TokenMetrics Origo Network ICO review
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Token Metrics Fund Index — 8.96 (#2 in the ranking)
TokenMetrics Score — 88%
Token sale metrics — 78%
Hype — 104%
Fundamental — 90%
3% of tokens will be distributed to community through airdrop and public pre-sale
Full Data — https://goo.gl/Bk2J5i
Origo operates in a highly competitive niche, Oasis Labs, Taxa and Aergo are among projects that are also developing infrastructure for the development of privacy-preserving Dapps. However, Origo has technical innovations that should give them a competitive edge and strong, experienced team to deliver innovations on time. Origo has all the top funds on-board that will help Origo to increase token liquidity and pace of adoption. Marketing team behind Origo consists of the same people lead by Benn Godenzi who previously advised Quarkchain, Fantom and GoChain to name a few. In our opinion Origo is the most hyped project now in crypto space. On the weak side Origo’s roadmap is long with nothing to show at the moment however several code reviewers were granted access to private repository and liked the code. Token metrics and lock-up structure in our opinion should enable Origo to achieve smooth listings and post ICO performance.
Overall TMFI score — 8.96
Polychain Capital — 1.31 (# 2 in TMFI ranking)
Neo Global Capital — 1.26 (#3 TMFI)
MB Technology — 1.08 (#5 TMFI)
FBG — 0.96 (#7 TMFI)
Kosmos — 0.86 (#10 TMFI)
Alphacoin Fund — 0.75
GBIC — 0.58
Kenetic Capital — 0.5
Signum Capital — 0.45
Connect Capital — 0.40
1kx — 0.40
Nirvana — 0.26
Arrington XRP — 0.16
Token sale metrics:
Hardcap — $30 000 000 USD
% tokens sold — 30%
Valuation — $100 000 000
Pre-sale discount — 17%
Lock-up — 9 months lock-up
Token — ERC20, swap for native in September 2019
Idea and value
Origo is a new public blockchain that enables developers to create privacy-preserving Dapps that execute transactions and smart contracts without revealing inputs and outputs using zero-knowledge proofs and off-chain computations. It can be compared with the ZCash which enables private transactions, Origo makes one step further and provides infrastructure for creating and executing private smart contracts. One of the Origo’s key value preposition is that developers don’t have to possess cryptography skills. Developers can write applications in a convenient way while Origo’s privacy-preserving application platform (PPAP for short) compiles and executes Dapps without leaking inputs and outputs therefore Origo empowers developers to create privacy-preserving Dapps in a convenient fashion. There are three key phases in Origo protocol:
1) Commit: each party locks coins they want to deposit to the smart contract and submit information that should remain private. Then each party computes a commitment and zero-knowledge proof which is verified by the public blockchain to ensure that made commitments and inputs cannot be changed in the following stages.
2) Execute: parties encrypt data and reveal private data to an offline executer therefore private data is never revealed to the public. Executor deposits certain number of tokens which will be lost in case executor aborts the smart contract on purpose.
3) Settle: executor generates zero knowledge proof and as soon as Origo blockchain verifies the correctness of a proof committed funds are distributed to the parties
There are four key roles in the Origo network:
1) Validator — provides computation resources for the sake of verifying blocks in Origo blockchain and receives fee in Origo tokens for that
2) Executer — generates cryptographic protocols using zero-knowledge proof, executer stakes Origo tokens that will be burned in case of misbehavior and receives fee for providing computation resources;
3) Users — utilize smart contracts or Dapps on the platform and pay a fee (or receive a fee in case such function was added by the developer);
4) Smart contracts and Dapps developers — pay a fee for using Origo network’s computation resources and may receive rewards for generating smart contacts or Dapps if such functionality was added
Origo proposes two different consensus algorithms for the “identity” chain which will be used to verify blocks and the transaction chain which will write the transactions. Identity chain will use PoW or PoS consensus while the transaction chain will use pBFT algorithm and random beacon based on BLS signature to ensure both scalability and security. Origo would also implement sharding by splitting nodes into groups each simultaneously processing a subset of transactions. To minimize cross-shard communication which decreases transactions processing speed Origo will use senders shard as a criterion for choosing a shard responsible for processing the transaction. Origo will also implement its own virtual machine based on Ethereum VM but Origo’s VM will be integrated with zero knowledge proof system and verify operations with circuits and will be supporting solidity. Key Origo’s value preposition Is that it provides users with all the benefits public blockchain has and adds a privacy of inputs and outputs which makes smart contracts containing sensitive information possible on public blockchains.
The token will be used as a transaction fee to incentivize network participants (primarily executors and validators but developers and users planned to be also eligible for rewards in the network for certain behavior), Origo token is also used for staking to be eligible for particular roles (for example, to become executor) you have to stake a number of Origo tokens which in will be lost in case of a bad behavior.
The roadmap is rather long, testnet is coming in December 2018 while mainnet will be live only in September 2019 and there is no open-sourced repository to examine for now.
Team and advisors
The team consists of 6 “Core Contributors” who listed Origo as the only job they possess at the moment which a good sign. Two team members are especially interesting in terms of the previous experience — Jiang Fang worked as a software engineer for almost 3 years in Xian Cloud (Beijing, China) which is a hosting and ecommerce enablement platform that has more than 400 employees wordwide and such clients as JD.com and DHGate. All in all Xian Cloud is big and reputable Chinese company funded by Tencent. After Xian Cloud Jian Fang worked in Pinterest which is big US private company: 800 employees, Alexa rank 76, more than 175M MAU. Another core contributor Yijia Zhang worked for almost 5 years as a Software engineer in Google.
Origo team looks a little bit too technical and lacking business acumen however in advisory board Origo has Vincent Zhou — founding partner at FBG Capital (one of the top funds according to TokenMetrics Fund Index), Howard Wu — co-founder and managing partner at Dekrypt Capital, Benn Godenzi — founder of Marketing Blockchain Technology agency and interoperability alliance, previously Benn advised and promoted QuarkChain, Fantom, GoChain, Seele, Wanchain — all of those had tremendous attention from the crypto community and those that are tradeable are all well-above ICO price. We believe Origo’s advisors and funds will help them to gain traction, liquidity and much needed partners in crypto space therefore together with advisors Origo’s team is well positioned for the rapid business and technical development.
This is not a financial advice. Investing in ICO is extremely risky, always remember to do your own research and consult financial and legal advisors before investing in ICOs.