What is Origin Protocol (OGN) | What is Origin Protocol token | What is OGN token
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.
Origin Products
Origin’s suite of products is revolutionizing how people shop and conduct business online. Effortlessly create a decentralized e-commerce store with Dshop and earn competitive yields with the Origin Dollar.
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.
Better Accessibility
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.
OGN TOKEN
Staking
Earn interest on your OGN while you hold it. Deposit OGN into our high-yield smart contract to grow your stake in the Origin network.
Governance
Create and vote on proposals determining the future direction of Origin Dollar (OUSD), Dshop and the rest of the Origin platform. Accrue value generated from platform revenues.
Commissions
Promote your listings across the Origin flagship app and third-party apps with Origin Commissions. Pay with OGN to get featured prominently in search results. Application developers and marketplace operators earn OGN by helping sellers complete their sales.
OUSD
Origin Dollar (OUSD) is a new stablecoin that was initially launched in September 2020 on the Ethereum network. Its design is superior to existing stablecoins because OUSD captures competitive yields while being passively held in wallets.
Background
In 1999, Yu Pan, Origin’s R&D engineer, and his fellow PayPal co-founders conceived of creating “the new world currency”, complete with interest yielding strategies and debit cards without having to connect to traditional banking systems. Several pivots and an eBay acquisition later, PayPal dropped its ambitions in this area.
Almost two decades later, Tether introduced the concept of a USD-denominated stablecoin in 2014. Since then, stablecoins have proven themselves as an ideal way of transferring value without exposing users to the price volatility of free-floating currencies. Today, more value is transferred via Tether than with Bitcoin. Meanwhile, Decentralized Finance (DeFi) has experienced an explosion of growth with billions of dollars of capital now locked up in smart contracts that generate yields from lending and trading protocols.
One of the problems with existing stablecoins is that users have to constantly choose between holding an easily spendable coin and earning yields by locking their tokens up in smart contracts. For example, users that lock up USDC in Aave cannot spend a portion of that USDC simultaneously. Expensive Ethereum gas fees serve as “switching costs” each time those users want to switch between spending mode and earning mode.
To make matters worse, yields from lending and trading activities change rapidly. Sophisticated DeFi yield earners are familiar with constantly having to rebalance their portfolio of assets across many competing platforms. This is time-consuming and expensive as gas fees once again eat into yields. In addition, it is time-consuming to calculate real ROI as APYs are unstable and constantly fluctuating. There isn’t an easy unit of account. As a result, while DeFi is growing extremely rapidly, it still makes it difficult for many cryptocurrency users to participate.
With OUSD, there’s no need to unwind complicated positions when you want to spend your OUSD. You can transfer it freely without having to pay gas to unlock spendable capital. In addition, OUSD gives you access to some of the highest-earning opportunities across DeFi with none of the hassles. The OUSD smart contract will deploy your underlying capital to a diversified set of yield-earning strategies, rebalancing over time to achieve great yields while diversifying risk. Earnings automatically accrue in your wallet and compound continuously while you hold OUSD. Again, no staking or lockups are required. OUSD also serves as an ideal unit of account. DeFi investors no longer need complicated spreadsheets to calculate their earnings as they can easily see their constantly updated OUSD balances in real-time as their interest compounds automatically. OUSD is an ideal stablecoin for DeFi yield farmers and novice cryptocurrency users alike.
Created by cryptocurrency and fintech veterans, the Origin Dollar is brought to you by the team at Origin Protocol that includes serial entrepreneurs, early cryptocurrency investors, early employees at YouTube, engineering managers at Google/Dropbox, and one of the Paypal co-founders, Yu Pan.
For those interested in diving into the technical details of how it works, these docs are a great place to start. We encourage developers to audit and contribute to our Github (100% open-source). Our team hangs out in Discord if you have questions or need help getting started.
All the earnings, none of the hassles
DeFi yields are automatically converted to OUSD and accrue in your wallet. Your OUSD balance compounds multiple times per day. No staking or lock-ups are required.
Spend your OUSD with ease
There’s no need to unwind complicated positions when you want to spend your OUSD. Transfer OUSD without having to unstake or unlock capital.
Elastic supply, stable price
OUSD is pegged to the US Dollar. Returns are distributed as additional units of OUSD. Supply rebasing happens multiple times per day. See your OUSD grow much faster than your USD grows in traditional savings accounts.
1:1 backed by other stablecoins
OUSD is secured by other proven stablecoins like USDT, USDC, and DAI. Capital is further insured by governance tokens issued by platforms like Aave and MakerDAO.
Automated yield farming
Automated strategies in transparent OUSD smart contracts manage your funds. See exactly how your money is being put to work.
You always have full control
Store and earn OUSD with non-custodial Ethereum wallets. Enter and exit OUSD whenever you want. There’s no minimum holding period or minimum OUSD amount required to earn yields.
Backed by optional insurance
Protect your OUSD holdings with smart contract insurance. Optional coverage is provided by Nexus Mutual and Cover Protocol.
Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner
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How and Where to Buy OGN ?
OGN has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy OGN
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
After the deposit is confirmed you may then purchase OGN from the exchange.
Exchange: Binance, Huobi Global, BitZ, BiKi, and VCC Exchange
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once OGN gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
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Find more information OGN
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