Oxen
Crypto Overview
Understanding the Intended Utility
Oxen is a privacy-focused cryptocurrency platform that aims to provide secure communications and anonymous transactions. The project's core utility involves running Service Nodes that power privacy tools including Session (a decentralized messaging app), Lokinet (an onion router), and private transactions.
Business Model and Infrastructure
The platform operates through a network of Service Nodes that requires operators to stake 15,000 OXEN tokens. These nodes maintain the network's infrastructure and earn rewards for their service. The business model focuses on providing privacy-preserving tools and services, which aligns with permissible activities under Islamic principles.
Actual Utility Assessment
The platform demonstrates genuine utility through its flagship product Session, which has over 300,000 monthly active users. Service Nodes are actively maintaining the network with approximately 1,500 nodes operational. The development team maintains regular updates and improvements to the ecosystem's products.
Token Distribution and Governance
The token distribution shows a relatively fair model with no pre-mine. Tokens are primarily distributed through node rewards and mining. The team maintains transparency in development through open-source code and regular community updates. There are no concerning vesting schedules or large founder allocations that would indicate a scheme to enrich founders.
Technology and Revenue Model
The revenue model is based on providing network services and maintaining infrastructure, rather than interest-bearing mechanisms. The staking requirement for Service Nodes represents operational infrastructure rather than traditional financial staking, as nodes perform actual work in maintaining privacy services.
Crypto Impact
To assign a comfort level investing in Oxen 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 Oxen.
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.