DigitalBits provides blockchain services through tokenized asset which uses XDB token as an intermediary in its blockchain system. It enables transactions among non-native tokens. Everything in this protocol looks clear and we classified XDB as Shariah-Compliant.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. This project provide services for business or institutions to enhance client or customer engagement. | Passed |
| Project | DigitalBits is an open-source decentralized infrastructure that supports fast and affordable asset transfers. Loyalty Reward Programs (LRP) are also being supported by this network to enhance businesses or institutions in providing loyalty reward system to customers. The project is neutral as they only provide a platform service which is align with the Shariah Rulings. Issues will arise if any XDB contributing with businesses or institutions that will be developed under this platform are related with non-Shariah activity. | Passed |
| Financials | The token is not backed by any equity or fiat currency, thus there is no financial screening on this token. | Passed |
| Token | XDB token is being used to enable transaction among non-native tokens and as an intermediary for issuer who enters the DigitalBits blockchain system to use the services provided. It is also used for staking or securing the network. This token is used for permissible purposes and is aligned with Shariah context. | Passed |
| Staking Method | Contributing in staking will earn staking reward transaction fees. The reward system is permissible as the reward system does not contain Riba, Gharar, or Maisir. | Passed |
Read the source document and verify project fundamentals.