Food for thought, the top most companies in the world that fulfill the needs of both buyers and sellers are namely Uber, Fiverr, and Airbnb. Not only have these global paradigms been able to retain a large audience, but have also created a new medium for the sharing economy to grow. However, the realization comes with the fact that these companies essentially are centralized intermediaries and their thirst grows with that of the end users.
The Origin Protocol is a solution for the buyers and sellers of the sharing economy to meet needs without the intervention of middlemen. The blockchain platform is an easy way for businesses to truly explore decentralization through the internet. Key features of The Origin Protocol are:
- Built on the Ethereum Blockchain
- Smart Contracts allow the direct buyer to seller payments
- Identity Verification
- Open and Shared Data
Ethereum and IFPS
The Origin Protocol was built around the Ethereum blockchain, one of the most widely adopted cryptocurrency blockchains at press time. It allows smart contracts to build secure connections between users and store crucial transactional data on the blockchain. Other metadata such as descriptions, images, reputation, and reviews are stored on the Interplanetary File System (IPFS), cryptographically linked to the contract. IFPS, or otherwise Interplanetary File System, is a distributed file system where data is stored outside the Ethereum network but is linked through cryptographic hashing.
The Origin token is an ERC20 utility token supporting Ethereum’s built-in wallet and other developer tools. These tokens give their holders the power to influence crucial software developments and business policies on the platform. Apart from this, tokens are to be used as rewards for users, developers and all other participants of the platform.
The Origin Decentralized Application (DApp)
Origin Developer Libraries will be released to ensure that building on the blockchain is as smooth as it can be. These will be open-source libraries that are designed to be much easier to use than directly interfacing with the blockchain and IPFS. Furthermore, Origin predicts the involvement of third-party developers to integrate more programming languages in the Origin Protocols.
Origin Protocols are open-source protocols which include guidelines for marketplace functionalities such as user identity, user reputation, listing creation and publishing, representation of booking intervals and rules, and transaction stages.
A couple of renowned investors were announced be Origin as mentioned on their Medium page:
- Foundation Capital
- Alexis Ohanian, founder and former CEO of Reddit
- Steve Jang, Uber’s early advisor
- Garry Tan, former Y Combinator partner and first investor in Coinbase and Instacart
Furthermore, Origin welcomed support from investment funds from all around the world including Japan, the United States, Germany, Hong Kong, and Germany.
Origin has yet to expand its community by attracting more businesses onto the platform. You can try the official origin dApp here.