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Origami Network Rating Review


Investment Rating

Expiry date : Expired 23 Jun 2018


We assign the Origami Network project a "Stable" rating.

The main goal of the Origami Network project is to create a protocol for quick and efficient launch of marketplace platforms, using a decentralized payment mechanism and a review system for purchases.

The target audience for the technical solution being developed is other companies wishing to create new businesses, as well as existing players in the trading platform market who are looking to introduce more secure and optimal payment methods as well as feedback systems.

A strong advantage for the project is a ready-functioning facet of the Origami Marketplace platform that is implemented on a number of existing centralized trading platforms. It is also worth noting the team’s experience in the relevant field, their contacts gained in this area, as well as a detailed financial plan for the next 5 years. The hard cap is not overstated, being set at 5000 ETH.

Nevertheless, in our opinion there are a number of risks that could jeopardize the successful implementation of the Origami Network concept and prevent us assigning a higher rating to the project:

  • Risk of unclaimed ORI tokens on marketplace platforms using Origami Payments.
  • Risk of non-realization or delay in the launch of the ChainLink project, whose functionality is necessary for the operation of Origami Network services.
  • Significant regulatory risks.

General information about the Project and ICO

The Origami Network is a project that provides an all-in-one solution for companies wishing to create trading platforms based on blockchain technology. The product line includes:

  • Origami Marketplace - a site for interaction between sellers and buyers.
  • Origami Payments – a decentralized payment system which enables users to reduce the cost of escrow services in payment transactions.
  • Origami Review – a decentralized feedback system preventing the creation of counterfeit and customized reviews.

It should be clarified that each of these developed products can be used separately when creating trading platforms on the Origami Network.

The project already has a working product, the CommentSeRuiner trading platform, working on the basis of the Origami Marketplace protocol.

The team is based in one of Europe's largest business incubators - Euratechnologies in Lille, France.



Token: ORI

Token distribution: For sale – 70%, foundation - 18%, founders – 6%, bounty - 6%. Unsold tokens will be burned.

Round 1: Pre-sale (closed on 20/02/18)

            Price: 1 ETH = 6000 ORI

            Cap: 250 ETH

            Bonuses: 15 %

Minimum Buying Transaction: 0.5 ETH

Round 2: Public sale

            Start: February 23rd, 2018

End: March 23rd, 2018

            Soft Cap: 300 ETH (already reached)

            Hard Cap: 5,000 ETH

Price: 1 ETH = 6000 ORI

            Bonuses: Week 1- 10%, Week 2- 5%

            Additional bonus depending on the amount invested:

  • 50 ETH - +5 %;
  • 100 ETH - +10%;
  • 200 ETH - +20%.

Minimum Buying Transaction: 0.1 ETH

Maximum Buying Transaction: no

Accepted currencies: ETH

Funds allocation:

Token Issue Date: Will be unlocked 7 days after the end of the token sale - 30th March 2018

Vesting: 1-year lock-up

To participate in the ICO, each user must register on the whitelist and pass the KYC process.

According to the project website, residents of the USA, Canada and Singapore cannot participate in the ICO.

Description of the services and scope of the project

The Origami Network project is working on implementing a protocol that makes it easy to create decentralized marketplaces. This consists of 3 basic elements:

  •  Origami Marketplace
  •  Origami Payments
  •  Origami Review

These are complementary aspects which can be used in any combination, both with each other and with other e-commerce services.

Origami Marketplace is an e-commerce platform that enables selling products via an online market. The solution itself is centralized but its use with other elements makes it possible to achieve the transparency and reliability inherent in blockchain.

Origami Payments is a decentralized payment system that runs on Ethereum. This solution is designed specifically for transactions in the P2P market where the trust between buyer and seller is most often limited. In using smart contracts, the system offers a safe method for paying for goods and a significant reduction in costs for vendors. In particular, when making a purchase on a platform a smart contract acts as an escrow and reliably blocks funds, transferring them to a seller only after the goods have been delivered to the consumer.

