Origin Protocol

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What is Origin Protocol ?

The Origin Protocol is a project that aims to bring DeFi and NFTs to the masses at scale. Origin has, for several years, working on building and rolling out a decentralized e-commerce platform. Recently, they pivoted and started working on an NFT perspective and focused on how they could make the NFT experience better for users. They created a wildly popular marketplace called NFT Launchpad to simplify the process of NFT issuance and give more control to artists.

Primary features of Origin Protocol

• Origin Protocol utility tokens allow transparency and oversight for holders.
• They allow users to vote on development proposals.
• Origin Protocol also has its own stablecoin known as Origin Dollar (OUSD), which marks the team’s entry into the DeFi environment.
• It is an ERC20 token and hence, is based on the Ethereum mainnet.

Is Origin Protocol a promising cryptocurrency?

OGN is the native currency of the Origin Protocol and is used as the platform’s governance token. OGN holders can create proposals and vote on them to change or modify the underlying rules and regulations of the network. These could include changing the free structure or fund allocations.

How to use Origin Protocol?

• OGN can be used as a store of value just like any other cryptocurrency. It can also be transferred between peers on the same network.
• Origin Protocol tokens can also be staked to earn additional OGN as block rewards.

Pros & Cons of Origin Protocol

Pros

• Low transaction fees – it eliminates the need for an intermediary in DeFi transactions.
• It rewards users who hold the token both in terms of staking rewards and governance benefits.
• Users can also earn additional OGN tokens by marketing or promoting the listings generated by token sellers. This allows the network to keep growing.

Cons

• The maximum volume that a user can send to an external address is 137,500. It struggles with scalability.

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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.