Bitrue Project Highlight Series #1- Origyn Foundation OGY
As we have mentioned many times before, Bitrue is determined to meet our customer’s satisfaction more than anything else. One of the many reasons why customers choose to invest on Bitrue’s platform is the wide selection of tokens that Bitrue has to offer. Other than tokens that are already popular and available elsewhere, our exchange also focuses on looking out for hidden gems for you to invest in. In recent years, Bitrue has noticed that we have not been sharing enough about the projects that are onboard to our community.
Also, as a part of our effort in contributing to the education in the crypto space, Bitrue is now committed to a new project highlight series, where we share our thoughts and ideas about projects or tokens that we are excited about. Be sure to stay tuned to hear more about plenty of new quality tokens soon to be listed on Bitrue!
ORIGYN — The Global Certification Standard for Identity, Authenticity and Proof of Ownership
To commemorate our first publication in the series, we are announcing the listing of a new asset of its own class: OGY token. $OGY is the utility token of the ORIGYN Foundation, a Switzerland-based digital certification platform that provides certificates of authenticity for luxury goods, fine art, digital media, and collectibles.
Non-fungible tokens (NFTs) are a groundbreaking technology that have opened up the possibility for artists to regain ownership of their creations. At first glance, a lot of people overlook the potential in these digital artworks, stating that anyone can own the same exact picture obtained on the internet for free, so why bother spending thousands of dollars on NFTs?
To understand this, think about the paintings auctioned for millions of dollars at Sotheby’s, or just any famous artworks that you might have heard of. Chances are, these pictures can easily be found online, saved, and printed for your own personal collection. Even more, other artists can replicate the original version, by implementing the same techniques as the original, thus producing a copy almost similar to the real work. But what makes the value of the original work much greater from its copied versions, is derived from a mixture of factors that are far more complex . First and foremost, human creativity is idiosyncratic, no two artists can produce the exact same idea. The original artwork is equivalent to the artist’s expertise and skill, whereas the copied versions can never be a representation of this. Copied works do not introduce novel ideas and concepts onto the table. Second, another metric commonly used to value fine art is its ownership history, original artworks will always have a much higher prestige over the plagiarized version, because most of them have been in the hands of the original artists or other reputable figures. Lastly, is the techniques and finesse executed to achieve the highest quality of art, such as its coloring, medium, and composition. More than often, copied artworks lack the precision and passion of the original artist.
Another industry that has faced significant backwardation ever since is the luxury goods industry. With the increase of technology usage, it has been increasingly harder to differentiate an original item from its copycat.
This is where blockchain technology comes into play, by issuing an indingenous contract for each of these artworks, the real asset is verifiable and a clear distinction is made between the original and the faux. The dataset stored in the blockchain is permanent and could not be tampered or manipulated to fake the artworks’ origin. The NFT technology has allowed for this to happen, and while platforms like OpenSea is able to provide every artist a platform to display their projects without sacrificing ownership, the ORIGYN foundation attempts to take it to another level, instead of only establishing the ownership title for digital artworks, ORIGYN introduces the concept of tokenizing physical artworks and luxury collectibles, where a “digital twin“ of the artwork/collectible will be minted on the Internet Computer blockchain, fulfilling the role of a certification of authenticity. Origyn Foundation introduces the usage of biometric technology paired with an NFT contract. After the product is identified to be authentic, a contract will be issued, and customers will be able to differentiate the genuine from the counterfeit.
In a nutshell, ORIGYN foundation is the auction house of web3. It holds a strong belief that artists should have the right to ownership of their masterpieces, and as their website says, is committed to preserving and sharing the legacy of human creations. Despite emphasizing on exclusivity of ownership, ORIGYN allows anyone who has access to the internet a chance to rightfully bid for artworks previously limited to selected art galleries, auction houses, and art dealers. It paves the way for a win-win solution between artists and their consumers.
Aside from fine art, the ORIGYN foundation comprises four different branches based on the category of asset tokenized: ORIGYN Art, ORIGYN Digital Media, ORIGYN Luxury, and ORIGYN Collectibles. It goes without saying that great concepts need to be backed by a team capable enough to realize it, in this case, the knowledge of both the curation industry and the implementation of the blockchain technology itself, and the team behind ORIGYN has exactly just that. The core team’s background is deeply rooted in blockchain and technology , with the CEO of ORIGYN Entreprise,Daniel Haudenschild, having previously served as President of the Board of the Crypto Valley Association, CEO of SIBEX and Swisscom Blockchain AG. . The team’s founding partners include Gian Bochsler, a key leader at the DFINITY Foundation, Mike Schwartz, a veteran leader in blockchain and finance, and Vincent Perriad, who has more than 20 years in the luxury and fashion industry.
Bitrue is always excited to see new progress being made with the use of web3 and blockchain technology. ORIGYN’s case is one example of how web3 can revolutionize an entire industry, and we would love to provide our customers access to participate in projects of this caliber. The token $OGY will function as a utility token that will be used for transactions and rewards on the platform; it can also be staked to participate in the network’s governance mechanism. $OGY is available to trade at Bitrue starting June 15, 2022.
The Bitrue Team