Pigeoncoin
Crypto Overview
Overview
Pigeoncoin (PGN) is a cryptocurrency that was launched in 2018 as a fork of Ravencoin. It utilizes the x16s hashing algorithm and aims to provide a decentralized network for digital asset transfer.
Purpose and Utility
The stated purpose of Pigeoncoin was to create a platform for asset transfer and mining using the x16s algorithm. The project aimed to provide an ASIC-resistant mining environment to maintain decentralization.
Business Model Analysis
The business model appears to be focused on providing a basic cryptocurrency for transfer of value and mining. There are no apparent elements that would conflict with Islamic principles in its basic structure.
Development and Adoption
Current research indicates that development activity has been minimal in recent years. The project's GitHub repository shows limited recent updates, and community engagement appears to be low.
Token Distribution
Information about the initial token distribution and current holdings is limited. The coin was launched through fair mining without a pre-mine, which aligns with principles of fairness in Islamic finance.
Technology Assessment
The underlying technology is based on proven blockchain principles and doesn't involve any inherently problematic mechanisms like interest-bearing components or gambling elements.
Crypto Impact
To assign a comfort level investing in Pigeoncoin 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 Pigeoncoin.
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.