ICO Analysis: OriginProtocol (ORIGIN)

Since the internet came along, businesses have learned to use it to greatly increase efficiency, expand globally and become extremely more profitable. New business models have come along and quickly become massive industry leaders such as Airbnb, Uber and eBay. Origin Protocol is designed on the Ethereum blockchain to capitalize on this new business model mimicking those companies and more, but also reducing costs by eliminating the middle man via peer to peer transactions. Origin Protocol seeks to transition those types of businesses from e-commerce to decentralized commerce.

Buyers and sellers around the globe will interact and complete transactions without the need for middlemen. Origin Protocol refers to this as “buyers and sellers of fractional use goods and services.” Listings are to be managed on a secure and transparent platform, Ethereum, which acts as a neutral third party. Transaction fees, which normally go to companies such as eBay, Airbnb, and Uber, will basically be nonexistent resulting in both parties getting a better deal.

Since Origin Protocol is building on the Ethereum platform, listings (availability, price, etc.) will be public and transparent. However, confidential information will be encrypted and only released to verified buyers. With Origin Protocol, buyers and sellers will be able to search listings, leave reviews/ratings, make bookings without the hassle of currency conversions or tariffs and purchase services using Ether, ERC-20 tokens (including Origin token) or fiat currency.

To get a sense of the potential this project offers, take a look at the following quote from Goldman Sachs Research:

“P2P lodging sites like Airbnb have already begun to transform the lodging industry by making a public market in private housing. However, adoption may be limited by concerns about safety and security (guests) and property damage (hosts). By enabling a secure, tamper-proof system for managing digital credentials and reputation, we believe blockchain could help accelerate the adoption of P2P lodging.”

Token

The Origin token is an ERC-20 token which will serve three separate functions on the Origin Protocol platform:

  1. Security by enabling positive & negative incentives
  2. Enabling network governance
  3. A transfer of value for transactions between buyers & sellers

Team

The Origin Protocol team and advisers are made up of all-stars with the two co-founders, Matthew Liu and Josh Fraser, having already founded several successful businesses such as PriceSlash, Unicycle Labs and Torbit (acquired by Walmart Labs). Mathew was also a Product Manager for Google and YouTube. Advisers include Melody He (Co-Founder of SpartanGroup – blockchain advisory and investment firm), Paul Veradittakit (Partner at Pantera Capital) and Joey Krug (Co-Founder of Augur).

An extensive list of partners building on the Origin platform including WeTrust, AntiqMall, Galaxy eSolutions, Mobotiq, Brixby, HireMatch, Lotus, SmartRefer, Deco.Network, Bee Token

Verdict

Internet marketplaces have always been governed by centralized companies that maintain individual monopolies on data, transaction and other service fees, as well as user choice. Origin Protocol, using blockchain and other distributed technologies, is determined to transfer these marketplaces to decentralized commerce. In doing so, Origin will lower fees, increase innovation, free customer and transaction data, and decrease censorship and unnecessary regulation. Origin, with its team and partners, is in an excellent position to become a major player in this industry.

Risks

  • Community sale is scheduled for Q2 2018, but token metrics haven’t been released and token distribution isn’t scheduled for Q3 2018 -1.5
  • Some countries could create regulatory issues for businesses/individuals receiving cryptocurrency as a form of payment -1.5
  • Leadership team looks strong, however, some have founded many companies and may have other priorities besides Origin as their main focus. Time spent at previously founded companies has been short for the CEO, so it would be good to see more years spent at one company giving comfort that Origin will be run by top professionals for the long-term -0.75

Growth Potential

  • The company has already acquired notable partnerships, which puts it far ahead of the curve as a viable business project. +3
  • All-star team with numbers on par for necessary workload and active community with 22,000+ members on Telegram. This means the token sale is likely to be a success. +3.5
  • If the team is able to achieve the vision of the project, there is massive growth and profit potential in an industry that is still in its infancy. +1
  • The Origin Protocol Demo DApp is live on testnet, which provides another strong use case of the potential of the project.+2.5

Disposition

With the ability to vastly increase efficiency and reduce costs to both buyers and sellers, blockchain technology will soon become implemented in industries around the globe. Origin Protocol has chosen a rapidly expanding multi-billion dollar industry to target and will reap huge benefits if successful. Origin Protocol appears to have the makings of a successful ICO that investors seek out: all-star team (check), credible advisers (check), multiple established partnerships (check), on track with roadmap (check) and a market that can greatly benefit from blockchain (check). Therefore, Origin Protocol receives a rating of 6.25 out of 10. 

Investment Details

  • Token: Utility
  • Platform: Ethereum
  • Symbol: ORIGIN
  • Hard Cap: Undetermined
  • Circulating Supply: TBA
  • Total Supply: TBA
  • Crowdsale Date: TBA
  • Payments to be Accepted: ETH
  • Jurisdictions Barred from Participating: None mentioned

For more information regarding OriginProtocol:

website: www.originprotocol.com (team, whitepaper, roadmap)
Telegram: t.me/originprotocol (22K+ members)
Twitter: twitter.com/originprotocol
Medium: medium.com/originprotocol
Facebook: facebook.com/originprotocol
Github: github.com/OriginProtocol

Author:
Kent - Co-Founder of Burial insurance and Final Expense Life Insurance, where we help you find the best life insurance.