Origin Protocol

  • Cryptoasset Report
  • January 4, 2019

The Origin Protocol and DApp comprise a decentralized sharing-economy marketplace utilising the Ethereum blockchain for critical transaction data and IPFS for metadata.

Overview

The Origin Protocol only pushes crucial transactional information to the Ethereum blockchain. Other data relating to transactions can be stored on the InterPlanetary File System (IPFS), a decentralized data storage network, including descriptions and repetitional information, thereby reducing expensive on-chain storage costs. Functionality for searching blockchains, due to significant technological barriers, is not currently decentralized. The Origin Protocol will initially support centrally hosted and run search algorithms, which are considerably more efficient. To render the entire catalog of listings searchable to users in the browser, the Origin dApp connects to a ‘bridge’ server that presents the information significantly faster than searching the full chain or distributed storage network. Speeding up access to files by storing them in an immediately accessible trusted server trades off on ensuring security through storing such files in the off-chain process.

Origin progressed from mainnet beta to a full V1.0 release in January 2020 and in February announced that Samsung had decided to add its marketplace application to the Samsung blockchain wallet, with Origin hoping that the integration will lead to the mass onboarding of new users.

Protocol Details

The Origin Protocol only pushes crucial transactional information to the Ethereum blockchain. Other data relating to transactions can be stored on InterPlanetary File System (IPFS), a decentralized data storage network, including descriptions and repetitional information, thereby reducing expensive on-chain storage costs. Functionality for searching blockchains, due to significant technological barriers, is not currently decentralized. The Origin Protocol will initially support centrally hosted and run search algorithms, which are considerably more efficient. To render the entire catalogue of listings searchable to users in browser, the Origin DApp connects to a ‘bridge’ server that presents the information significantly faster than searching the full chain or distributed storage network. Speeding up access to files by storing them in an immediately accessible trusted server trades off on ensuring security through storing such files in the off-chain process.

Asset Details

The Origin token, OGN, is an ERC20 token issued on the Ethereum network. OGN has three principal functions; rewards, payments, and commissions, all three of which are confined to use within the marketplace dApp. By performing actions such as verifying one’s profile or referring friends, users can earn OGN. In an attempt to bootstrap its usage in payments, Origin has started by integrating the token in its dApp, allowing end-users to buy and sell listings with OGN while sellers who accept the token are entitled to enhanced rewards. Finally, entities such as developers and owners of marketplaces can earn OGN through a commission by promoting or helping sellers.