Origo Network: platform offering private smart contracts & scaling
Ccurrent Ethereum based smart contracts have no privacy. This means that the data, amounts and the execution conditions are visible to everyone. This also limits privacy concerned entities to use blockchain technology.
Origo Network is a platform built on Zero Knowledge Proof (ZKP) framework that hides the input/output information in its smart contracts. While Zcash and Monero also offer transaction privacy by hiding sender address, receiver address and transaction amount — Origo Network in addition guards privacy of application input and output, and supports smart contracts.
Zero Knowledge Proof (ZKP) is a cryptographic method. One party (prover) can prove to another party (verifier) that some statement holds without sharing info why. ZKP must satisfy the following properties. Zero Knowledge proof is a cryptographic method. One party (prover) can prove to another party (verifier) that some statement holds without sharing info why.
In addition, Origo Network offers scalable architecture by allowing side-chain decentralized application execution (in privacy), thus improving both the on-chain and off-chain performance. A proof of off-chain is used to verify the correct computation to the on-chain.
Developers can create privacy preserving dApps by writing them in the original way and then compiling and executing, without leaking the information that needs to be hidden. Origo maintains a private and public ledger. Private ledger will support private currency transfer — converting private/public coins into private/public coins post transaction and hiding both value and address.
Origo plans to use what they call limited Solidity which will be strict on certain operations to improve performance. Solidity will be used for ease of migration of smart contracts from Ethereum to Origo.
There are 4 phases of the Origo Network protocol:
Executor from the network is elected for execution phase.
Each party commits coins to the contract and submit commitment including input. Input and coin are private and cannot be changed after commitment. Deposit is verified.
Private input of both parties revealed to offline executor and executor executes the smart contract offline.
Executor generates a zero knowledge proof that the contract was executed. Funds distributed to each party based on execution results. Every party can verify if the contract was executed.
Origo Network designed a hybrid consensus protocol to improve performance. To address the requirement of node awareness in pBFT consensus, Origo has designed an identity chain — each block contains a list of nodes eligible for being transaction chain validators.
A fixed but configurable numbers of randomly elected nodes selected from the identity chain are selected to perform the pBTF consensus. Source of randomness is a random beacon based on BLS signature.
Origo Network aims to solve scalability and increase adoption not only by adopting the hybrid consensus aimed to improve the throughput of transactions, but also sharding and a new virtual machine standard to improve the speed of execution of smart contract.
Team is currently writing a yellow paper which will provide more details.
A good example of a possible Origo Network platform applications are salaries where employee and employer want to keep the amount private from public. Both parties want to execute the contract locally and submit zero knowledge proof to the blockchain.
A rather long roadmap is where Origo Network is not up to the standard of the rest of the package. Testnet allowing confidential transactions will not be before end of year, and main net is in September 2019.
This is where Origo Network excels and the reason the long roadmap does not pose such an issue. Experience working in Pinterest, Google, SOHU, Aviva and finance with lots of practical and academic (Carnegie Mellon, Tsinghua, Columbia, Cornell) experience assures us that the team is more than capable of achieving what it aims to do. Beside the core team listed below, additional technical contribution is provided from Zikai Wen (PhD at Cornell and first scientific paper on private smart contracts), Xin Wu (Google senior software engineer and experience in big data and data security) and Gavin Wang (Google senior software engineer and experience in machine learning and AI).
Advisers and investors such as Vincent Zhou from FBG Capital and Howard Wu from Dekrypt Capital, Polychain Capital, Kenetic, Signum Capital, Arrington XRP Capital, NEO Global Capital and Benn Godenzi ensure that this is a quality project — and that it will have an excellent post listing support.
Hard Cap is 30 million USD.
- Presale: 30% — Private Sale Vesting Period: 9 months
— Roughly 27% Private Sale, 3% Crowdsale
Block Rewards: 18% — Vesting Period: 10 years with details to be decided
Foundation Reserve (Marketing, PR, Community and Business Development): 15%
Ecosystem Building: 15%
Team: 15% — Vesting Period: 3 years with 6 months cliff starting from July 20th, 2018
Advisors and Early Supporters: 7%
- Private Sale Price: 0.1 USD/Token
Community Sale (Crowdsale) Price:0.12 USD/Token
Considering this is a platform with the nearest competitor being Enigma (ENG) at $90M USD marketcap these are good metrics. The team has a long vesting and has provided an exact date from when the vesting begins (which is rare and commendable).
Origo claims to have provided only a 20% discount for the private sale which is a refreshing change in the age of multi-level Ponzi schemes on the blockchain like Perlin and Newton.
Origo Network has adopted the infamous Proof of Love (Proof of Shill) brought to you by Quantstamp in ancient times circa 2017 AD. History books claim it was exploitative and cringy then, and exploitative and cringy it remains. To add salt and cynicism to injury Origo also added the allocation exam from Quarkchain to the mix. Winners will be subjected to lottery and/or jury to receive their allocations probably not amounting to more than a few hundred dollars. As if the crowdsale event with only a few percent of total tokens allocated to the public (which is supposed to actually utilize their utility tokens) is not demeaning enough, Origo Network decided to pull out all the stops and even heavily bot their telegram (70k members at time of writing). Why hyped projects even do a public crowdsale? Because it is a free awareness raising event before token unlock. Someone has to buy the tokens on the exchange. Its the best kind of marketing, and they even get paid to do it.
Having said all that, it is important to separate the marketing and hype inducing actions (which we do not agree with) from the project itself. This is an excellent ICO whose token price will probably do very well on listing— and that is what counts for investors.
Origo Network is a platform that offers fully private smart contracts on Solidity, implements a hybrid consensus, sharding and an enhanced virtual machine to deal with scalability and adoption and is backed by an experienced team for a reasonable hard cap of $30M. Ignore the memes and ignore the FUD regarding their crowdsale allocation process - support of FBG Capital, Polychain Capital, Kenetic, Signum Capital,… guarantee this token will do very well post listing. With the ICO happening beginning of August, this is probably the best upcoming project accessible to the public (if you manage to jump through all the hoops) and the one with most hype surrounding it.
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