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 is the native token of the Ordinals ecosystem, launched in 2023.
Purpose and Utility
The primary purpose of Ordinals is to enable NFT-like functionality on Bitcoin by inscribing digital content onto satoshis. The ORDI token serves as the governance and utility token for the Ordinals ecosystem, used for trading inscriptions and participating in the protocol's development.
Business Model and Current Usage
The protocol allows users to create, trade, and collect unique digital assets on Bitcoin. The current usage aligns with its intended purpose, with significant trading volume and creation of inscriptions occurring on the network. The protocol has seen widespread adoption among Bitcoin NFT enthusiasts and digital artists.
Platform Development
The Ordinals protocol has shown consistent development activity, with regular updates and improvements to the infrastructure. The ecosystem has expanded to include various marketplaces and tools for creating and trading inscriptions.
Token Distribution and Governance
ORDI tokens were distributed through a fair launch mechanism, with no pre-mine or founder allocation. The token distribution appears to be relatively decentralized, with no single entity controlling a majority of the supply.
Revenue Model
The protocol generates revenue through transaction fees paid in Bitcoin for creating and transferring inscriptions. This model doesn't involve interest-bearing mechanisms or lending protocols.
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Salaam all,
I would like to share my thoughts on this assessment.
The key difference between Bitcoin ordinals and more standard NFT types is their fluid nature. Because the Bitcoinprotocol does not formally recognize ordinal theory, an ordinal can either be fungible or non-fungible. It depends completely on who owns the ordinal and whether they wish to preserve the individual satoshi.
Bitcoin user does not recognize or care about an ordinal or the data attached to it, it can simply be used like any other Bitcoin. Ordinals are fungible in this way—they can be used to pay for network fees or sent as payment, though the arbitrary data will still stay attached. The same is not true of an Ethereum NFT. An Ethereum NFT is completely different from an Ethereum coin, and it’s impossible to mix up a fungible token with an NFT because the Ethereum Network treats each token type differently.
!و الله أعلم
Salam brother, This is Ahmed from the PIF team.That's why we assigned it as questionable if you view it as ok to invest in based on your knowledge and afterconsulting a trusted scholar.
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when did you update this Crypto status to questionable, please? as i remember i searched before and found it was Halal. also the price is wrong. it is btw 60to 70$ today lowest near 61$
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I am confused are NFTs considered Haram? and why
Salam brother, we didn't said its haram or halal we said it is questionable, as it has no real value or utility, simply ask yourself if you made money investingin NFTs how are you going to justify this money in front of Allah on the day of judgment.
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