What is the Origin Protocol (OGN)? And what is the purpose of this project? You are increasingly reading more about OGN, while many people don’t know much about it. We explain everything about Origin Protocol in this article. You can then decide for yourself whether you want to invest in OGN sees opportunities!
- 1 What is the Origin Protocol (OGN)?
- 2 This is the problem Origin Protocol wants to solve
- 3 Developer platform
- 4 The OGN . team
- 5 Origin Protocol partners
- 6 What is the OGN token?
- 7 Using OGN
- 8 How to use the fund
- 9 How can you earn OGN for free?
- 10 Products from Origin Protocol
- 11 Origin Protocol (OGN) Chart
- 12 How do I buy OGN?
What is the Origin Protocol (OGN)?
Origin is an open source platform. This platform allows anyone to create a decentralized marketplace and e-commerce application. When it comes to decentralized marketplaces, you probably understand that this is a platform where sellers and buyers can trade directly with each other. So it works the same as a normal marketplace, although in this case it is decentralized.
The best-known platform in the World for buying and selling goods is Amazon.com or Ebay.com . However, this is a centralized platform. This means that Amazon/Ebay acts as an intermediary. So if you want to sell something, Amazon/Ebay is the one that takes care of this. Your advertisements are also stored on the Amazon/Ebay server, and if you want to advertise within certain categories, you will have to pay money to Amazon/Ebay.
This is the problem Origin Protocol wants to solve
Origin Protocol aims to enable the market to engage in true peer-to-peer trading. This means that you are trading directly with the seller, and there is no platform as an intermediary.
For example, when you book a hotel through Booking.com, you will have to pay an extra 15-30% fee to Booking.com. They act as intermediaries, and they want to earn money from that. That in itself is not a bad thing, but booking a hotel room will become much more expensive as a result, and the hotel will have less money left over.
Everything will become easier and cheaper if you can negotiate directly with the hotel without going through a third party. Authorizing transactions and buying/selling goods and services is easier and faster when done on a decentralized platform.
In addition, the project aims to help the community take ownership of the network data rather than having it owned by third parties. This will put an end to non-transparent third-party behavior, such as preventing negative news from service providers.
Original Protocol Values to
- Lower costs: Savings for buyers and sellers from the absence of a third party.
- Better deal: You can own tokens by promoting project development, introducing new users, promoting transactions and creating applications.
- Widely accepted: You can trade, buy and sell more easily, even if you don’t have a bank account.
- Lift censorship: P2P marketplace is difficult to ban or force to close.
- Key Features and Highlights
- Improving the user experience
- Origin is a project that performs metatransactions on Ethereum . Hence, users save on Ethereum gas fees on transactions.
- Attracting users and developers
The Marketplace platform now has more than:
- 30,000 registered Ethereum wallets
- 2,000 transactions of goods and services
- More than 170 developers contributed to the project on GitHub.
- More than 50 volunteer translators make Origin dApp available in 20 languages
The project provides open source protocols, development libraries and end-user applications… to improve the user experience.
The OGN . team
The project is led by experienced people from PayPal, YouTube and Google, among others. In addition, the project is also backed by leading investors such as Pantera Capital, Foundation Capital and Steve Chen, which we will tell you more about later.
The Origin Protocol team consists of the following people:
- Josh Fraser (co-founder). Josh is also the co-founder of PriceSlash, Din, Torbit and EventVue, among others.
- Matthew Liu ( co-founder). Matthew is also a co-founder of PriceSlash and Unicycle Labs. He previously held the position of product management at Google and Youtube.
- Yu Pan (head of R&) ;D). Yu is also a co-founder of PayPal and Kiwi Crate, and one of the former engineers at Google and Affirm.
- Franck Chastagnol (Senior Engineer). Franck is a former leader at Dropbox, chief engineer at Endorse.com, and technical director at Youtube and PayPal.
- Micah Alcorn (Production Manager). Micah is also a technical co-founder of WellAttends.
- Nick Poulden (Senior Engineer). Nick is also a former UI architect at Palo Alto Networks and senior software engineer at C3 Energy Network.
- Tom Linton (Senior Engineer). Tom is also one of the founders of Dockyard and Serfdox.
- Domen Grabec (engineer). Domen is also a former CTO at Chess Raiders.
- Mike Shultz (engineer). Mike is also a former Ethereum employee and IPFS engineer at Lunyr.
- Aure Gimon (product designer). Previously, Aura was a freelance designer for several Fortune 500 companies (500 largest US companies) and startups.
- Shahul Hameed (software engineer). Shahul is a former engineer at Zoho.
- Coleman Maher (Business Developer). Coleman is founder of the ERC-725 Alliance. He is also an advisor to HireGo and Wiji.
- Kay Yoo (Finance & Operations). Kay is a former senior accountant and senior advisor at KPMG.
- Mila Choi (Korea Regional Director). Mila is a former director of the Nabi Arts Center.
- Anna Wang (Regional Director China ). Anna is a former director of global digital marketing at Exness, Forex and Crypto Broker .
You’ve probably noticed how diverse the Origin Protocol team is. The team all have strong backgrounds, having held senior positions at prominent companies. And that is a very important fact for when you want to invest in a crypto currency. The team of a crypto and blockchain project is very decisive for the chance of success.
Origin Protocol partners
Origin Protocol also has several partners. These are companies that somehow collaborate with Origin Protocol. They may be using Origin Protocol to provide their own services, or Origin Protocol may be using the services of these companies to continue running.
