Decentralized Sharing Economy Initiated through New Protocol by Origin Company
In a groundbreaking move, Origin, a $38 million-funded blockchain development company, has launched its decentralized marketplace protocol on the Ethereum mainnet. The initiative, part of the Origin Summit, is a collaborative effort between Story, Blockworks, and Korea Economic Daily.
At the heart of Origin is Story, the world's IP blockchain, playing a pivotal role in the project's development. The company's vision, as articulated by co-founder Matt Liu, is to create decentralized marketplaces that are peer-to-peer, not peer-to-corporate.
The Origin team boasts an impressive lineup of industry veterans. Yu Pan, a PayPal co-founder, Cuong Du, former head of Dropbox's NYC engineering team, and Franck Chastagnol, who led engineering teams at PayPal, YouTube, Google, and Dropbox, are among the key members.
Origin's business model is unique. Users will receive tokens for every transaction they make, enabling them to participate in the governance of the protocol. This democratic approach sets Origin apart from traditional capitalist systems, where complaints against bad behaviour may not be as straightforward.
The platform extends beyond general marketplaces, with plans to create sub-marketplaces for specific services such as house cleaning, dry-cleaning pickup, ridesharing, and more. Developers creating these sub-marketplaces can choose to charge a fee, with the intention of undercutting non-blockchain services for cost-savings for everyone.
However, Origin faces challenges, particularly with timing. Some believe the company should focus on building lower-level infrastructure instead of decentralized marketplaces. Usability and user acceptance are also critical factors, as the average service provider may not be a Blockchain expert and requires a highly simplified version of the technology to fully operate.
Despite these challenges, Origin has secured significant funding. Pantera Capital has invested an additional $3 million, while $6.6 million was raised through Coinlist token sale. Traditional venture funding totalled $26.4 million from various investors.
Fraser sees Origin as an "analogue to Stripe" for abstracting away the friction of building on the blockchain. Over 40 marketplaces have signed up letters of intent to build on the protocol.
The platform allows for product and service reviews and dispute resolution. It also provides a shared network effect, allowing users to interact with multiple marketplaces built on Origin with only one sign-up.
Origin's goal is to connect riders, drivers, guests, and hosts directly without the need for intermediaries, thereby reducing exorbitant fees. Users can create profiles, connect their Ethereum wallets, browse products and listings, and arrange transactions through smart contracts with zero extra fee.
The success of Origin will depend on its ability to deliver a user-friendly platform that appeals to a wide audience. As the company continues to grow and evolve, it will be interesting to see how it shapes the future of the on-demand and share economy industry.
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