The process for Origami Payments is presented below:

According to the description, the developed payment system will work with different means of payment:

  • ORI token
  • Ethereum
  • BTC
  • Fiat asse

Due to the choice of the Ethereum blockchain for the implementation of the project, initially the system will not be able to accept payments in BTC or fiat currencies. However, the team is planning to use the BTCRelay protocol for communication with the Bitcoin blockchain. Thanks to a BTCRelay franchise contract, payment in the system will be able to be made in BTC and the payment information will be re-transmitted through Origami Payment Smart contract.

Fiat payments at the initial stages will be implemented within the framework of a centralized approach with normal transaction costs. Nevertheless, in the future the team is planning to facilitate using traditional asset types using smart contracts based on the ChainLink project’s functionality - a decentralized oracle that connects blockchain with external sources.

Origami Review provides the opportunity to leave feedback about a product and/or a seller. Any feedback will initially be authenticated and only users who have actually completed a purchase process will be able to publish reviews, signing them with their own private key before publishing. Further, Origami Review will check shipment of goods using Chainlink. Thus a seller's ratings cannot suffer from users leaving negative comments without actually making a purchase.

According to the Roadmap, all intended modules are planned to be launched by the end of 2018:

The system will provide a marketplace with secure payments for transactions between seller and buyer using smart contracts; a buyer will be able to share her user experience with the community.

It is important to note that the system involves operators on the trading platform - they will be necessary to maintain the network (advertising and marketing, transaction tracking, vendor registration, etc.). However, intermediaries are completely excluded by the framework of Origami Payments/Origami Review.

It is notable that initially the team created its marketplace protocol for their own use on the centralized platform of CommentSeRuiner.com; the founders decided to create a decentralized platform after this, adding a secure payment system and functionality for authenticated feedback.

Market review

In recent years, the quantity of online shopping carried out has grown rapidly and people are increasingly using their personal computers and mobile devices for various online purchases. According to the Statista portal, in 2017 more than 10% of all global purchases were made online. The forecast showing growth of this indicator to 15% by 2021 is presented below:

E-commerce share of total global retail sales from 2015 to 2021 


The best-known form of e-commerce for private consumers is in the category of business to consumer (B2C), which includes online or online stores. In 2016, about 1.6 billion people worldwide bought goods online. In the same year, the volume of retail sales in the world amounted to $1.9 trillion and forecasts indicate reaching $4.06 trillion by 2020.

According to the results of a survey in the US, 90% of independent online sellers sell their products on marketplace platforms.

Some prefer to make online purchases for convenience, others are attracted by prices. According to statistics, the number of online buyers is growing rapidly every year. The table below shows a forecast for the number of digital buyers worldwide from 2014 to 2021. In 2021, it is expected that more than 2.14 billion people worldwide will buy goods and services on the internet, compared with 1.66 billion global digital buyers in 2016:

The major e-commerce platforms include Amazon, eBay, Alibaba and others which have revolutionized commerce by connecting buyers and sellers directly using an open network online. They generate basic revenues using the Web 2.0 playbook: Aggregate proprietary data (of users, products, surveys, etc.) reach enormous volumes, due to which each participant is interested in access to both a website's customer base and the network of sellers operating on one website. By attracting buyers and sellers to their proprietary platforms, these companies can charge commission fees for each purchase, even if they have no role in the physical delivery of goods.

It is no secret that Amazon does not offer the lowest prices in the market. Nevertheless, this company has one of the most effective search algorithms for an extensive database of goods and related services (Amazon Prime, Fresh etc.).

Online buyers can also be influenced by a number of digital resources when making purchases, such as e-newsletters and reviews of advertised products. PayPal is the most preferred centralized payment method among online buyers worldwide - more than 40% of online buyers confirmed the use of this method. The traditional credit card takes second place with a utilization rate of 31%, followed by debit cards.

