OriginTrail

OriginTrail Launches Parachain on Polkadot

OriginTrail and Polkadot

The Google of crypto expands

There are many DeFi projects out there claiming to change the crypto space, but only a few actually do. OriginTrail is an impressive project I've covered, which is commonly seen as the decentralized Google of crypto. As part of their growth strategy, OriginTrail has now officially launched on Polkadot after months of crowd loans. To secure a parachain slot, the underlying project must have enormous support. As part of this new blockchain, OriginTrail now has a new token, OTP, which will be used to pay gas fees on Polkadot. The Decentralized Knowledge Graph (DKG) is spreading its wings!

OriginTrail is an ambitious Web3 project aiming to make the world's most valuable assets verifiable and indexable on the blockchain. As such, the OriginTrail team is full of dedicated experts to see this vision through. Along with the team are advisors like Bob Metcalfe, the inventor of Ethernet and the crucial Metcalf's law on computer networks. A man of his stature supporting OriginTrail shows the seriousness of the ecosystem.

There are also some impressive partners utilizing the ODN (OriginTrail Decentralized Network). Often seen as an optimal supply chain solution, important institution on data standards, BSI, has been using OriginTrail for factory auditing among other purposes. As a result, OriginTrail is used by some of the largest US importers. In fact, 40% of US imports are secured by OriginTrail. Regarding enterprise software, Oracle uses the OriginTrail nOS (network operating system) to store industry data and make it available on the cloud to their customers.

Still in the "Metcalfe phase" of the roadmap, OriginTrail is rapidly expanding its infrastructure through Polkadot to become the biggest data hub on web3.

Powering the data of Web3

Just like Google in the non-blockchain world, OriginTrail aims to be the main provider of data for the crypto industry. Version 6 of OriginTrail's software is close to being released, featuring a powerful multi-graph explorer, which will allow individuals and institutions to index and query data across multiple projects. It will also allow users to stake TRAC to increase the search ranking of different assets within particular keywords. Most impressive, is that the Google search engine will be integrated in the future.

Developers can build their own dapps on the ODN (OriginTrail Decentralized Network), and with the new parachain, OriginTrail will have one of the largest ecosystems in crypto.

Part of their parachain strategy involves Acala, the largest DeFi hub on Polkadot. Through their partnership, Acala will use OriginTrail to power the data of its ecosystem. This will likely be the case for many more projects in the future. In fact, any EVM or Polkadot compatible project can integrate with OriginTrail.

TRAC vs OTP token comparison
TRAC vs OTP comparison, credit: @_i_o_t_b on Twitter

Transactions on the OriginTrail parachain will be paid using a new token specifically designed for Polkadot, called OTP (as mentioned previously). TRAC, an ERC-20 token, will still be used as the primary token for the DKG, as it is required to pay for all operations on the DKG. Node runners can now stake their TRAC to earn more. With both tokens used, the OriginTrail ecosystem will be robust, diverse, and verifiable.

The future of OriginTrail

Since OriginTrail is the backbone of Web3's data, this means that NFTs and the metaverse are great use cases for OriginTrail due to the easy verifiability of assets. As exchanges begin to list OTP and people start to utilize the many capabilities of the parachain, the price of TRAC and OTP will gradually increase. A strong ecosystem and successful parachain launch show that OriginTrail is primed for the future of Web3.

Cryptohopper