Origin is a cryptocurrency with asset backed tokens running on its own custom block chain. Origin itself is mineable and is used for all transaction fees, and will fluctuate like other cryptocurrencies in price, while the asset backed tokens will retain the value of their respective assets (gold,silver,USD,oil, etc). The Origin block chain operates much like the Bitcoin block chain. Transactions are verified and stored in “blocks” by miners. These blocks are then cryptographically secured and must meet strict requirements to be accepted by the rest of the network. When a block is “mined” by a miner, it means it meets these requirements and can be accepted, the miner is in turn paid a reward for providing this service in the form of all transaction fees in that block plus the block reward.
Origin has many similarities to Bitcoin in the base cryptographic design with some key improvements:
Block time of 5 minutes for faster transaction verification
Continuously decreasing block reward instead of halving events
Roughly every 4 years Bitcoin experiences what’s called a “halving event” where the block reward halves. The last one was in July of 2016, and the reward went from 25 bitcoins per block to 12.5. The next one is in 2020 and the reward will drop to 6.25 bitcoins per block. Origin works by decreasing the reward at a linear rate with each new block from a starting rate of 100 Origin coins per block. The rate is such that by roughly Jan 1st 2150, the block reward will be 0 and miners will be paid entirely by transaction fees.
Stronger cryptographic hash (SHA-3 512)
Stronger wallet keys (Brainpoolp 512)
Larger transaction limits on blocks
Longer lifespan for block rewards
Integrated miner and wallet software (and soon pool mining will be included as well)
Easily expanded to any platform that will run java, and ability to mine on any platform that supports OpenCL
These advantages give Origin an overwhelming edge in a market flooded with sub-par cryptocurrencies, enabling it to compete even with Bitcoin. The software itself is in late Beta testing stages, and will be releasing when the coin sale goes public, unlike many Ethereum based tokens which make promises of having a product within a couple years, or even others that make no such promise at all.
True financial freedom can be found with a combination of Origin and asset backed tokens. Asset backed tokens are non-mineable coins on the block chain that are backed by a corresponding asset, i.e. Gold, Silver, Platinum, Palladium, USD, JPY, CAD,CNY, GBP etc. When they are purchased from the Ampex exchange, a corresponding amount of the backing asset is purchased by Ampex to back them, when they are turned back in to Ampex the asset is sold to pay out the value of the token. The asset tokens can be traded at any time even from “offline” wallets, and still retain their backing. Origin itself provides easy arbitrage opportunities between itself and its tokens, all the while retaining value through transaction fee demand. To explain a little further on this, like bitcoin, there is a limit to how many transactions can be put into a single block. Also, transactions take time and resources to verify by miners. These make verifying transactions an important service that miners provide. In order to have your transaction verified as quickly as possible, you should add a transaction fee to it to incentivize miners to verify it and put it in their next block. These fees are usually very small, and unrelative to the size of the transaction (say, 0.0001 Origin for a fee no matter what, or how much you’re sending). The asset tokens are transferrable just like Origin, and can be put in the same transaction format, you’re even able to send multiple assets in the same transaction to save on fees. Origin is used for the transaction fees to drive demand for it, and in turn make mining valuable so more people will mine on the network, making it stronger.