Remember that YouTube video “Charlie bit my finger”? It was the one where a boy sitting on the sofa is repeatedly bitten by his baby brother, who’s sitting on his lap. If you haven’t seen it before May 23rd, we’re sorry to say that it’s not available anymore. Charlie, who is now 14 years old, converted the Youtube video into a Non-Fungible-Token and auctioned it on the Origin Protocol.
After intense bidding by several parties, the video sold for $760,990, making Charlie quite a rich 14-year-old.
The platform facilitating this auction, Origin Protocol, made it its mission to bring NFTs and DeFi to the masses. With a vision to bring change to the sharing economy, the team lead by Josh Fraser and Matthew Liu has launched a comprehensive platform that enables anyone to trade digital goods and services without any third-party involvement.
The main commerce platform that Origin Protocol built is called DShop and is already used by hundreds of merchants, including Brave or Kyber network. It’s supported by various partnerships, including Big Tech names like Amazon and Google Clouds. The DShop is powered by the Ethereum blockchain and uses the InterPlanetary File System (IFPS), which stores data like pictures, descriptions of products, and reviews while creating a cryptographic hash to them, which is stored on the blockchain. This reduces the load on the main chain, contributing to lower listing fees.
Sellers looking to start selling items on the Origin marketplace should first download the Origin dApp. This is the Front-end dApp that anyone can use to create their first listing on the Origin Platform. It connects to the Ethereum IFPS and the indexing network to create readable listings with images, descriptions, prices, and reviews. All of the steps are executed through smart contracts that communicate with different nodes on the platform.
For businesses, Origin offers proprietary software enabling them to create their own dApp with the origin software.
The third component and the Ethereum blockchain and IFPS that keeps the platform running is an indexing server. This server is an open-source server that researches and responds to queries. The server prevents users of the platform from having to search the entire Ethereum blockchain for their listings but have them readily available. The indexing server makes it possible for dApps on Origin to function similarly to centralized apps.
Unlike other blockchain marketplaces that require payments only in their native currency, Origin Protocol enables buyers and sellers to list items in fiat currencies. Therefore, the booking contracts and indexing servers rely on Oracles to reflect prices correctly according to the exchange rates outside of Origin. On the backend, the appropriate amount of digital tokens will be calculated and transferred, making it easy for non-crypto users to get started.
The native token of the Origin protocol blockchain goes under the Ticker: OGN and has various use-cases. The team behind OGN emphasizes that the coin was built to provide secure transnationality through various uses:
- Deposit-challenge: users deposit OGN in escrow whenever they create a new listing, file a complaint, or do other tasks. If they provide valid data, they receive their deposit back. When submitting fraudulent data, the deposit will be taken from the user.
- Token-verified accounts: buyers and sellers that stake OGN can increase their trustworthiness on Origin Protocol
- Rewards: small amounts of OGN are given to participants contributing to the network by buying, selling, rating, and reviewing products on Origin.
- Referrals: entrepreneurs, developers, and businesses are major contributors to the Origin ecosystem. Therefore, OGN will be given as rewards to those who built dApps and add-ons. Providers of new add-ons or dApps can also require users to pay in OGN for usage either on a subscription base or with a pay-per-use model.
- Governance: every holder of OGN has a chance to contribute to the future direction of the platform by casting votes.
The Origin team is constantly upgrading the platform and has already onboarded hundreds of merchants. To facilitate the entry for non-crypto knowledgeable peers, Origin has also launched the OUSD, a USD-backed stablecoin that makes it easy for anyone to start earning yields between 20% — 150% at any given time.
In a low-interest-rate environment with a lack of trust in centralized e-commerce platforms grows, Origin Protocol is well-positioned to capture more demand from buyers and savers looking for higher yields at stable base currency.
OGN is now trading on Bitcoin.com Exchange with BTC and USDT pairs.