What is Origin Protocol
What Is Origin Protocol (OGN)?
Origin Protocol is a network that allows market participants to share goods and services through peer-to-peer (P2P) networks. The platform aims to create an extensive online marketplace leveraging the Ethereum (ETH) blockchain and Interplanetary File System (IPFS) in order to eliminate the need for middlemen.
The protocol allows for the creation of a decentralized setting where both buyers and sellers can connect, check for available listings, write reviews and perform many other actions. With this, fractional usage of assets can be traded more easily.
Origin Protocol addresses the fundamental issues of extant online markets, such as unfair transaction fees, lack of transparency, less drive for innovation and centralization issues. The protocol creates a decentralized and incentivized environment for buyers and sellers to facilitate business.
Who Are the Founders of Origin Protocol?
The team consists of members from more than seven countries who have a mutual interest in blockchain technology. Origin Protocol is headquartered in San Francisco with several investors in various parts of the world. The protocol was launched in 2017 by Josh Fraser and Matthew Liu.
Josh Fraser co-founded Origin Protocol and three other companies before it. He is a serial entrepreneur who has been active in the crypto space for more than a decade. Fraser has also worked as the CTO of the social networking platform Eventvue.
The other co-founder Matthew Liu is a software engineer and product manager who has worked in the blockchain industry for many years. Liu has worked as a product manager at YouTube.
Yu Pan, the founding engineer at Origin Protocol, has worked at Google. He was one of the earliest employees at Paypal and also co-founded Kiwi Crate.
Frank Chastagnol, the VP of engineering, has worked at companies like YouTube, Dropbox and others.
What Makes Origin Protocol Unique?
Origin Protocol is aiming to disrupt the sharing economy by setting up a decentralized, P2P network between merchants and cutting out traditional intermediaries. The vision of Origin Protocol is to create distributed systems where users can promote their products. The protocol focuses on the free trading of all goods and services at their actual market prices without third-party interference.
Origin aims to create a conducive environment for online market participants by providing:
Lower transaction fees
Origin Protocol removes the need for intermediaries that charge fees for processing transactions. The protocol allows access to the unbiased prices of goods and services.
Improved incentivization system
Origin Protocol is an open-source platform that rewards users for their contributions to the network through an incentivization system. The platform's users, such as affiliates, are also rewarded with cryptocurrency tokens when they promote and market the listings created by sellers. This incentivization of users encourages them to keep the platform alive and growing.
Traditional sharing businesses require consumers to have bank accounts, credit cards, or other means of payment, depriving the unbanked of access to their services. On the other hand, Origin Protocol allows underprivileged groups to access open marketplaces without the need for a bank account.
How Many Origin (OGN) Coins Are There in Circulation?
Origin Protocol runs on its native OGN tokens, which are used in incentive systems, staking, governance and payments. The total supply of OGN is 1,000,000,000 tokens, of which 20.24% has been allocated to the team. As of March 2021, the circulating supply of OGN is 241,859,681.
How Is the Origin Network Secured?
OGN utility token runs on the Ethereum blockchain and is ERC-20 compliant. OGN can be stored in any wallet that supports ERC-20 tokens. The protocol also uses the Interplanetary File System (IPFS) to secure data transfers among peers, ensuring data integrity.
Where Can You Buy Origin (OGN)?
OGN coins can be purchased on some of the top exchanges including:
Apart from buying and selling the coins, users can also earn OGN through participation in the platform and via the referral program.
Learn more about how to buy Bitcoin (BTC) and other cryptocurrencies with our comprehensive guide.