Ordinals
Crypto Overview
Overview
Ordinals is a protocol that enables the inscription of digital assets directly onto individual satoshis (the smallest unit of Bitcoin). The ORDI token, launched in May 2023, is the governance token of the Ordinals ecosystem.
Purpose and Utility
The primary purpose of Ordinals is to enable NFT-like functionality on Bitcoin, allowing users to inscribe digital content directly onto the Bitcoin blockchain. The ORDI token serves as the native currency for trading these inscriptions and provides governance rights over the protocol.
Business Model
The protocol generates revenue through inscription fees and marketplace trading fees. The business model is transparent and doesn't involve interest-bearing products or prohibited activities. Trading of digital assets and NFTs is the primary activity.
Real-World Adoption
Ordinals has seen significant adoption since its launch, with over 30 million inscriptions created as of 2024. Major cryptocurrency exchanges including Binance, OKX, and Bybit support ORDI trading. The protocol maintains active development and community engagement.
Token Distribution
The initial token distribution allocated 20% to the team and advisors, 25% to the treasury, and 55% to the community through various distribution mechanisms. Team tokens are subject to a vesting period of 24 months.
Technical Implementation
The protocol operates directly on Bitcoin's base layer, utilizing the ordinal theory to assign unique identifiers to individual satoshis. This enables permanent storage of digital assets on Bitcoin's blockchain in a decentralized manner.
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.