Origo token sale took place on August 8-11, the most bearish week for last months by the way. However, with the token price of $0,12 the goal of $30M is reached. Good hype and cool idea are those condition that made it possible. But there are still some questions about the future of the project. Better see in order of appearance.
What is Origo?
Origo Network is a highly scalable off-chain blockchain solution offering data and transactions privacy using a new protocol called Privacy Preserving Application Platform (PAPP). Origo token is the fuel to operate privacy preserving features on Origo network. Origo Features:
– Origo Privacy Preserving Protocol
– Complete privacy preserving technology for smart contract input and output backed by Zero Knowledge Proof
– Tailored Scalability Design for Privacy
– Sharding + Stateless Client + Origo Consensus (enhanced PoS: a game theory based reward-punishment protocol).
The difference between top privacy blockchain projects such as Monero, Zcash, etc. is that those projects just keep the transactions private but Origo Network apart from keeping the transactions confidential will also help in keeping the creation and execution of smart contracts private without revealing input and output. Origo is supposed to resolve one of the major smart contract issues, i.e. lack of privacy. The Origo protocol employs both on-chain and off-chain computations. The protocol envisages four main stages: Initialize, Commit, Execute and Settle. The smart contracts will be executed offline so as not to reveal any input data and results to the public. Once the contract is executed, a zero-knowledge proof is generated by the executor and verified by blockchain. Zero Knowledge Proof (ZKP) is key technique for Origo to ensure the privacy of the smart contract while executing the contract correctly and completely. ZKP is a well-established method in cryptography. In ZKP, there two parties, one party, called prover can prove to another party, called verifier, some statements hold without sharing any information about why it holds. ZKP protocol must satisfy the following properties:
Completeness: given honest prover and honest verifier, the protocol succeeds with overwhelming probability.
Soundness: no one who does not know the secret can convince the verifier with the non-negligible probability.
Zero Knowledge: the proof does not leak any additional information.
There is no MVP still. But the founders are looking forward to see their solution as a base for many cases in most valuable economic segments
Financial Exchange: People can exchange assets based on contracts with each other without revealing the identity of the sender, receiver or assets exchanged to the public.
Insurance: Besides keeping details of insurance contracts private, all information required by insurance companies, such as personal info or health status will also be kept private.
Paychecks: Employers can run paychecks based on our contracts with employees – including rates, stocks and benefits – without revealing any of the details.
Supply Chain: Buyers can get goods from suppliers based on the price and amount defined in the contract, while keeping all the details private from others.
Personal Data: Personal health data, internet cookie data, financial status data and more can be shared and processed without exposing any of the data itself.
Fundraising: Companies can raise funds via contract without revealing the conditions, price, shares, investors or any other related information.
IoT: IoT device data can be processed privately, without revealing data details, data owners, etc.
AI: Machine learning models can be trained without revealing the data used.
Many of reviewers underlined that the project is developing by not very strong team. Ian Balina said: “Passing on Perlin, Origo, and Machine Exchange Coin for not having all-star teams (2+ all-stars) in my opinion”. But not so sad.
Frank Fang is former Pinterest Senior Engineer; has experience in distributed systems, encryption algorithms and trusted computing. MS in Computer Science at Carnegie Mellon University and Bachelor in Computer Science at Tsinghua University.
Baron Gong – ICM Outstanding Winner; mathematical modeling expert; MS in MS&E at Columbia University.
Yijia Zhang- former Google Assistant founding team member and tech lead; former Google Senior Software Engineer; MS in Computer Science at Carnegie Mellon University and Bachelor in Computer Science at Tsinghua University with IBM Software Engineering Intern in Beijing, China
Some skepticism invites advisors “team” of 2 persons. Both from the companies that have invested in Origo. Vincent Zhou is founding partner of FBG Capital, with extensive experience in digital assets trading and investment. Howard Wu is a Co-Founder and Managing Partner of Dekrypt Capital, a blockchain investment firm focused on core infrastructure, privacy-preserving protocols, and early-stage ventures.
Roadmap And Future
Most reviewers are not very happy about long roadmap of the project. It is so, with the testnet launch in Dec 2018 and the network to enjoy developers only in June 2020.
But the latest info from the team sounds reasonable. They said:
- We have successfully built Proof-of-Concept Origo Protocol on Ethereum with some running examples, which means now we can enable Ethereum to run privacy preserving smart contract. We have also created the world’s first LLVM-based structure for a compiler that is used to convert high level programming language into cryptography circuits. At the same time, we have finished several fundamental building blocks in our Origo Chain project from 0 without any fork to support minimum version of our alpha version testnet Originis.
It is announced that more than 87k+ participants competed for Origo.Network community sale allocation and 4.6% won the allocation. 92% of participants who invested in allocation have chosen to invest in the maximum amount during last week’s community sale event, which was one of the most bearish week. And what is surprising – everybody who made the Whitelist have been rewarded with free tokens.
Some more bounty will be passed to community during live stream on Youtube on Aug. 16th 6:00 PDT.
With good community hype, backed by big number of cool investors such as FBG Capital, Polychain Capital, Kenetic, Signum Capital – Origo project has very good chanced of token rise. As for long roadmap – this is debatable question. It is important not to waste time – and they do their best as for the moment: “We have been working on concrete technical collaborations with banks, insurance companies, blockchain projects in finance and some blockchain projects in healthcare,” – claims the team. And it was stated that they have attracted top engineer, cryptographer and top business developer from tier 1 technology companies – now, on bearish market.