INSC (Ordinals)
Crypto Overview
Overview
INSC is a token protocol built on Bitcoin using Ordinals, launched in late 2023. It aims to enable token creation and transfers on Bitcoin's base layer through inscription technology.
Purpose and Utility
The stated purpose of INSC is to serve as a token standard for Bitcoin, similar to how BRC-20 works, but with improvements in efficiency and functionality. The protocol allows users to create and transfer tokens directly on Bitcoin's blockchain using ordinal inscriptions.
Current Usage
The token is primarily being used for trading and transfer of value within the Bitcoin ecosystem. While still in early stages, it has gained attention from the crypto community as an alternative token standard on Bitcoin.
Technical Implementation
INSC utilizes Bitcoin's ordinals protocol to enable token functionality without requiring additional layers or sidechains. The implementation allows for direct inscription of token data onto individual satoshis.
Token Distribution
INSC follows a fair launch model with no pre-mine or team allocation. Tokens are created through a minting process open to all participants.
Development Activity
The protocol maintains an active development presence with ongoing improvements to the token standard and infrastructure.
Crypto Impact
To assign a comfort level investing in INSC (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 INSC (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”.
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