$BSV (Ordinals)
Crypto Overview
Overview
BSV Ordinals is a protocol built on the Bitcoin SV blockchain that enables the creation and trading of digital assets by inscribing data directly onto individual satoshis (the smallest unit of BSV). The protocol is similar to Bitcoin Ordinals but operates on the BSV network.
Purpose and Utility
The primary intended purpose of BSV Ordinals is to enable the creation, ownership, and transfer of digital assets on the BSV blockchain. This includes NFTs, digital art, and other forms of digital content. The actual current usage aligns with this intended purpose, with users actively creating and trading digital assets using the protocol.
Business Model Analysis
The business model is based on facilitating the creation and exchange of digital assets, with users paying transaction fees to inscribe data onto the blockchain. The model appears transparent and does not inherently involve any prohibited activities like gambling or interest-based lending.
Real-World Adoption
The protocol has seen adoption among BSV ecosystem participants, with various projects and individuals using it to create and trade digital assets. While adoption is still in early stages, this does not affect its Sharia compliance status.
Platform Development
The protocol builds on the existing BSV infrastructure and benefits from the ongoing development of the BSV ecosystem. Development activity appears focused on improving the protocol's functionality and user experience.
Token Distribution and Founder Analysis
As a protocol built on BSV, there is no separate token distribution to evaluate. The underlying BSV cryptocurrency has an established distribution model inherited from the original Bitcoin blockchain.
Crypto Impact
To assign a comfort level investing in $BSV (Ordinals) 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 $BSV (Ordinals).
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.