Intermediaries in any form of interaction, whether in commerce, financial transactions, and others, create inconveniences. First of all, it lengthens the period involved. Secondly, it is a recipe for the cost to go up since the middleman, or the third parties here have to get their cut. Hence, making the entire process expensive than it should have cost.
It is no wonder the world is moving towards a peer-to-peer system, albeit slowly. But it seems in the coming years, the role of third parties in any transaction will belong to the past.
In the past eleven years, Blockchain technology is gradually registering humanity’s reality about the need to do away with go-betweens in doing business. Let us take a look at Origin Protocol, and how this project eliminates intermediaries in commerce.
Discover Origin Protocol
Origin (OGN) Protocol is a platform that facilitates the creation of decentralized marketplaces, enabling buyers and sellers to relate and negotiate directly on the blockchain. The primary goal is to interrupt the sharing economy marketplaces like Uber, Airbnb, Taxify, Fiverr, and the others sprouting around the world.
OGN’s purpose is to diminish and eliminate transaction costs, encourage open and translucent trade, and give more value reasonably to buyers and sellers. Built atop the Ethereum Blockchain, it has a market place where you can buy cars, real estate, clothes, art and craft, electronics consultancy, investment advice, and rentals of so many items.
Anyone anywhere in the world can list any item or service on the platform and trade with anyone directly. Companies can also set up a marketplace to sell their products and services at no cost at all. To buy an item or services on Origin, you need to offer a price to a seller and send the amount to an escrow via Smart Contract. If the seller accepts the offer, then the Smart Contracts release the funds to the seller.
There are other features where sellers and buyers can communicate and negotiate a deal. The medium of exchange on the platform are Origin Token, MakerDAO, and Ether.
Components Of Origin
The origin Protocol consists of three parts, with each bringing on board a particular savvy functionality. They are the Origin dApp, Developer Infrastructure, and the Open Source Protocols. The dApp is the flagship marketplace that brings buyers and sellers together to transact in a conducive atmosphere without any medium. It is accessible on iOS, Android, and shoporigin.com.
Developer infrastructure is a commendable initiative empowering individuals and companies to build their marketplace on top of the Origin protocol. It is structured in such a way to make deploying of any new market very seamless.
Then, the Open Source protocols have the charge to store all the dealings from the marketplaces like user identity, p2p transactions, publishing, and listings on the ETH Blockchain and IPFS. In this case, anyone will be able to verify all the transactions that take place on the platform.
OGN And The ORIGIN Ecosystem
As an ERC-20 token, OGN is the native currency of the Origin Protocol and its marketplaces. It has many functionalities in the ecosystem, and we are going to analyze them below for your interest.
Rewards: There are three tasks anyone can do on the Origin Protocol to earn compensation in OGN. They include verifying their profiles, prompting Origin on social media, referring others to the platform, and even buying products.
Staking: Staking OGN allows you to get discounts on Origin Deals. When you lock your tokens, it makes you qualified for rebates, and after some time, your OGN are sent back, and you can use it for anything. Currently, there is a 15 percent discount on Amazon for those who stake OGN.
Commissions/Advertising: To gain exposure for your products and services you list on the marketplace, you can advertise across the network and 3rd party platforms using the native token. Moreover, App developers and marketplace operators receive OGN by assisting sellers to broker a deal.
Governance: Hodlers can also use the token in voting on decisions in the network. For example, if Origin wants to fork, it has to put it to a vote in their community, and to vote, you need OGN.
To learn more about Origin, kindly join their communities below: Twitter, Facebook, Telegram, Youtube, Medium, Instagram, Reddit & Discord. It will enable you to interact with the community, and the Github is also available.