- Project name: Origin Protocol
- Token symbol: ORIGIN
- Website: https://www.originprotocol.com/en
- White paper: https://www.originprotocol.com/en/whitepaper
- Hard cap: $35 million (ICO contributors receive 35% of total token supply)
- Conversion rate: TBA
- Maximum market cap at ICO on a fully diluted basis: $100 million
- Bonus structure: TBA
- Presale or white list: Register for presale here: https://www.originprotocol.com/en/presale
- ERC20 token: Yes
- Countries excluded: Presale for US accredited investors only
- Timeline: Presale ongoing (Please refer to Origin Protocol's website for the most up-to-date information)
- Token distribution date: TBA
Video summary (video is 6:16 long):
What does the company/project do?
Origin Protocol aims to revolutionize and replace many existing sharing economy marketplaces such as Airbnb, Fiverr, and Uber.
By integrating blockchain into the shared economy marketplace, Origin Protocol plans to offer buyers and sellers control over their data, drastically reduced transaction fees, and identity verification/reputation scores.
On top of this, Origin plans to allow third-party developers to create their own dApps on their protocol. This will allow for multiple niche marketplaces to exist and benefit from the same Origin Protocol identity verification/reputation scores established across all of their existing marketplaces.
Origin also has features and protocols that they will use to push for complete decentralization of moderation and governance of their platform.
Users will be able to challenge or vote on listings they believe to be fraudulent, which will cost roughly the same amount of Origin it costs to list a product. The winning side is paid by the other side once voting reaches a consensus.
A large portion of Origin’s crowdsale will go towards the Origin Community Fund, which will go towards project governance, an investment committee to review future grants, employing developers to review open source contributions, as well as regular technical and financial auditing.
How advanced is the project?
Origin currently has a working alpha of their product on testnet. Users are able to make listings as well as purchase other users’ listings using testnet ether. Here is a link to the demo: https://medium.com/originprotocol/origin-demo-dapp-is-now-live-on-testnet-835ae201c58
Origin also has 33 partners building decentralized sharing economy marketplaces on the platform such as BEE, CanYa, Propy, and WeTrust.
Here is a summary of their roadmap:
Q2 2018 - release of public beta and Origin.js
Q3 2018 - expected launch of third-party DApps
2019 - Fully decentralized services and governance
What are the tokens used for and how can token value appreciate?
ORIGIN is a utility token for Origin Protocol’s platform and will be used for platform security, network governance, and facilitation of buyer/seller transactions. One mechanic used to ensure platform security is their Deposit-Challenge-Vote mechanic.
In order to create a listing on the platform, a deposit of ORIGIN tokens is required. If another user believes the listing to be fraudulent, he may challenge it by depositing an equal amount of ORIGIN tokens. Community members then vote on which side they believe to be correct, and the side with the most votes will receive a share of the forfeited deposits of the loser.
Origin will also employ a referral program that will encourage early adopters to add value to the network. In effect, early adopters receive an algorithmic award of ORIGIN tokens based on their number of referred buyers and sellers. Third-party dApps will also be able to charge a usage or membership fee as the platform grows.
ORIGIN’s value should appreciate as the network grows. As more listings are created on the platform, more ORIGIN will need to be used in order to create listings as well as for moderation. Users will also be able to pay for transactions on the platform using ORIGIN tokens or ether.
The core Origin Protocol team consists of 6 members. The bios of key team members are listed below:
Josh Fraser, Co-Founder – Co-founded EventVue, Torbit, and Forage. Torbit and Forage were both acquired by larger corporations.
Matthew Liu, Co-Founder – Previously a Product Manager at YouTube, Qwiki, and Bonobos. MS from Stanford in Management Science and Engineering.
Stan James, Lead Blockchain Engineer – 20+ years of software engineering experience. Previously CTO at Lijit Networks (now Sovrn Holdings) which managed to raise $1.5 million in seed and $3.3 million in Series A venture round.
Origin Protocol’s advisors include: Paul Veradittakit, Partner at Pantera Capital, Joey Krug, Co-Founder of Augur, Co-Chief Investment Officer at Pantera Capital, Saureen Shah, CTO of Digitalgreen, Founder and CTO at Instawork, as well as many others.
- Over 30 blockchain projects have already indicated that they will be using Origin Protocol, which guarantees traction for the usage of ORIGIN tokens.
- One of the major premise of blockchain technology is transacting in a peer-to-peer fashion and eliminating the middleman. What Origin Protocol does really fits this trend and we believe it has a large potential.
- Founders of the project, Matt and Josh, have built successful and profitable tech ventures before.
- According to GitHub, the project has been under active development since July 2017.
- The roadmap of the project is vague, so we can’t learn too much about the execution of the project’s vision in a specific timeframe.
Overall, we are neutral about the short-term potential of this ICO but like its long-term potential. Our thoughts of the tokens for short term and long term are as follows:
For short-term holding
Neutral. The timeline of releasing the tokens has not been publicly announced, and it could be a while before tokens are distributed and tradable. This makes the project not suitable for a quick turnaround.
For long-term holding
Good. We like the idea of the project and believe it has a good chance to succeed because of the strong team that leads it. With over 30 projects already lining up to use Origin Protocol, the tokens is expected to have strong usage once those dApps are launched.
For more information about the ICO, please visit the following links:
Product Brief: https://www.originprotocol.com/en/product-brief
Documents Repository: http://docs.originprotocol.com/
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.
This article is contributed by Victor Lai with the help of our intern Richard Wang.