OXBT (Ordinals)
Crypto Overview
Overview
Ordinals (OXBT) is a cryptocurrency project built on top of the Bitcoin blockchain that enables the inscription of digital content directly onto individual satoshis (the smallest unit of Bitcoin). The project was launched in 2023.
Purpose and Utility
The primary stated purpose of OXBT is to serve as a governance and utility token for the Ordinals ecosystem. Token holders can participate in protocol governance decisions and access various features within the Ordinals ecosystem.
Business Model Analysis
The project's business model centers around providing infrastructure for Bitcoin-based digital artifacts and NFT-like functionality. The core technology does not inherently involve any haram activities like interest-based lending or gambling.
Current Usage and Adoption
The token has seen adoption primarily among Bitcoin NFT enthusiasts and developers building on the Ordinals protocol. While still in early stages, there is evidence of genuine utility in terms of governance participation and ecosystem access.
Development Activity
The project maintains active development with regular updates to the protocol. The development team appears focused on expanding the technological capabilities rather than just marketing.
Token Distribution
Based on available information, the token distribution appears to follow standard industry practices with vesting periods for team allocations. No concerning concentration of tokens has been identified in founder wallets.
Crypto Impact
To assign a comfort level investing in OXBT (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 OXBT (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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