In addition to the partners you see above, Origin Protocol has even more partners such as:
- Trips Community : an Italian family business, founded in 2011. Trips builds its marketplace application on the Origin platform.
- ZoidPay : Crypto payment platform which is based on the Origin platform.
- Hubris One : an e – wallet that has built its e-commerce shop using the marketplace’s Origin creation tool.
- TrustToken : stablecoin. TrueUSD and other TrustToken stablecoins are supported by the Origin platform and marketplace.
- MakerDAO : The platform borrows from the stablecoin issuer DAI . DAI is supported by the Origin platform and marketplace.
- Circle : USDC stablecoin. USDC is supported by the platform and the Origin marketplace.
- imToken : Ethereum wallet provider. OGN tokens are supported by imToken.
- SLife : a marketplace company from China. Slife has launched a China Singles Day campaign on the dApp of the Origin marketplace.
- GitCoin : A community development and fundraising platform. GitCoin operates its e-commerce shop on the Origin platform.
- CryptoMerch : a store selling electronics and products built with the Origin program to create marketplaces.
- PeerArt : A decentralized artist-centric marketplace built using the Origin marketplace creation tool.
- Bitberry : A multifunctional crypto wallet service, based in South Korea and operated by RootOne. The OGN token is supported by Bitberry.
- Paktor : a dating app aimed at the Asian market. Paktor hosted a crypto-themed dating event with Origin in Singapore.
Origin Protocol therefore has many, many partners. And those partners only make Origin’s platform stronger. It says something about how many other companies need the Origin Protocol. Many investors also base the value of OGN on this.
When Origin Protocol can no longer offer its services, these companies would all be in trouble. So OGN currently has a very strong position in the market, and the chances of losing this position are very slim.
What is the OGN token?
OGN is the proprietary token of the Origin Protocol. The OGN token will be issued as an ERC-20 token. That is the most commonly used token, which is required to function on the Ethereum blockchain . You can see that most of the tokens are based on the ERC-20 token. And that is positive, because that means that you can store the token in almost all wallets.
Origin Protocol users are rewarded with OGN when they make purchases, verify their identity, promote Origin on social networks, and refer new users. In this way, Origin Protocol tries to get their users to promote the platform. This saves a lot of costs that would otherwise have to be spent on a marketing team (which, by the way, still happens).
Merchants pay commissions with OGN tokens to app developers to promote their products. The developers can make it more visible on Origin Protocol e-commerce and marketplace applications.
Buyers can use OGN to pay sellers when they buy goods or use services. OGN is therefore also the payment method used on the platform. It allows OGN to increase in value as it has a user function. This ensures that the token has more value than if it has no practical function.
The Origin Protocol team is currently busy investigating whether new models could be developed. And of course they don’t do that without reason. The aim is to create additional benefits for OGN token holders providing energy and support to different parts of the network.
OGN tokens will also have administrative functions in the future. Unfortunately, not much is clear about this at the moment. So we will have to wait and see before we know what other functions the OGN tokens have. However, we don’t expect that to take very long, as the Origin Protocol team is busy realizing plans for the future.
How to use the fund
Currently, the project has used approximately 21.70% of the fund. Expenditures have been made according to the following classification:
- 0.5% for collaboration
- 2.00% for marketing
- 35.00% for the development team
- 35.00% for project development
- 15.00% for legal and professional services
- 4.00% for office rent
- 8.50% for other items
The project uses a Gnosis multi-signature wallet to store the fund’s money in the form of cryptocurrencies. The Fiat reserves are held in bank accounts in USD.
How can you earn OGN for free?
Since the project is still in the early stages of its development roadmap, there isn’t much choice for the token holder to find ways to profit from the OGN besides becoming a merchant or OGN token holder.
However, with a clear development script, the project is getting the attention of the world’s largest exchange – Binance . We therefore believe that it will not be long before the project and revolutionary development will continue.
Products from Origin Protocol
The platform allows buyers and sellers to connect with each other through various apps and trade directly without intermediaries. Sellers post offers and pay commissions with OGN for the original dApp or any dApp from other parties.
All data is stored and shared on the Ethereum blockchain with the IPFS network. This allows many different dApps to display the list of merchants and ads.
Apps and affiliates (e.g. influencers, bloggers, future publishers) can earn OGN by collecting commissions from sellers. The platform also uses a variety of middleware and infrastructure services, including Origin Node, the metatransaction converter, and the arbitration service.
End users will receive OGNs when promoting and advancing transactions on the Origin network.
Other Origin products
The Origin platform isn’t the only product from Origin Protocol. They have various products available that consumers and companies can use. Here are some of the key products delivered by the project:
- Origin Marketplace application (mobile and web applications)
- Origin decentralized e-commerce platform
- Origin P2P Marketplace Builder
- Origin Marketplace, including Gift Cards, Video Streaming, and Cryptocurrency Trading
- Origin nodes
- Origin smart contract, including: market contract, ERC-20 token contract, identity contract, and more.
Origin Protocol (OGN) Chart
How do I buy OGN?
The fastest way to buy OGN is to buy it directly through a crypto exchange like Binance. In addition, you can be part of the Origin Protocol ecosystem (product developers, buyers, operators, introduce new users) and then be rewarded with OGN. That way you earn OGN without having to pay for it.
In addition, you can participate in Airdrops, AMA and staking events for the chance to receive rewards and get paid with OGN tokens.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com