussion
I think anything about memecoin alredy make it lean towards Impermissible. As for the claim that it can be use for payment, any coin can also said the same thingso for me it doesn't automatically make permissable, there is a need to look further than that.
Login to join the discussion
Salaam akhi, I cannot agree with you. This is a memecoin. There is no value nor service provided behind it. It is based on no fundamentals and it is purelydriven by speculation. The massive swings in value speak for themselves. This is the definition of gharar and cannot be called halal. You have a huge responsibility in having an audience that is looking at you as a figure that they can trust. Please do not disappoint the community and be more strict in your ratings.
And Allah knows best.
paper notes don't have any fundamental too. does it haram?
Login to join the discussion
Can someone tell me about PONKE is it halal or haram
Login to join the discussion
How this meme coin is hilal
Login to join the discussion
Would you please rate MYRO as well? This is from the website:
Myro is more than just a cryptocurrency, it is also a movement. We believe that Solana has the potentialto change the world for the better, and we are committed to making it more inclusive and welcoming for everyone.
With Myro, we have created a revolutionary digital currency that is designed for simplicity, security, and accessibility.
Our goal is to provide a seamless crypto experience for everyone. Whether you are an experienced trader or a curious beginner, Myro is here to meet your needs and assist you in exploring the world of digital currencies.
Login to join the discussion
I see almost all gaming category coins marked uncomfortable status, whereas Doge is a meme coin with no real case use, as many other meme coins lets say floki. Iam confused.
Salam, This is Ahmed from the PIF team. Because Dogecoin can be used as money or a medium of exchange. Thus, we give it a comfortable rating.
Login to join the discussion
Why is DOGE different from any othe MEME coin from Share3a prospective ?
Salam, we believe Doge can be used as money and it is being use as a medium of exchange and for tipping.
Login to join the discussion
I have heard that, all meme coins are haram? But i have searched here, doge, bonk etc, u categorised them as halal?
Why
But what was the intention of the coin at launch? Meme, speculation driven — eventually anything can become legit
Salam, we believe Doge can be used as money and it is being use as a medium of exchange and for tipping, for bonk we have updated its rating toquestionable.
Login to join the discussion