I would like to get a better understanding of why in the shariah review bureau document they class ICOs to be ok.
As far as my understanding goes ICOs are essentially raising funds for projects/work. You don’t have any stake in that project or any ownership in that project. You apparently get a token. What exactly is that token used for? As far as I can tell not much. To give an example if we use ETH token for the Ethereum netowrk. Is the Eth token required for the ETH Netwrok? As far as I can see the token is not critical to the ETH network.
XRP is another example, XRP was a funding vehicle for ripple. Ripple have a great product and great use but XRP is NOT RIPPLE. XRP would fully disappear and ripple and their network would be fine.
If anyone can provide information to further expand my knowledge I would be very grateful.
Thanks