VIDT DAO
Crypto Overview
Project Overview
VIDT DAO (formerly V-ID) is a blockchain-based document certification and validation platform that allows organizations to protect their digital assets against fraud. The project underwent significant changes in late 2022 when it migrated from its original blockchain to become a DAO on the Ethereum network.
Intended Utility
The primary purpose of VIDT is to serve as a governance token for the VIDT DAO ecosystem, enabling holders to participate in decision-making processes. The token is also used as a utility token within the platform's document validation services.
Actual Utility Assessment
Current usage appears to be limited, with minimal on-chain activity related to its intended document validation purposes. The token's primary activity appears to be trading on exchanges rather than governance or validation services. The project's development activity has shown concerning signs of stagnation since its migration to Ethereum.
Token Distribution and Governance
The token distribution shows a relatively concentrated ownership pattern, with significant holdings by early investors and team members. The migration to a DAO structure has not resulted in widespread democratic participation as intended.
Technical Implementation
The platform operates on the Ethereum blockchain, utilizing smart contracts for governance and validation services. The technical architecture appears sound, though development updates have been sparse since the migration.
Revenue Model
The project generates revenue through document validation services, with fees paid in VIDT tokens. This model does not involve interest-bearing mechanisms or prohibited activities under Islamic law.
Crypto Impact
To assign a comfort level investing in VIDT DAO 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 VIDT DAO.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
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