HALAL Screening Cryptocurrency
Is ORDI Halal?
Complete Shariah Compliance Screening of ORDI to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is ORDI
ORDI, short for Ordinals, is a type of cryptocurrency that operates on the Bitcoin network. What makes it special is that it allows users to create and trade unique digital assets, known as "ordinal inscriptions," directly on Bitcoin. Think of it like adding a personal touch to a classic painting; you can now have one-of-a-kind digital items that are secured by the robust Bitcoin blockchain.
What sets ORDI apart from other cryptocurrencies is its focus on individuality and creativity. While many cryptocurrencies are just about transactions, ORDI lets people express themselves through unique digital collectibles. This means you can own something that’s not just a number in your wallet, but a piece of digital art or a collectible that stands out. It’s like having a rare trading card, but in the digital world, and it’s all backed by the security of Bitcoin!
Transparent and Credible Team
The founder of the ORDI coin is Domo, who deployed the first ORDI token based on the BRC-20 protocol. The coding framework of @domodata also facilitated the growth of numerous BRC-20 tokens. However, the sources also indicate that there is a lack of transparency in its operations and that some Bitcoin developers have raised concerns over its legitimacy. There is also no information about the domain registration or the headquarters of ORDI, which is considered a red flag.
Score: 50
Clear Use Case or Purpose
ORDI operates on the Bitcoin network using the BRC-20 standard. It is primarily a meme coin with limited direct connection to Ordinals, but it opens up a range of innovative use cases. The Ordinals protocol allows for embedding various data types onto Satoshis, enabling use cases such as digital art and collectibles, and secure data storage.
Score: 75
Absence of Fraudulent Behavior
While there is no direct evidence of fraudulent activity, some sources raise concerns about the legitimacy of ORDI. Uphold has performed due diligence, including reviewing the source code and security practices, but there is no mention of a formal audit by a cybersecurity firm or regulatory body.
Score: 65
Ethical Practices
There are concerns about the lack of transparency and questionable intentions. The project is community-driven, which could be seen as both a strength and a weakness with regards to ethical practices. There is no specific evidence that the project operates unethically, but concerns regarding transparency warrant a lower score.
Score: 60
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ORDI Halal Project Screening
- Are the project’s purpose and operation Shariah Compliant.
- Does the project operate ethically and transparently, without harm to society.
- Does the project promote positive societal or environmental outcomes.
ORDI Financial Screening
- Does the revenue involve Riba (interest), Gharar (excessive uncertainty), or Haram activities.
- What red flags are hidden within the projects finances and are within permissible limits.
- Types of revenue generation activities and the percentage that may be Riba or interest based.
- Audits from reliable sources
ORDI Token Screening
- Is the Token governance fair and ethical?
- Are profit-sharing mechanisms (e.g., staking rewards, dividends) compliant with Islamic Finance?
- Does the token’s design, or unlock schedule raise unethical concerns?
- Halal underlying asset, and free from impermissible elements
Is Staking ORDI Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
ORDI Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform
