Reviews of <One of the largest project on IC> < IC Lounge Hours with Lydia>
This Review written by NAF (@NafterG) according to the interview bewteen ORIGYN Foundation and Lydia Lei.
ORIGYN AMA Summary (May 20th 2022)
Date May 20th (Fri) 2022
Speakers
- Speaker Daniel CEO @DanielHaudensc1 (from @ORIGYNTech)
- Facilitator Lydia (@Lydialei3)
- Organizer NAF (@NafterG)
Q1. Please introduce yourself?
Yeah, thank you. Thank you very much for being here for inviting me to speak with you. It’s I didn’t know you but you’ve already spoken to Vincent. So that’s great. And I’m really happy that you’ve, you’ve been you’ve you’ve invested in Dfinity and ICP because it’s an amazing project .
My name is Daniel. And I lead something called the origin enterprise, which is the business arm of origin foundation. Origin Foundation is a nonprofit foundation and a Swiss foundation as a mission is to in our case, be the global proof of record for identity authentication and ownership.
Q2. Could you please give us a brief introduce ORIGYN?
I think in the beginning, we’re quite a boring company. Because what we do is, is we make certificates. And we make these certificates of authenticity. And basically, it’s a guarantee anywhere in the world if we say it’s authentic and it turns out not to be what will pay and that’s something that’s very valuable. And the reason we can do that without going bankrupt is because of the technology we use and that’s not boring at all.
The technology we use includes computer vision, machine learning, microstructure, traceability, artificial intelligence, and ultimately, this is probably the most powerful infrastructure ever built which is the ICP. And basically what we do is we take items of value, like your Rolex or your watch and we take the ultra high resolution images of it in different spectrums, and we take that entire image and those images and we put them into the internet computer as an NFT.
And we have what we call computer understanding behind it, which is the combination of all the machine learning stuff and it can if it’s easier watch again it we’ll be able to identify that it’ll say I’ve seen that watch before there’s a certificate for it and it’s authentic credit and we can tell if the watch has been open we can tell if it sir is in service, we can tell if it’s a part of the watch.
We can really do a lot and and then we then go from watches to rings and jewelry. That’s kind of a clear seconds and then stones and then you have next to the luxury segment that goes to handbags and other things, which you know from watches they get even easier, the bigger they bet but but this is also important in the space of sports collectibles. For example, Kobe Bryant fan were or if for example, Muhammad Ali’s boxing gloves from the thriller in Manila , the these things are unique items and we catalogued them and capture them in meeting process. We can forever guarantee that we can identify them again and that also applies to art as well
Q3. What do you think the advantage of internet computers?
I think it’s It’s decentralized file storage, which we’ve had for a while IPFS decentralized processing power so actually cycles of computer energy thinking about things and that seems simple, but it’s actually really complex and, and what it creates is is a decentralized cloud of computing power. And so when you compare us to, the 120 characters or whatever that you can fit into the theory of contract, it’s just it’s a completely different level.
For example, we can stream 4k video from on chain resources and have it be fully decentralized. We don’t need an Amazon web servers or cloud platform. And so it’s a much more direct way. And it’s similar, if you have some sort of, you know, streaming media service and you’re expecting that to get this from a fax machine. Realize that the fax machine will never get you the streaming media, no matter how much you play with it, no matter how much you tinker with it. And I think that when Dominic Williams and the founders of Dfinity started, looking at where blockchain could go, they saw immediately the constraints of you know, the number of transactions for successes a second as many people did as well. But they started working on something that was the next generation and last made Dfinity into the computer came out and it’s it’s laying that foundation for that next generation of decentralized protocol. But we couldn’t do what we do without having that processing power. It’s quite amazing.
Q4. If I have physical watch, so I can make this homage to our digital trembling as a piece to to verify that this watch is owned by me. Does I say right?
Absolutely. So it I mean, if you buy a watch now you get a plastic card or paper certificate. We said you own the watch. And maybe if you’re lucky, there’s a QR code on it which will tell you about the watch and you can scan it, but what it doesn’t do is it’s always next to the cover of the watch itself. And now we find a way to photograph the watch. And so that we can recognize it again without a QR code without having a separate piece of plastic. It’s just the watch itself. It’s the object itself that creates that it’s like facial recognition for luxury goods. That has a that has a blockchain representation of it.
Q5. More information about roadmap?
When we sat down with UEFA the discussion was can you use this NFT to take some of the passion that happens in the game and put it into the object by selling them and for the children.
So we did that we started about a year ago and we live we just held the auction about four weeks ago. But we were able to create the digital twin but tie it to the physical object, but also add a whole bunch of because we’re using Dfinity, ICP we were able to add, highly highlights from the Europa championship of the images for where the object was used in the game, and all in 4k streaming. So when you get this object you don’t just have something you hang on the ball like a jersey that signed but you get with a media library that you can show your friends, and that’s an amazing thing.
So this of course opens then other doors. And this is where NFT things where we see NF t’s going and this is why you know it’s really just the beginning. Is that you start to see that this is it you know like ownership of these collectibles is an experience. And what you can then do is you can then collect these collectibles as the tournament progresses, you know so as your team goes closer and closer to the semi finals in the quarterfinals and then, ultimately on to win. You’ll have different collectibles that become available and depending on which collectibles you collect. You can can sort of unlock experiences and those experiences can include VIP access meeting the players being a guest goalie in in a charity match, being alongside the pitch, even flying with the team in the private jet to the semi finals. And this is this is what we’re seeing is that in order you know there’s a there’s a ticket that gets you into the stadium.
But there’s another ticket and it’s an NFL ticket and this unlocks the collection. And it’s an experience and the experience lasts for the tournament and it’s a once in a lifetime thing. So you’re basically collecting to have an experience in the future. And I think that’s really where we’re gonna start to see the NFT space go.
Q6.Could you please give us some summary about your team
We have some really, really amazing founders and an amazing team. We have Mike Schwartz is one of our founders. He’s used to run Boston Consulting, digital ventures. He’s built as a billion dollar ventures before one of them was in luxury goods tracing with two beers diamonds. We have Vincent periode, who used to be the Chief Marketing Officer for autarky day and has over 20 years in the diamond diamonds in luxury goods. And we have John porcelain who’s one of the cofounders of Dfinity, but he’s also one of the third founder of origin.
So they can kind of see that we have extremely close ties to Dfinity. We’re constantly talking about progressing the technology and we’re you know if they helping to clear the way for some of the ecosystem things and then the team is just, we have an amazing team and they work so hard. We they you know it’s it’s different working for a foundation, because there’s no equity structure that like Elon Musk can come and buy us.
it’s not possible because of the way the foundation is structured. So that’s really, really powerful. And people when they come to work, they work because they believe in the mission that origin is trying to do and that’s to be the sort of a Swiss standard for authentication and truth and then that’s and so they the amount of the amount of work that they do and their kind of, the way they go about making decisions is different for and we have seen and it’s it’s enabled us to track some amazing talent. It’s a really extremely proud of our team that what they’ve been able to accomplish in a very, very short amount of time.
Q7．What is roadmap of OGY token?
We’re going to be first on decentralized exchanges. We’re going to be on the SONIC. And I literally just finished making the gifts on how to do it. So I know that it’s coming up. But I would say probably next week, you can find us there.
You’re gonna get the best prices and oh gee, why? Because it’s the decentralized exchange and we made sure that there’s some liquidity out there that is at a good price. Then we’re going to be listing very shortly within the next month on centralized exchanges, one in Asia and one in San Francisco, that have combined about 10 million users. So this is this is our next step. And so you will be able to trade freely trade our tokens on on a choice of exchanges, starting by the end of June. So that’s very, very exciting for us.
What is the OGY token? Well, the OGY token, actually buys certificates lifespan. So if you think that like, you buy a watch and it’s for the next generation, so you buy it, you buy it for 100 years. But you might have a certificate that only lasts for the weekend because it’s for a football game, or it’s for an experience or something like that. Either way, the way that the internet computer works on computer cycles, and there’s a certain translation for the origin dry cycle with everything that it contains in the certificate.
And what happens, and how long the certificate lasts, so, this is what Big White does. So it’s very core at the very core function. It allows you it pays for for the internet computer to remember that you have a certificate. Now it also lets you do a bunch of other things which is like vote on the governance within origin and vote within the industry groups like luxury, digital media, art, collectibles, and you can do it on propositions and you get rewarded for that voting. So ultimately, it’s very beneficial.
You can stake the tokens you can stake a holder and that multiplies your reward. And it also multiplies your voting power in the futures and what was so what you basically have is if you buy tokens, you can stake them and stake them for longer than 12 months and start getting more rewards. And you have this wonderful kind of reward Ming is now if you hold on to those tokens, and we do a good job of getting our certificates out there then we’re going to make money and we’re going to make too much money. So we have to give it to the foundation and then foundation is not for profit. So again, if the foundation makes money then it has to take the profits and five to back tokens and burn them. So this is which which ultimately destroys tokens and reduces the circulating supply meaning that anybody who had tokenswill see their token , the value of their token and what it can do increase because there’s less and less and less than that.
