Cryptonite
Crypto Overview
Overview
Chain (XCN) is a protocol and infrastructure project launched in 2014 that aims to help organizations build financial services on blockchain technology. The project rebranded and relaunched in 2022.
Purpose & Utility
Chain provides tools and infrastructure for building blockchain-based financial applications. The XCN token is used for governance, staking, and accessing premium features of the Chain protocol. The token grants voting rights on protocol upgrades and parameters.
Business Model Analysis
The core business model revolves around providing blockchain infrastructure services to enterprises and developers. This includes cloud services, APIs, and development tools. The revenue model is based on subscription fees and usage of their services, which aligns with halal principles as it represents exchange of genuine utility.
Real World Adoption
Chain has established partnerships with organizations like Visa, Nasdaq, and Citigroup for blockchain implementations. However, current usage of the XCN token appears primarily focused on trading and governance rather than widespread utility adoption.
Development Activity
The project maintains active development on GitHub with regular updates to their infrastructure and tools. The team continues to release new features and improvements to their enterprise blockchain solutions.
Token Distribution
The token distribution includes allocations for the team, advisors, and early investors with standard vesting periods. While a significant portion is allocated to the team, the presence of vesting schedules helps align long-term incentives.
Crypto Impact
To assign a comfort level investing in Cryptonite 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 Cryptonite.
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.