What Is Origin Protocol (OGN)?

Trading under OGN, the Origin Protocol is an Ethereum-based platform that aims to bring non-fungible tokens (NFTs) and decentralized finance (DeFi) to the masses. The platform is open-source and seeks to power decentralized and peer-to-peer marketplaces. As per the whitepaper, Origin Protocol facilitates a global network that allows traders across the world to transact on the open web. In simpler terms, the Origin blockchain is a platform to build a decentralized marketplace.

Today, almost $40 billion of value is poured into various DeFi protocols. But interacting with DeFi protocols is complex and cumbersome and requires a sophisticated user. Mainstream consumers like small businesses, retailers, merchants, etc. have very little knowledge of these financial protocols and, therefore, cannot participate in them. To take an edge, the Origin Protocol was built to realize this opportunity. They believe that decentralized finance, especially in the NFT vertical, can unlock billions of dollars and bring crypto to mainstream consumers.

Running on Ethereum, the Origin platform solves bothersome blockchain issues by providing regular incentives to consumers. As per the website, the platform also offers other benefits:

• Lower Fees: The platform being decentralized reduces the power of intermediaries, thereby reducing the overall cost.

• Better Incentives: The platform enables its users to own a piece of the network, and the holders of the token are incentivized to help the platform grow and succeed.

• Increased Access: With 2 billion people around the world unbanked, the platform enables them to participate in decentralized finance and commerce.

• More Resilience: The platform is open and accessible, and unlike other centralized platforms, there is no single point of failure.

Talking about the platform’s products, they can be divided into three main components:

• Origin NFT Launchpad: By realizing that NFTs are the new asset class, Origin has sought to create an online shopping platform exclusively for NFTs. Here, creators and influencers can have more control over the pricing and branding of the products they launch. On the platform, users can purchase NFTs using credit or debit cards rather than just using cryptocurrencies.

• Origin Dollar (OUSD): This is an Ethereum-based stablecoin that aims to hold its value equal to $1. This is a one-of-a-kind stablecoin that earns a passive income while sitting in the wallet.

• Origin Token (OGN): This is an Ethereum-based token that powers the Origin platform. OGN is an ERC20 standard token and also serves as the platform’s cryptocurrency. The token is used in the basic transactional activities on the platform. Further, OGN also works as a governance token, and the holders of the token can create and vote on the proposals made for the platform’s growth. 

History of Origin Protocol

Launched in 2017, the Origin Protocol was cofounded by Josh Fraser and Matthew Liu. 

Fraser is an experienced entrepreneur and formerly worked as CTO at Eventue, a social networking platform.

Liu is a software engineer and holds ample experience in the blockchain industry. Formerly he has worked as a product manager at YouTube.

The two were later joined by the famous engineer Yu Pan. Pan was the cofounder of PayPal alongside Elon Musk and was the first employee at YouTube.

Origin Network is headquartered in San Francisco, with more than 800 investors funding the project worldwide. The network has the backing of investors like Pantera Capital, Blockchain.com, Foundation Capitals, and more.

In its initial coin offering (ICO) in September 2108, the project managed to raise $38 million. Origin launched its preliminary version on Ethereum in October 2018 and has constantly upgraded the features since then.

How Are Origin Protocol (OGN) Tokens Earned?

Users can earn OGN as rewards by staking their tokens and providing liquidity to the platform. The users can claim their OGN principle tokens along with interest earned at the end of the staking period.

As per the official staking dashboard, there are currently three lock-up plans to stake OGN tokens. The first one is for thirty days and offers an annualized yield of 7.5%. The second option is to lock the tokens for ninety days and provides a 12.5% annualized yield. The final plan is a 365-day yearly plan. The yearly plan offers the highest annualized yield of 25%.

How Many OGN Tokens Are There?

The total supply of OGN tokens is one billion.