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**THIS IS NOT FINANCIAL ADVICE, JUST MY OPINION. DO YOUR OWN RESEARCH

AND HOLD NO ONE ACCOUNTABLE FOR YOUR TRADING ACTIONS BUT YOURSELF**

Token assessment – Project analysis for Origin Protocol

Brief Overview

Origin Protocol is an ERC20 utility token to be utilized on the protocol. Origin Protocol is a set of
protocols that allow developers and businesses alike to build marketplaces on top of the block chain.
These marketplaces are going to be focused around a sharing economy in the form of fractional use goods
and services. Fractional use goods are for example: car-sharing, home-sharing or service tasks. Some of
the top companies acting as middlemen for these fractional-use goods/services industry are: Airbnb, Uber,
Postmates and Fiverr. Typically, these companies add value through the use of connecting the consumer
and supplier and offering feedback systems. By decentralizing these platforms both the consumer and
supplier of the goods/services can save money (from fees), avoid easily manipulated feedback systems or
fraudulent postings and trusting the middleman to provide fair and equal services to all the participants.
Origin Protocol is built on a combination of the Ethereum platform and the Interplanetary File System
(IPFS). The Ethereum block chain allows critical transactional data to be stored in a secure manner while
allowing smart contracts to be executed as well. The IPFS (you may be familiar with IPFS from the token
$SHIFT – a direct competitor to $SUB) will store the metadata such as: images, descriptions, reputation
and reviews. This allows for lower computing cost and better scaling by moving this data off the chain.
This protocol will eliminate single points of failure and brings a truly trustless and distributed system to
an industry that is constantly gouged by middlemen. Origin Protocol has the potential to be one of the
most disrupting block chain projects to the existing companies in the $335B industry (projected by 2025)
if the vision of the team is brought to fruition.

Company Background

The team on this project appears to be great. Matthew Liu, is a co-founder at Origin and has experience
being a product manager for companies such as: YouTube, Google and Qwiki, as well as, being a serious
entrepreneur. He has started companies with acquisitions from Google, Yahoo and Wal-Mart as well.
Josh Fraser is also a co-founder and has been responsible for multiple venture-backed companies one of
which was acquired by Wal-Mart Labs. Jon Heart was an early employee at Redbeacon, which was later
acquired by Home Depot and has served as the VP of Growth and COO for multiple other businesses.
This team has really refined the art of starting and creating successful start-ups.

The project has some great advisors as well. Paul Veradittakit is one of the advisors at Origin, he also
advises: Orchid Labs (the team developing the decentralized internet), ICON, Enigma and Cofound.it. He
also has extensive experience as an investor, board member and mentoring. Addison Huegel is another
advisor who has previously worked with the Ethereum Foundation and DEVcon1. It is also important to
note Zing Yang – founder of a successful block chain advisory/investment fund and Joey Krug who is the
co-founder of Augur (decentralized predication market)
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Investment Analysis **but not advice**

The network will serve more purposes than just simple a transfer of financial value from large
corporations to the buyers and sellers. It will also transfer financial and strategic value in the form of
customer and transaction data to the ecosystem. Companies like Airbnb take up to 20% of the financial
value for every transaction that occurs on the site in exchange for simply providing a marketplace for
buyers and sellers of rooms to connect. The middlemen in this industry do not take the same amount of
value they bring the to table.

Origin is going to be responsible for building a large ecosystem of both buyers and sellers for these
individual marketplaces that are on their protocol. Origin will be releasing 3 components to their platform
to address this including: Origin DApp, shared data layer and standards and the community fund. First,
the community fund will solve the issue of customer acquisition and to build buyer/seller trust. The
Origin DApp is the consumer marketplace that will allow buyers and sellers to interface with the protocol
and do business. The DApp will allow: for users to verify identities, for sellers to create listings and for
buyers to pay with Ether, ERC20 tokens or fiat. Ultimately, the DApp is trying to be the “Google search”
of the Origin Protocol. Lastly, the shared data layer will allow any interested party to query the block
chain and IPFS for available listings, history of transactions and reputations of buyers and sellers. Origin
plans to implement: user profiles, conversion of fiat to Origin token (on the fly), escrow of funds, P2P
messaging, referral incentives, promotions and discounts and much more.

The utility of the token will be to ensure the health and growth of the network. The 3 key functions that
the token will serve on the platform: create both positive and negative incentives, network governance
and transactions of value between buyers and sellers. To dissuade people from creating spam and
fraudulent listings or accounts on the network, all users will be forced to deposit a small amount of
tokens. There will also be a “Deposit-Challenge-Vote” mechanic that incentivizes users to flag suspect
content, with the members who voted on the winning side of the arbitrage will be given a share of the
forfeited deposits. This is a form of self-moderation on the platform that encourages users to report
fraudulent claims or accounts. A reward system for users will be implemented for referring buyers and
sellers. The token will be used to govern and major platform decisions (code, feature and policy updates).
The number of votes an individual holds during the voting process the more votes they have. This ensures
that the people with the largest financial stake in the platform will be ensuring the success of the platform
more so than other users. Lastly, the token can be used to purchase goods and services on the platform.
All of these utilities create a system that incentives user to hold (in a way, stake) their tokens creating a
pseudo decrease in supply of the tokens.

Catalysts

Catalysts in the next 6-12 months for Origin Protocol are as follows:

• March 2018 – Public Beta is released

• Q3 2018 – Launch of 3rd-party DApps on the protocol
• 2019 – Fully decentralized services and governance of the network
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This roadmap is short and simple, they will have a beta released in line with the community sale and the
only thing left for the team to release is the 3rd-party apps on the platform

Investment Risks

The top risk factors include:

• One of the largest risks to a platform like this is having developers and users alike adopt the
platform. Not only does there need to be incentive for users to leave their existing platforms but
there also needs to be a catalyst for change. Viral marketing campaigns could not hurt either.
• A critical number of users must be on the platform exchanging services for the value to exist on
the platform otherwise the centralized apps currently in place will “stomp” this project out of
existence.
• Not necessarily a risk to investing, but realize the tokens will be locked up for ~3 months.
Potentially the return on investment could be lower than the opportunity cost.