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Origin Protocol (OGN) And Loopring (LRC): What Are They And How Do They Work?

OGN

Origin Protocol allows market actors to carry out peer-to-peer (P2P) trade of goods and services through the application. Origin Commerce Platform, the platform of the protocol, aims to create a comprehensive online market using the Ethereum (ETH) blockchain and the Interplanetary File System (IPFS) without being dependent on intermediaries. In this post, we will find out more about that and Loopring. Let’s get started.

Origin Protocol (OGN) And Loopring (LRC): All You Need To Know

Origin Protocol (OGN)

The platform creates a decentralized space where buyers and sellers can access, check existing listings, research and more. This facilitates the processing of fragmented formations. 

Origin Protocol offers solutions to problems such as high transaction costs, low transparency, difficulty in adding innovations and centralization. Thus, it aims to move the current online market forward. The protocol provides a decentralized environment with incentive options to facilitate the work of buyers and sellers. 

Who founded Origin Protocol?

The Origin Protocol team consists of participants involved in the project from different countries related to the blockchain world. Origin Protocol, headquartered in San Francisco, has different investors in different parts of the world. But basically, the protocol was established in 2017 by Josh Fraser and Matthew Liu. 

Co-founder Matthew Liu is an experienced software engineer. In addition to being one of YouTube’s earliest product managers, Liu also served as a founding member of YouTube’s monetization team, which eventually built a multi-billion dollar advertising business. After investing in the Ethereum crowd sale, he became interested in cryptocurrencies. Liu has been investing in blockchain and token projects ever since.

Josh Fraser, on the other hand, is a name who co-founded three different companies before establishing the Origin Protocol platform. The entrepreneur has been active in the crypto market for over ten years. In addition, Fraser has served as CTO at the social networking platform Eventvue.

How does the Origin Protocol work?

Origin Protocol empowers developers and businesses to create decentralized markets on the blockchain. Through the Origin Commerce Platform, users can list their products without the usual high gas fees. The platform also functions as a community where users can view offers and listings, leave ratings and reviews. 

Origin Protocol allows buyers and sellers to manage and regulate their transactions themselves. Buyers and sellers can use pseudonyms in their transactions if they agree.

In Origin Commerce Platform, identities can be verified via public keys, which can then be used in social media accounts. The platform will also allow verifications from trusted third parties.

Origin Commerce Platform has three main components, all of which are open source:

Origin-enabled User Applications 

Origin dApp is a consumer marketplace product that allows networked buyers and sellers to do business. Users can use this Origin marketplace app provided they have the Origin Mobile app or an Ethereum wallet and a web3 enabled browser.

In the Origin dApp, merchants can list, regulate the availability of their offers, and confirm payment. Buyers can view and purchase a complete list of all goods and services displayed on the Origin marketplace DApp.

Origin DApp serves as a lightweight client on the Origin network. Front-end code can be stored and distributed on the open IPFS network.

Origin Developer Infrastructure 

Blockchain and distributed technologies are new and difficult to work with for the majority of developers. Origin plans to release easy-to-use developer libraries that simplify the development process for third parties. In this way, the platform hopes to attract traditional web and mobile technologies unfamiliar with blockchain programming. 

Origin protocols

Origin protocols encompass open source standards for most marketplace features, including creating user IDs, sharing lists, and demonstrating peer-to-peer transactions. Basically, protocols act as a shared data layer consisting of users, lists and other data in the marketplace agreement. 

What are the goals of the Origin Protocol?

The Origin network aims to enable a large-scale trading network with the following features:

  • Airbnb, Craigslist, Postmates etc. direct transfer of financial value (registration, transaction and service fees) to individual buyers and sellers.
  • Transfer of indirect financial and strategic value (specially collected customer and transaction data silos) from the companies in question to the entire ecosystem.
  • Creating new financial value for market participants that benefit the growth of the network.
  • Building on an open, distributed and shared data layer to promote transparency and collaboration.
  • Facilitate the hassle-free currency conversions of buyers and sellers around the world and instantly enable these buyers and sellers to do business with each other without taxes.
  • Promoting personal freedom from arbitrary and often strenuous rules imposed by a central company or government on doing business.

