Origin Protocol is a network launched in 2017 that allows market participants to connect directly on the blockchain. The platform aims to build a global online marketplace without intermediaries using the Ethereum blockchain and Interplanetary File System (IPFS). The company is headquartered in San Francisco, US.
Origin Protocol provides a platform, which enables buyers and sellers to build e-commerce applications for promoting their goods and services through peer-to-peer networks. It offers a decentralized app Origin Marketplace, launched on the Ethereum mainnet in 2018, which allows users to connect their Ethereum wallet, view product listings, send messages, arrange transactions, and leave reviews. For safety reasons, new users are required to go through the KYC procedure. Users only need to register once, after that they can interact with any marketplace created on Origin.
Origin provides transparency, lower transaction fees due to the intermediaries’ removal, an improved motivation system that encourages users to keep the platform growing, pursuit of innovation and decentralization, and better accessibility. It allows low-income groups to access open markets without the need for a bank account.
The protocol has been backed by a lot of private investors and investment companies among which are Pantera Capital, Foundation Capital, Garry Tan, Alexis Ohanian, Kamal Ravikant, and Steve Jang.
Origin Protocol is powered by its native utility Origin token (OGN) that runs on the Ethereum blockchain. The maximum number of OGN is limited to 1 billion coins. The ICO was held on CoinList from June 18 till August 1, 2018, and raised 6,600,000 USD. The private pre-sale was held from January 12 to April 10, 2018.
The coins are allocated in the following way: long-term partnerships get 0.73%, advisors get 4.38%, 12.99% is intended for ecosystem growth funds, 23.75% was distributed through strategic sale, 4.84% of coins were sold during ICO sale, the team received 20.24%, advisor grants collect 1.69%, 31.37% of coins go to foundation reserves. OGN buybacks are conducted using revenue generated from various income sources. The first buyback took place in May 2021 for $1.3M worth of OGN.
OGN tokens can be used for staking, trading, rewarding, governance, and payments. The protocol members can earn up to 25% by staking OGN. They can also get profits via the referral program. Users are rewarded for their contribution to the network. OGN holders get the right to participate in the protocol governance and decide on the network development.
Origin tokens can be bought on a range of exchanges including Coinbase, Binance, Huobi, and Upbit. OGN is available for trading on Kraken and Kraken Pro with USD and EUR pairs. It is also available for purchase via Kraken’s OTC desk. OGN can be stored in any ERC-20 compatible wallet.
Origin Dollar (OUSD) is a decentralized stablecoin launched in September 2020 on the Ethereum blockchain. It was built by Origin Protocol to enable users to earn yields from 20% to 150% simply by storing it in a wallet. Origin Dollar is backed 1:1 by such stablecoins as USDT, USDC, and DAI. Consequently, the price of OUSD always remains close to the value of $1. The capital is additionally ensured by governance tokens issued by Aave and MakerDAO platforms.
To start earning users only need to purchase OUSD on centralized exchanges or swap sites like Uniswap and Sushiswap or convert it with their existing stablecoins on the Origin Dollar DApp. They do not have to stake, unstake, or provide liquidity. Earnings accumulate and increase as long as you hold OUSD. OUSD is transferred free of charge without the need to unstake or unlock capital. OUSD is pegged to the US Dollar. Returns are made in the form of additional OUSD units. There is no minimum holding period or coins amount. OUSD holders can purchase smart contract insurance to cover any losses that may arise due to errors or vulnerabilities in contracts. On redemption, an exit fee of 0.5% is charged and shared among the remaining participants of the vault.
Origin Protocol is the platform aiming to host Non-Fungible Tokens (NFTs) sales and make NFT cheaper to mint. Origin’s NFTs are Ethereum ERC-721 NFTs. Origin’s NFT Launchpad is an invite-only platform, which gives creators more control over their physical and digital products. Users have the ability to purchase NFTs with credit and debit cards as well as with cryptocurrencies. Anyone with a crypto wallet can participate.
Origin team and partners
The Origin team consists of professionals from around the world who have an interest in blockchain technology and gained experience working at numerous high-profile companies. Josh Fraser is a co-founder of Origin Protocol. He is a serial entrepreneur who co-founded three other companies: EventVue, Torbit, and Forage. Matthew Liu is another Origin co-founder. He is a software engineer and product manager who has also worked for YouTube, Qwiki, and Bonobos. Yu Pan is the founding engineer who worked for Google and co-founded Kiwi Crate. He was among the first 6 members at PayPal and the 1st employee at YouTube.
Frank Chastagnol, the Vice President of Engineering, has worked for YouTube, Dropbox, Inktomi, and Paypal. Other team members include Max Unger, the Head of Community, Micah Alcorn, the Director of Product, Kay Yoo responsible for Finance and Operations, and Tom Linton, a senior engineer. Melody He from Spartan Group, Joey Krug from Pantera Capital, and Andrew Kang from Mechanism Capital are on the Advisory Board.
The Origin company has already formed numerous partnerships among which are Google Cloud and Amazon, Cover Protocol, and Nexus Mutual.