Is investing in a Proof of Stake Crypto currency halal or not?


I am specifically interested on ICON (ICX) crypto that is an interoperable blockchain and it works on Byzantine loop fault tollerence algorithm (very similar to delegated proof of stake).

I want to know that if i stay away from all staking and just keep the coins for investment purposes will it be permissable. Apart from this the coin is also mainly for purposes that are not bad for the society (digital identification, interblockchain transactions, smart contracts, education institutes degree records).

Kindly look into its protocol to help me out with this issue of it being Shariah Compliant.

In a nutshell its staking mechanism works like you stake you coin they get locked you get votes for the stake and then you can vote for whatever node you think is honest. You get the transaction and minting records because the blockchain is in its infancy and is currently being minted to reach the max supply. If your delegated vote acts against the rules all the voters get penalized with some loss (may never happen if you choose an honest node). Unstaking takes time as it has a cool down so your funds are not instantly available as unstaking takes time (to prevent market dumps) according to the network and after a certain unstaking cooldown time has elapsed your funds are available to you.

Kindly review this crypto currency in the light of Shariah. Thankyou!

Wa alaykum salaam,

We don’t carry out screening for tokens. Kindly review my research paper to give you an understanding of the key principles to consider:

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Thanks I’ll look at the paper and decide
Jazakullah Khair!