The Origin Protocol was introduced to solve the problems of existing sharing assets marketplaces. OGN provides a decentralized marketplace for users, businesses, and developers to transact upon shared goods and services. And unlike legacy sharing economy platforms, OGN doesn’t have third parties or centralized governance in-between transactions.
In this article, we’ll dive into the origins of Origin Protocol, its token OGN meaning, and the components that revolve around its platform – let’s get into it!
OGN Meaning: What Is Origin Protocol
Origin Protocol is an ETHereum-powered platform that aims to bring Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi) to the masses. It provides a platform for building peer-to-peer marketplaces and e-commerce applications. Users can buy or sell goods and services on these marketplaces, and developers can create their own applications powered by the Origin blockchain.
But after several years building out a decentralized e-commerce platform, Origin refocused their platform around NFTs and the unique experiences they can enable. Origin created a marketplace called NFT Launchpad to simplify NFT issuance and put more control in the hands of creators. Origin has hosted record-setting NFT drops including an album from electronic music producer 3LAU and the original “Charlie Bit My Finger” viral video.
Who Founded Origin Protocol?
Origin was co-founded by Josh Fraser and Matthew Liu. Fraser previously co-founded multiple tech companies, including Torbit, which was acquired by Walmart Labs. On the other hand, Liu was an early hire at YouTube and worked at a variety of startups including Bonobos and Qwiki, which was acquired by Yahoo.
Origin raised approximately $38 million in private and public token sales of OGN in July 2018 from numerous institutional and private investors including Pantera Capital, Blockchain.com, YouTube founder Steve Chen and Reddit founder Alexis Ohanian.
What Is the Origin Protocol Token (OGN)?
OGN is the native cryptocurrency of Origin and is primarily used as the platform’s governance token. OGN holders can create and vote on proposals to change or amend the underlying protocol, such as changes to fees or how funds are allocated to different projects. OGN also serves as a value accrual token, meaning that OGN holders can earn a portion of revenue and fees generated from sales in the NFT marketplace.
How Does Origin Protocol Work?
The Origin platform can be broken down into two main components: NFT Launchpad and Origin Dollar (OUSD).
Origin’s NFT Launchpad
Origin recognizes NFTs not just as scarce digital art, but as an entirely new asset class that can represent anything from digital or real life goods to collectibles and experiences. Origin sought to create an experience focused online shopping platform for all types of NFTs, which it calls the NFT Launchpad.
With digital creators and influencers in mind, Origin is using the NFT Launchpad to give them greater control over the branding, pricing models, content and products that cannot be found on other NFT marketplaces. NFT creators are able to sell their products in custom storefronts with unique audio or video content and sales models. The NFT Launchpad also supports NFT sales directly on a brand’s website.
To differentiate itself from other platforms, Origin allows purchases to be made using credit or debit cards rather than just using cryptocurrencies.
Origin Dollar (OUSD)
The Origin Dollar (OUSD) marks the Origin team’s entrance into the DeFi ecosystem. OUSD is an ETHereum-based stablecoin whose value is pegged to the U.S. Dollar. It is distinct from other stablecoins in that holders can earn yield on their assets directly from their wallets without them having to constantly stake and unstake or lock their funds in liquidity pools.
Origin states that OUSD is always accessible for making transactions while holders earn this passive income from their wallet. OUSD smart contracts automatically rebalance funds in a set of lending protocols such as Aave, Compound, and Curve in a practice commonly known as yield farming.
Origin Protocol Value Proposition
OGN may be of interest to investors who would like to see more unique sales configurations and purchase experiences from NFT marketplaces. Additionally, NFT investors who would like to have a direct voice in the future development of an NFT marketplace, while also earning a portion of its revenues, may also find value in the OGN token.
Finally, investors may want to diversify their portfolio by adding OGN if they see value in earning passive income on the OUSD stablecoin directly from their wallet without having to manage the yield farming process.
Closing Thoughts
All in all, Origin Protocol seems to have a bright future ahead of it in 2022 given its founding team’s expertise and track record in their former businesses. With the ongoing developments happening within the OGN ecosystem, as well as in the overall crypto market, we may see OGN reach new heights.
Now that you’ve learnt OGN meaning, what are your thoughts on the protocol and its mission to enable true peer-to-peer commerce? And if you intend to invest in the OGN token to participate in their ecosystem or solely for price speculation, always remember to do your own research and only invest what you can afford to lose.
