Ordinals
Crypto Overview
Overview
Bitcoin Ordinals is a protocol built on Bitcoin that enables the creation of digital artifacts (NFTs) on the Bitcoin blockchain using satoshis (the smallest unit of Bitcoin). The ORDI token serves as the native token for the Ordinals ecosystem, launched in Q4 2023.
Intended Utility
The primary intended purpose of ORDI is to serve as a governance and utility token for the Ordinals ecosystem. It aims to facilitate trading of Bitcoin-based NFTs, provide governance rights, and enable participation in the Ordinals ecosystem.
Actual Utility and Usage
The token has gained significant adoption since its launch, with major cryptocurrency exchanges like Binance, OKX, and Bybit listing it. The ecosystem has seen substantial development activity, with multiple marketplaces and tools being built around Ordinals inscriptions.
Token Distribution and Founder Analysis
The token distribution appears relatively fair, with no pre-mine for the founders. The initial distribution was conducted through a fair launch mechanism where users could claim tokens based on their Bitcoin Ordinals inscription holdings. The project team has maintained transparency regarding development goals and technical implementations.
Technical Implementation
ORDI operates on the Bitcoin blockchain through the BRC-20 token standard, which allows for the creation of fungible tokens using Bitcoin Ordinals. The protocol enables actual ownership transfer of digital assets and provides genuine utility through its integration with the Bitcoin network.
Crypto Impact
To assign a comfort level investing in 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 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.