How is the Origin Protocol different?

Origin Protocol aims to create a decentralized market economy infrastructure by providing a P2P network between traders and eliminating traditional intermediaries. The main goal of the Origin network is to create distributed systems where users will present their products. Thus, the network aims to avoid unnecessary costs by eliminating third parties in shopping. 

Contrary to traditional trade, the disappearance of intermediaries will be a development that pleases both the buyer and the seller. With the integration of large companies into the system, the development of the e-market will carry trade to another dimension. This actually makes Origin Protocol different from others and makes it extremely innovative. 

How many Origins (OGNs) are in circulation?

Origin Protocol; The incentive system uses OGN tokens for transactions such as staking, governance and payment. The total supply of OGN is fixed at 1,000,000,000 tokens. As of December 2021, the OGN supply in circulation appears to be 388,570,732.54. 

Is Origin Network safe?

The OGN token is based on the Ethereum Blockchain and works in the ERC-20 standard. OGN can be stored in any wallet in the ERC-20 token procedure. The protocol uses the Interplanetary File System (IPFS) to secure data flows between peers and achieve data integrity.

Loopring (LRC)

What is Loopring (LRC)?

Loopring (LRC) is a platform designed for the development of decentralized exchanges (DEX). This platform is located on the Ethereum blockchain and is a system that allows users to trade assets between exchanges. 

Loopring is not a decentralized exchange; It is a layer-2 protocol whose goal is to facilitate decentralized trading through order matching. Loopring pools all orders sent to its network and fills these orders through the order books of multiple exchanges. Decentralized and centralized exchanges will be able to implement Loopring, cross-trade between exchanges, giving investors access to the best prices in the wider market. Any platform (Ethereum, NEO) that uses smart contracts can also integrate with LRC.

Who founded Loopring (LRC)?

Loopring (LRC) was founded by Daniel Wang. Daniel Wang was an executive at an exchange called Coin Port in 2014. In an interview with Coin Central, Wang explained how his experiences here were instrumental in founding Loopring, “I was trying to solve the problems of centralized exchanges, but I realized that it was not possible. These problems are inherent in centralized exchanges.” 

So, Loopring’s story began thanks to the glitches Daniel Wang faced during his work experience in centralized exchanges. Daniel Wang previously led the technology team at Google, and is both co-founder and vice chairman of Yungrang Technology. Jay Zhou, Loopring’s CMO, previously worked at Ernst and Young. Zhou, who also worked at Paypal for a while, was working in the risk operations unit. Project COO Johnston Chen served as chief information officer at 3NOD.

How does Loopring work?

People who want to trade using Loopring never need to deposit money on an exchange to start trading. Even with decentralized exchanges like Ether Delta, IDex or Bitshares, you usually need to deposit your funds into the platform via an Ethereum smart contract, but with Loopring, funds always stay in user wallets and are never locked by orders.

This gives you full right to your funds when making the transaction and allows you to cancel, adjust or increase an order before it is executed. You can even move the money in your wallet completely after placing an order, but this will affect your final order as the protocol will warn the ring miners of the wallet balance before matching the orders.

What do Ring miners do?

Ring miners ensure that orders are filled through the boards until the desired transactions are completed for all interested parties. In return for this service, miners earn a fee in Loopring tokens or a profit margin on the last purchase amount of an order. This ensures that miners are paid fairly to find the best prices for the vendors and that the vendors get the most bang for their buck. This also reduces arbitrage opportunities as the best trade value is offered through the protocol.

How to execute a trade on Loopring?

When an order is executed, Loopring’s smart contracts evaluate the orders to ensure that the order is fulfilled. If all goes well, the funds are transferred to the respective wallets. This process takes place from wallet to wallet.

Where is the Loopring (LRC) token stored?

After purchasing Loopring (LRC), you can go to loopring.io to use LRC’s official wallet and start selling, or you can keep your tokens in an Ethereum (which can be traded along with other cryptocurrencies on platforms like bitcoin bank) compatible wallet. Loopring’s total maximum supply is 1,374,000,000 units. There are 1.330.000.000 Loopring (LRC) tokens in circulation.

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