The crypto market — and the broader economy — has experienced a rocky few months, but it hasn’t stopped multiple projects from continuing on their paths toward the future.
Much attention has been focused on the updates surrounding upcoming developments on the Ethereum (CRYPTO: ETH) platform or the drama surrounding the Terra Luna (CRYPTO: LUNA) ecosystem — the collapse of both Luna Classic (CRYPTO: LUNC) and its stablecoin TerraClassicUSD (CRYPTO: UST).
As these events grabbed headlines, a new project is getting ready to go live, releasing its token on the open market. OGY, a utility token developed by the ORIGYN Foundation, will soon list on several major exchanges. The project creators say the token is designed to underpin the functionality of the ORIGYN ecosystem.
ORIGYN says it is dedicated to “authenticat[ing] and unlock[ing] the powers of ownership for the world’s most valuable objects.”
After authenticating a work of art, luxury good, collectible or other highly valued items, a non-fungible token (NFT) is linked to the item and then issued to its owner. This NFT is like a certificate of ownership, but one that cannot be faked. The record of ownership is immutable.
The OGY token will reportedly be used to create and transact the records of ownership at the core of the ORIGYN project. It will also play a crucial role in governing the network, ensuring the project is decentralized.
ORGYN, and therefore OGY, runs on Internet Computer (ICP), a distributed and decentralized computing network that allows the ORIGYN NFTs to be secure with no single entity in control.
OGY will list on Bitrue and MEXC Global, two large exchanges with a combined 11 million active users. It is listed on SONIC, a decentralized exchange on the Internet Computer network. With these listings, OGY may have far-reaching distribution, giving a large number of people the opportunity to trade it.
Once the OGY token goes live on these exchanges, the team at ORIGYN says their network will be fully operational. With plans to add new exchanges quarterly in alignment with market growth, ORIGYN will select new listing partners with a strong daily trading volume, broad regional availability and an established track record of security and user satisfaction, as well as access to a multitude of tokens, trading pairs and payment options.The token’s release will be the finishing touch on a network that already has many of its products in the market, having already released many certificates of ownership. What comes next depends largely on how the market values the OGY token, however, the work that ORIGYN is doing seems to just be starting.
If you’d like to know more, check out https://www.origyn.ch/en/.
Photo by Anna Kolosyuk on Unsplash
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