Q8. Why does staking reward is so high ( 60%-80% staking ratio)
The actual reward that you get is dynamic and it goes between 2% and 20%. But it depends on how many tokens are staked out of the total circulating supply. So in the beginning, we we’re gonna have 60% And we’re gonna have roughly five to 5% rewards.
And we’re, there’s a proposal in you know, that’s going to be put through the governance mechanism. That’s going to reset that when we list and and in the beginning we’re also going to have 60% of the tokens listed because most of the people are vested, right. So like for me, for example, my tokens are invested over four years, and all the investors have, you know, tokens that are vested over 36 months, three years.
So I’ve taken all those tokens and I’ve, I’ve stayed them as as well, because I’m getting rewards on them. And I like that if I can touch the token anyway, for 12 months, I might as well state them and so so we’re going to be at the 60% anyway. But but it’ll start with a nice and then you know, after we after the tokens have been in circulation for a while, that will then be more and more free for people to you know, as more and more tokens come into circulation than yet then the really that sort of reward mechanism takes over.
So it’s a it’s a dynamic reward mechanism. We hope it’s the right one if it’s not we’ll have to use a will have to use a proposal through the governance board to to change it. But But we think we have a very, very clever guy who PhD in mathematics at our university here in Switzerland at Pisa, and he’s been writing these kinds of tokenomics papers for a while so we hope he he got it right and if he didn’t, then we can correct it. As as we go along.
Q9. Who are the competitors for ORYGYN?
it’s interesting. We definitely have people that are doing a part of what we’re doing. There’s some companies out there that are doing some great stuff in microstructure, traceability and computer vision, for example there’s other companies that are doing really good things that with, with with Blockchain certificates, and there’s still other companies that are that are out there, working with art, photography, and you know, making sure that authentication in the art space.
We haven’t found any company that combines it in in the way that we do, which doesn’t mean that it’s not going to happen, but the founders did have a very strong vision. They’ve been working very closely, both affinity and this, and origin was always, going to be part of what the Dfinity story was going to be.
So, and it’s a very simple story. It’s probably the oldest, most easy to understand blockchain use case is provenance, where it’s something from and is it real Amen. So that’s what we started on. And I think the difference is that we started it on in a different way. And so it’s really kind of like the it’s three things coming together. It’s, the phone technology to take pictures with the iPhone, iPhone 13 And Google Pixel six, hese, it’s only just gotten to the place where it’s good enough to do something, where you can get this recognition.
The second thing is people accepting web3 and making web three wallets. This is the change that we have to go through and we’re still, helping a lot of people understand what that even means.
Web1 is information superhighway. Web2 is logged on with your Google account, and then web3 is log on with your wallet. That’s a big change. That’s a big change and managing your own assets is not for everybody still, but we’re, in a year or two, it will be different. And so but these three things coming together, and then I think that the thing that really separates us is that it’s a Swiss Foundation, and it’s a non for profits foundation, so and on a very simple mission, and the mission is to become the standard and, and offer this guarantee of trust. So I think that the combination of those things makes us unique, even if there was a competitor and they’re sure there will be who will try to do you know, or follow us in what we’re doing.
Q10. How about reasonable products, are these target for ORYGYN?
Yes, it is. Ideally, we wouldn’t be able to do it, for a whole host of objects. Unfortunately, right now, our costs. And ours are our research and development that goes into developing the technology in such a way that we start with the luxury items because, there’s more of a willingness to pay. Let’s say, if you have to pay, let’s say $30 for each certificate on a $30 watch or a $50 watch, then this is a big part. It’s like double, but if it’s on a $5,000 watch, it becomes a very small part. And so you know when we get better and better at doing the technology, then the prices will go down and we’ll be able to lower the barrier, but at the moment it’s for luxury goods, is where we’re focusing.
Q11. What would be the role of the token Tokenomics of the project?
Token basically is you pay the internet computer to remember that you have a certificate. So you buy the certificate lifespan with the token that’s the first utility of the token. So there are no certificates unless you use OG wise and for every certificate that gets issued or DUIs are used to buy the certificate to tell the internet computer to save a memory space and processing power and to remember your certificate.
And you do that for a lifespan of five years. 10 years, 15 years, 100 years. The second thing that you can do with your GI token is you can vote on topics that are relevant. For example, should Walmart be a luxury brand? And then people can vote and say well, they paid the money, they have enough money but are they luxury? No. So the people that would have a defense for that they would say that’s not It’s not where we want to go with this. And so voting and how the ecosystem covers itself. That’s what you can also do. Those are the two utilities in total.
