Overview
Privacy is an evident need in our days. We are currently living in a time in which connecting to the Internet can represent a very hazardous activity if the person is not aware of the threats and pitfalls: hackers are continually lurking around wireless networks to see what pieces of data they can steal or duplicate.
Performing online transactions, therefore, has become a very stressful activity. Not because of the level of difficulty itself: actually, it is one of the most straightforward things to do these days. However, the lack of privacy, even in the blockchain community, can be detrimental if the worst case presents itself.
The Origo Network has one primary goal: elaborate a smart contract-powered blockchain system or network that excels in protecting the people’s privacy. By doing that, the platform will enhance decentralized applications, as they tend to overlook privacy, and it should be a priority when people trust their identities and all kinds of data.
In recent times, several top Internet companies have suffered privacy breaches that have left severe consequences in the way the community sees them. Our market dictates a need to better correlate privacy and profits as two close concepts.
Ethereum has represented a huge upgrade in the way we perform operations. However, everybody can see and have access to their smart contract and its respective inputs, outputs, and functionalities, and that’s not an ideal scenario.
What does the company/project do?
In short, the Origo Network aims to protect people’s privacy settings while taking some of the strongest attributes of the blockchain technology. Smart contracts are the primary subjects in the system, while the blockchain network is involved, as well.
However, what makes the Origo Network unique is the smart contract executor. Contrary to the usual practice in the community, the configuration for the executor is handled off-chain in the Origo environment. How? By managing inputs and outputs in confidence, through zero knowledge proofs.
Origo hosts a Privacy Preserving Application Platform (PPAP), designed to keep data inputs and outputs private while combining zero knowledge proofs and a privacy protocol. While other ventures focus on private transactions, Origo directs its efforts to enhance the privacy of data implemented by applications.
The Zero Knowledge Proofs let the network share critical information in a private way, between the prover and the verifier. The system allows the prover to assure the latter that it has received, or knows, the exchanged data without having to reveal further details about the information.
To exist and interact in the blockchain universe, the Origo Network implements a consensus method which is of the hybrid variety. It holds the eligible validators for the validator chain. PoW (Proof of Work) and Proof of Stake algorithms will be used to repel Sybil attacks.
On the other hand, the network promotes off-chain computation for their applications to perform runtime executions. The parties would have to trust the system, but the benefits would be privacy and a more equitable load.
How advanced is the project?
The project is still in its nascent stages, although that doesn’t mean that it should be dismissed. To the contrary: it is full of exciting ideas about a relevant theme and it offers viable solutions to the privacy issues of data input and output.
The project’s technology is not yet open to the public to see and review, so the best thing to do is take a wait and see approach.
Details such as the total supply, the percentage of tokens for sale, the percentage of tokens to the team and advisors, the lockup period, the sale information and dates have yet to be announced.
The roadmap of this ventures points at December 2018 as the date for the Testnet to be up and running, and September 2019 for the Mainnet to be active and the swap of Origo ERC20 for mainnet token. The team states that by December 2019, the built-in private smart contract features will be released, and by June 2020, external developers to build PPAP smart contracts will be enabled.
What are the tokens used for and how can the token value appreciate?
The Origo Token reserves serve a similar “gas fee” function as ETH does on Ethereum. Roles that actively participate and contribute to the blockchain get assigned cryptocurrencies for their efforts. They get the decision-making rights, allowing them to decide things like charging transaction fees. That is regarding the Basic Set of incentives.
The Advanced Set dictates that Origo Token are required as deposits to perform certain tasks; for example, bidding for an Executor job or gambling for the next right block. The participants pay a specific amount of Origo Token in order to participate in certain activities.
The good participants at the Origo Network get Token rewards or decision-making responsibilities for doing well, while bad ones lose portion or all of their deposits or their certain rights are taken away for behaving badly or “outside the rules”.
Team & Advisors
If there is something about the Origo Network, besides the enticing project, that keeps investors, potential users, and the whole community with big hopes is the strength and talent of the founders and staff.
Frank Fang, a former Pinterest Senior Engineer; Baron Gong, ICM Outstanding Winner; Yijia Zhang, a former Google Assistant founding member; Weiran Liu, a crypto influencer; Hong Chai, a Youku top 100 founding member; and Sonia Wang, a financial reporter and media analyst, are the Origo Network team.
Fang is an expert in distributed systems, trusted computing and encryption, while Gong is a mathematical modeling expert. Zhang manages computer sciences with aplomb, and Liu has a vast follower community with interest in crypto.
Chai is a marketing expert with vast business development experiences, and Wang has more than 15 years of experience covering financial news. Some of the investors currently contributing to this project are Polychain Capital, FBG Capital, Kenetic, Signum Capital, and others.
Strength and Opportunities
The founding team, the developers, staff, and advisor form an impressive group of talented individuals that, combining their respective skills, have the background, experience and will to pull off this experiment. They are academically decorated and professionally accomplished in the crypto-related field.
They also have a strong group of quality investors involved in the project, such as Polychain Capital, Kenetic Capital, and FBG Capital. On top of that, the privacy of data input and output concept can draw even more investors and contributors once the project starts to grow and materialize. The off-chain solution for smart contracts concept is very attractive.
Weaknesses and Threats
The roadmap is long, and the project is still green. Unfortunately, there is a long way to go between now and the first implementation of a private smart contract, which is set to be done in December 2019.
There already are similar ecosystems that will try out the private smart contract beforehand, so Origo has already fallen behind.
Verdict
It may be too early to provide an accurate review, or preview if we are going to find a more appropriate term, of what impact the Origo Network will have in the industry. There are projects, such as Enigma, that will be ready to perform a similar function as Origo sooner, so time is running out.
However, that doesn’t mean that the Origo Network is less attractive. It will be perfect for transaction fee payment, governance participation, participant bidding for executor usage, executor deposit to run smart contracts, and honest participation rewards.
(3 votes, average: 3.67 out of 5)
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