Origami Network – Decentralized Marketplace Protocol for Payments and Reviews

Building a marketplace is a long and hard task.  Companies that need to build online marketplaces do not often have the resources. The process of marketplace growth is costly and slow. They prefer to use an existing platform, which is cheaper and faster for them.

Origami Network seeks to make marketplace launching easier by providing a set of tools to easily build a marketplace for products or services. By adding the blockchain aspect, they can address confidence issues in the payment processing and reviewing system.

Origami Network’s Background

Julien Bruitte, CEO, and co-founder of Origami told us how the project got started: “We’ve been working on the Origami Network since the summer of 2016. We decided that we could use, package, and sell our marketplace protocol to other companies. We were developing the protocol for our use, and we aimed to decentralize every part of this marketplace protocol.”

As Origami Network wants to involve the general public in the project, they decided to do an ICO. They want to get their contributors involved by providing ideas and advice to build the best protocol for decentralized marketplaces.

They also want to remove the boundaries on online marketplace payments. Origami wants to develop a payment module (called Origami Payment) on the blockchain, so customers can get rid of the actual fees banks and third parties take.

Token Sale and Usage

The ORI token will have multiple usages on the platform. Origami Payment uses ORI tokens as a payment method and a cashback asset. The review system they want to develop, called Origami Review, uses ORI tokens to reward a customer for their review when it’s validated.

There will be fifty million tokens of which 30 million will go on sale during the ICO. 6 percent of the tokens will be set aside for bounties, and 34 percent will be used for bonuses. The rest will be held for product development, marketing, and legal issues. The team is using a one year lockup period.

Major Competitors

  • Openbazaar: an open source project that is developing a protocol for e-commerce transactions in a fully decentralized marketplace (peer-to-peer) and uses cryptocurrencies as a medium of exchange.
  • Openprotocol: Only targets the sharing economy ecosystem and doesn’t use oracles for validation. Origami uses Chainlink (another crypto startup) to process information regarding the shipping status of a purchased product. Smart contracts holding the payment will release it when the oracles agree the product has been delivered.
  • District0x: A decentralized platform of markets and communities. Origami’s decentralized modules (Origami Payment and Review) are self-sufficient. To give you an example, Airbnb can use Origami Review to decentralize their review system. And Uber can use the payment system to accept crypto with escrow payments.

Origami Network’s Team

The Origami team consists of three entrepreneurs, from the city of Lille, who have known each other since kindergarten. All of them studied software engineering in France and Ireland. They have already worked in the banking and trading area via their first jobs inside the Worldline Company.

Julien Bruitte is the CEO of Origami Network. Julien has been an entrepreneur since 2012. He has a lot of experience as a software developer and financial director at companies like ‘Comptoir Du code,’ ‘CommentSeRuiner’ and ‘Cute.Land’.

Vincent Pichon is the CTO of the project with a demonstrated history of working in the e-commerce and marketplace industry. A passionate blockchain developer and a former software engineer in the financial analysis tools industry.

Finally, Alexandre Duquenoy is the CMO. He describes himself as a blockchain enthusiast since the early days.

Roadmap

Status of different products:

  • Origami Marketplace: Working product
  • Origami Review: Development
  • Origami Payment: Development

Milestones

  • Q1 2018: Token sale will be live from the 23rd of February. They will also start the development of Origami Payment. All modules will be API based.
  • Q2 2018: Origami Payment on testnet
  • Q3 2018: Origami Payment on mainnet and Origami Review on testnet.
  • Q4 2018: All modules on mainnet

Pros

  • Origami Network’s company is part of the biggest European accelerator Eurotechnologies.
  • There is a need for a decentralized reputation and payment system for marketplaces to restore trust.
  • Use of oracles (shipping status) to determine the release of funds in an escrow contract.
  • A protocol which easily integrates into new or existing marketplaces.
  • Low transaction fees as banks and third parties cannot claim part of your revenue.
  • Low ICO hard cap – 5,000 ETH

Cons

  • We don’t know if KYC is required as a user can create a new account if they receive bad reviews.

Conclusion

The Origami solution consists of three parts: Review, Payment, and Marketplace. The ORI token will be used as a payment method inside the marketplace. Origami expects by Q4 2018 that its payment module will be the leading decentralized escrow for cryptocurrencies. Companies like Uber and Airbnb can use Origami’s modules to decentralize their payment or review system, as it’s very pluggable. We believe such a protocol using oracles can restore trust to marketplaces and have a valid reputation system.

More Info and Technical Details

Public ICO: 

Start: 23rd of February
End: 23rd of March
Hard cap: 5,000 ETH

Links: Website, Whitepaper, Telegram Group

 

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Jennie

Jennie is an entrepreneur and private investor in blockchain projects . She writes about the blockchain community in Canada, altcoin development and launching ICO's.