Orcfax
Crypto Overview
Overview
Orcfax (FACT) is a cryptocurrency project launched in late 2023 aiming to serve as a decentralized protocol and token focused on providing real-world oracle data to the Bitcoin ecosystem through Ordinals inscriptions.
Stated Purpose & Utility
The primary purpose of FACT is to facilitate and incentivize the operation of a decentralized oracle network on Bitcoin. The token is designed to be used for governance voting and rewarding data providers in the network.
Business Model Evaluation
The core business model revolves around providing market data and real-world information through Bitcoin inscriptions, which is a legitimate technological utility. The project does not involve any inherently prohibited activities like gambling, interest-based lending, or adult content.
Development & Adoption
The project is in its early stages with ongoing development of the oracle infrastructure. While adoption is currently limited, this is not inherently problematic from a Sharia compliance perspective.
Token Distribution
The token distribution appears to follow a fair launch model, with no pre-mine for founders. The total supply is fixed at 21 million FACT tokens.
Technology Assessment
The underlying technology focuses on solving a real technical challenge (bringing oracle data to Bitcoin) without involving any prohibited mechanisms like interest-bearing staking or gambling features.
Crypto Impact
To assign a comfort level investing in Orcfax 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 Orcfax.
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.