What is Origin Protocol?
“Technology has enabled the sharing economy to not only become a major trend but (also to) continue to grow and be successful”Leah Busque
Origin protocol is the next-generation sharing economy. Buyers and Sellers will be able to manage without rent-seeking intermediaries. Origin protocol reduces transaction fees, enables users to create decentralized e-commerce stores, it enables commerce transparency, by giving participants in the community a stake in the network.
It is the peer-peer marketplace that enables buyers and sellers of fractional use of goods and services like car-sharing, service-based tasks, home-sharing, etc. to distributed transactions. Using the Ethereum blockchain and Interplanetary File System (IPFS), Platform and community are decentralized, allowing for creating and booking of goods and services without traditional negotiator.
Origin Protocol is Disrupting the Sharing Economy
The sharing economy has redefined how the world does business millions of people all over the world, contributing their time skills and resources into this new economy.
Uber drivers are replacing taxi drivers, Airbnb hosts are competing with hotel chains, and freelance contractors are displacing full-time workers and buyers are finding they prefer products and services from individual, suppliers rather than from large anonymous corporate entities yet even in the sharing economy there are still unnecessary middlemen companies which take huge fees often as high as 23 to 30 percent.
Origin can do better, origin the blockchain-based platform where dozens of decentralized peer-peer marketplaces are currently being built buy buyers and sellers for all different types of goods and services can meet without rent-seeking intermediaries and transact more openly and transparently.
Users now own their data and can use their single sign-on origin accounts to buy and sell across any marketplace built on the origin platform, origin enabled businesses can lower fees reduce censorship and give back to early participants in the community built on the Ethereum blockchain and IPFS, origin leverages cutting-edge blockchain technology to put the sharing economy to directly in the hands of the people it’s time internet marketplaces catch up to the blockchain revolution and become a true peer-peer economy.
Decentralized Marketplaces is the future
This Decentralized economy, is supported by blockchain. Will not only impact how traders trade but also impact how they make, design, and produce physical and digital goods. While there are many unrevealed things about some of the impacts of evolution, one thing is clear, the shift is inevitable.
We have created Middlemen to deal with uncertainty about trades – who are we dealing with, how do we know we are getting what we have promised, and what if we don’t receive the goods?
Now, for the first time, they are trying to lower this uncertainty using technology alone through blockchain, which means no middlemen are required.
Decentralized marketplaces allow reorganizing value to the people who contribute the most value in the network. Uber and Airbnb wouldn’t be here today if it weren’t for the first 100 drivers or hosts, but what did those drivers or hosts get in exchange? In the meantime, the early employees, investors, and founders get rich.
New representation of the economics gives us a “better than free” business model that encourages people to use a platform that rewards early participants in the network.
Origin Protocol: Decentralization is The Next Era of The Internet
Origin launches protocol for building inexpensive decentralized Ubers and Airbnbs. Origin wants the collective marketplace to be decentralized on the blockchain so Drivers and Riders or Hosts and Guests can connect directly and avoid paying high fees that can range up to 20% or higher. So, origin launches a Decentralized marketplace.
Building these decentralized marketplaces, They want to make market peer-to-peer.
Future of the decentralized market is still not near size, scale, or usage as centralized counterparts; the challenge for the company is to get more buyers and sellers on their platform.
Origin Protocol: Products
“Origin Marketplace enables the sharing economy, open commerce by allowing users to create listings, make-offers, and otherwise interact with the Ethereum blockchain without needing any device. They have their application with the name of Origin”Origin Protocol
You need an Ethereum wallet and a web-enabled browser to use origin messaging or to buy and sell you can use the mobile app like Coinbase wallet, Trustwallet. A browser like Mist, Brave, or just a Meta mask browser extension. Then, you can contact other buyers and sellers from different places.
Buyers and Sellers are more likely to transact with people whose identities have been verified so what they recommend is should be verified before purchasing or offering to sell anything.
|→||The free extension opens excellent deals as you buy from Amazon by using origin token (OGN)|
|→||Dshop a decentralized and open-source e-commerce platform that allows anyone to create an online store easily.|
|→||Decentralized marketplace, marketplaces which are built on the origin platform|
They are using origin token for two reasons, All round incentives but positive incentives to create a behaviour that they want as well as negative disincentives to prevent bitter behaviour, and as an early form of governance on the platform.
Most of the people will use it as:
|→||Origin Rewards Users can earn by verifying their profiles, referring it to friends and family to the origin, sharing news about the origin on social media, and making it featured from sellers.|
|→||Commission People can promote their listings across the origin flagship app and third-party apps with Origin commissions. Pay with OGN to get featured in search results.|
|→||Payments Pay using Origin tokens (OGN) that you’ve earned in Origin Rewards to pay for goods and services.|
In Interview of Co-Founder Matthew Liu, he said they are focusing more on
- The ability to reduce transaction fees between buyers and sellers to reduce censorship across these networks.
- Allow these goods and services to be in countries or regions where they otherwise are regulated.
- How they contribute and give back to the early participant in the network. “They are focusing on first hundreds of entries”.
Charu Bhatia is currently pursuing PGDM in International business, her article as “Young Entrepreneur” was published in Afsti Magazine. She has worked with welfarenews.com as a content writer. Her hobby is to make chocolates and she loves to read Quotes and Fiction stories.
She admires one quote a lot that says
“You can always edit a bad page. You can’t edit a blank page.”