This open-source protocol wants to replace intermediaries like Uber, Airbnb, 99Designs, Upwork… by offering entrepreneurs the means to create their own marketplaces with Ethereum blockchain & IPFS. ‘Origin’ lets you build decentralized marketplaces by easily managing listings for the fractional usage of assets & services.
Currently, the sharing economy means you go to Uber or Blabla Car to get a car ride, 99 Designs to hire a Web designer, etc. For the privilege of using the platforms, you’re leaving a hefty 20-30% on the table for these intermediaries s as fees.
Origin’s value proposition is that enterprising people with different business propositions can use the Origin protocol to each build their own specific interfaces. This lets them share a big pool of customers, which will result in lower costs.
According to the Origin Website, the protocol lets buyers & sellers discover each other, browse listings, make bookings, & leave reviews & ratings. By using the Ethereum blockchain, a secure & transparent system is used that acts as a neutral 3rd party. The big transaction fees currently collected by the big sharing economy companies will instead be shared by the buyers & sellers participating in the marketplace.
Some of the most important features of Origin are:
- Smart contracts enable secure & reliable payments directly from one party to another
- Protocol schemas support hundreds of listing types, including custom verticals
- Open & shared data encourages innovation by developers & businesses
- Identity verification & reputation data on the blockchain ensures safe, reputable partners
- Origin’s tech stack is based on the Ethereum blockchain, IPFS hypermedia protocol, JSON Schema & React
According to Origin’s GitHub project page, their aim is to build out a large-scale commerce network with that does the following:
- Transfers direct financial value (listing, transaction, & service fees) from large corporations like Airbnb, Craigslist, Postmates, etc. to individual buyers & sellers
- Transfers indirect financial & strategic value (privately aggregated silos of customer & transaction data) from those same corporations to the entire ecosystem
- Creates new financial value for marketplace participants that contribute to the growth of the network (e.g. building new technology for the Origin network, bootstrapping new product verticals, & referring new users & businesses)
- Is built on an open, distributed, & shared data layer to promote transparency & collaboration
- Immediately allows buyers & sellers across the world to do business with each other without difficult currency conversions or tariffs
- Promotes personal liberty by not allowing a central corporation or government to impose arbitrary & oftentimes onerous rules on how to do business
The alpha test launch of Origin was in September 2017 & the next major project milestone is for a public beta and community coin offering to be done in March 2018. Token distribution & launch of 3rd party DApps is scheduled for Q3 2018 & sometime in 2019 fully decentralized services & governance is scheduled to happen. Origin is based in San Francisco, California, USA.
Image Credit: Origin