EtherGem
Crypto Overview
Purpose and Utility
EtherGem (EGEM) is a cryptocurrency that was created as a fork of Ethereum, aiming to provide a platform for decentralized applications while maintaining ASIC resistance through its custom mining algorithm. The project intended to create a more democratic and decentralized version of Ethereum.
Business Model Analysis
The project appears to have been designed with legitimate utility in mind, focusing on providing a platform for dApp development and smart contracts. There are no apparent elements that would violate Islamic principles in its core design.
Real-World Adoption and Development
Current research indicates extremely limited development activity in recent years. The project's official channels and repositories show minimal updates, and there is very little evidence of active usage or adoption. The last significant development appears to have been several years ago.
Token Distribution
While the initial distribution information is available, showing a fair launch model with no pre-mine, current token distribution data is limited due to low trading volume and market activity.
Technology Assessment
The underlying technology is based on proven blockchain concepts, utilizing Proof of Work consensus mechanism. The project does not involve interest-bearing mechanisms or forbidden activities in its core protocol.
Crypto Impact
To assign a comfort level investing in EtherGem 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 EtherGem.
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.