What Is Origin Protocol
Origin Protocol is a sharing economy marketplace powered by blockchain technology that enables buyers and sellers of fractional-use goods and services to transact. The platform aims to redefine the way decentralized marketplaces and applications are built and operated. At its core, Origin Protocol empowers developers and entrepreneurs to create their decentralized applications (dApps) and marketplaces, eliminating the need for intermediaries and creating a new way to conduct peer-to-peer commerce.
Built on the Ethereum blockchain, Origin Protocol leverages smart contracts and blockchain technology to enable trustless transactions and interactions, offering a secure and transparent environment for users. Its innovative approach facilitates a wide range of applications, from decentralized e-commerce platforms and gig marketplaces to the sharing economy and beyond.
Origin Protocol Key Features
These are some of Origin Protocol’s key features and characteristics:
The interoperability of Origin Protocol means that it is not tied down to just one blockchain. It is able to work with different blockchain networks such as Ethereum and Binance Smart Chain, making it blockchain-agnostic. Origin Protocol can thus leverage the strengths of different blockchains, enhancing its utility and adaptability.
Origin Protocol provides a modular framework for building decentralised marketplaces and applications. This modularity allows developers to create customised marketplace solutions tailored to specific industries or use cases. They can mix and match various Origin Protocol components to suit their needs, fostering innovation and flexibility.
Interplanetary File System (IPFS)
Origin Protocol uses IPFS for decentralised data storage. In IPFS, files are not located by their physical location (like URLs on Web2) but by their content. Each file and piece of content is given a unique cryptographic hash (content address) based on its content and the address is used to retrieve the file. If a file’s content changes, its address changes as well, ensuring data integrity.
Instead of relying on a single central server to store content, files on IPFS are distributed across multiple nodes (computers) in the network. Even if some nodes go offline, the content can still be retrieved from other nodes, making IPFS (and Origin Protocol) highly resistant to censorship and DDoS attacks.
How Does Origin Protocol Work
Here’s an overview of how Origin Protocol works:
Decentralized Identity and Reputation: Origin Protocol uses a decentralized identity system to uniquely identify users on the platform. Users can build a reputation based on their transaction history and interactions within the network. This reputation system helps to build trust between buyers and sellers.
Creating Listings: Sellers can create listings for products or services they wish to offer on decentralised marketplaces built using Origin Protocol. These listings can include details such as item descriptions, prices, and images.
Discovery and Search: Buyers can discover listings by searching through decentralised marketplaces or applications powered by Origin Protocol. The protocol provides tools for efficient search and discovery, making it easy for users to find what they’re looking for.
Smart Contracts: Origin Protocol leverages smart contracts to automate and streamline the transaction process. Smart contracts are self-executing contracts that store the terms of the agreement between buyer and seller in code. These smart contracts automate various functions, including payment processing, order fulfilment, and dispute resolution and eliminate the need for intermediaries, such as escrow services or payment processors.
Payments and Escrow: When a buyer decides to make a purchase, they send the payment to a smart contract escrow. The funds are held securely until the buyer receives the item or service and confirms its satisfactory condition. Once both parties agree, the funds are released, completing the transaction.
Dispute Resolution: In the event of a dispute, users can turn to decentralised arbitration services or community-based mechanisms for resolution. This ensures fairness and trust even in cases of disagreements.
Integration and Customization: Origin Protocol is open-source and offers tools and APIs for developers to create their decentralized applications and marketplaces. This flexibility allows for the development of various use cases beyond traditional e-commerce, such as gig economy platforms, rentals, and more.
OGN is the native token of the Origin Protocol and ERC-20 compatible. These are several of its use cases including, but not limited to:
OGN can be used to pay transaction fees or network fees in Origin Protocol’s ecosystem.
OGN is used as a means to incentivize network participants. For example, users can earn OGN rewards for referring new users to the platform or for participating in various promotional campaigns. This incentivization is designed to encourage user adoption and engagement.
OGN holders can stake their tokens to earn rewards. The rewards are paid out in OGN and are based on the amount and duration of the stake. OGN can also be staked in certain protocols or applications within the Origin ecosystem.
OGN holders have voting rights in the platform’s governance. They could propose and vote on changes, upgrades, and protocol improvements, making them active participants in the decision-making process.
OGN has a total supply of 1,000,000,000 tokens of which 559,494,043 tokens are in circulation as of September 2023.
The planned distribution of OGN tokens is as follows:
- Community – 30%
- Investors – 25%
- Ecosystem fund – 20%
- Team and Advisors – 15%
- Future reserves – 10%
Who Created Origin Protocol
Origin Protocol was founded in 2017 by Joshua Fraser and Matthew Liu. Fraser is a seasoned entrepreneur having co-founded three other venture-backed companies EventVue, Torbit (acquired by Walmart Labs) & Forage. Liu has extensive expertise in product development and blockchain technology having previously worked with companies like YouTube and Google.
The Origin Protocol team managed to raise $31.5 million in funding and its investors include Pantera Capital, Steve Chen (founder of YouTube), Alexis Ohanian (co-founder of Reddit), and Garry Tan (partner at Y Combinator).
Some of the protocol’s partners include Paris Hilton, Pudgy Penguins, Roofstock onChain, Sappy Seals, 3LAU, BT, Inspiration4, and The Doge Pound.
How To Trade On The Flipster App
To trade OGN on Flipster:
- Download the Flipster app and set-up your account
- Go to [Trade]
- Click on [Search] at the top of the page and type in OGN
- Click on OGN
- In the [Amount] field, type in the amount of OGN you wish to buy or sell. Alternatively, you can select the percentages below to choose how much to use from your available funds.
- Click [Preview order] to check your order
- Once you have confirmed the details, click on [Buy OGN – Long] button or [Sell OGN – Short] respectively.
Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service.
Trading digital assets and digital asset derivatives comes with significant risk of loss due to its high price volatility, and is not suitable for all investors.