The BigCommerce portal published characteristics and trends for buyers in 2017. The main ones are as follows:

  • 55% of all sales in e-commerce are implemented via branded electronic stores and 45% are made via trade platforms.
  • Out of 45% of all marketplace sales, the most common destinations are:
  • Amazon - 36%
  • eBay - 8%
  • Etsy and others - 1%.

Unfortunately, the market for developers of B2B platforms for e-commerce does not yet have statistical data available for analysis, but it is obvious that this industry will only develop further due to the generally growing interest in online shopping.

However, it should be recognized that current platforms do not guarantee the safe use of personal data and do not always successfully resolve disputes and conflicts that arise between seller and buyer. In addition, transaction fees when paying for goods on these types of platforms most often greatly reduce potential income for sellers.

There are several projects in the blockchain sphere whose goals partially coincide with Origami’s.

OpenBazaar - a project that uses a protocol for e-commerce on a fully decentralized platform. Transactions between all parties are modelled on Ricardian contracts, and each step of a trading operation on the platform is cryptographically signed. This ensures reliability of data, prevents forgery and enables arbitration disputes to be resolved if they arise. Escrow is achieved using several digital signatures. Payments are made using cryptocurrency; however, prices for goods are indicated in fiat.

The decentralized nature of this service involves the installation of special software on the user's side. It consists of two parts, server and client. The server part is responsible for interacting with other nodes on the network, implementing transactions and storing Bitcoins. The client stores descriptions, photos of goods and settings for the visual aspect of the store.

The OpenBazaar network relies heavily on IPFS to provide data distribution, and the system has also supported Tor since February 2017. In total, the project has attracted about $4.2M of investment since 2015. Immediately after the launch of an updated version of the platform in late 2017, the project attracted more than 100,000 new nodes. However, in comparison with centralized platforms this volume of users leaves much to be desired, at least at this stage.

In comparison with Origami, the platform does not provide a feedback system. The need to install additional hardware and software also complicates the user experience. Nevertheless, the fact that it is free is a significant plus.

UHUB is a decentralized e-commerce ecosystem. Hub is a cryptocurrency based on the Ethereum blockchain, which can be used to purchase any product in a given ecosystem. In being a part of the uhub.io community, a user will be able to make all purchases, exchange currency, use rental services, book travel, etc.

Uhub Pay uses blockchain technology and smart contracts for electronic transactions. The project is currently staging its ICO. According to the project description, its planned scope is more extensive than Origami’s. However, according to the website, the project has raised only 185 ETH. A significant disadvantage of this development is its high cost: the soft cap for UHUB is 18,000 ETH.

These platforms occupy the B2C niche, being competitors for Origami's potential customers as well as for the founders’ platform, CommentSeRuiner, which already uses the Origami Marketplace protocol. Since the Origami project offers its services to businesses primarily, not to end customers, the projects considered above are not obvious competitors. There appear to be no similar projects in the blockchain systems market. Nevertheless, there are a number of centralized solutions for similar purposes. Their main providers are:

Mirakl offers a centralized solution for creating a B2B platform. The system helps companies increase their product ranges, excluding traditional overhead costs. The platform provides opportunities to expand a range of products, increases price competitiveness and administers orders.

Izberg also provides services for the creation of B2B/B2C platforms. The IZ-BERG platform is the only centralized solution for creating a marketplace, offering multifunctional solutions for products and/or services. This includes maintaining various back-offices, including Seller / Data / Order / Revenue / Customer Management tools. The system is also compatible with various ERP and warehouse systems (SAP Hybris, Oracle Commerce, Magento).

After conducting a detailed analysis of the market, we came to the conclusion that there are no products completely identical to Origami and this project has potentially high chances to occupy its niche.

Team and stakeholders

According to the white paper, there are three founders and key participants of the Origami Network project; all are based in France.

● Julien Bruitte, CEO

Julien combines work in the Origami project with the position of CFO in several companies: Cute.Land, CommentSeRuiner, Comptoir Du Code, being a co-founder of all 3.

Previously, for more than 5 years he worked as an engineer at Atos (IT services). He has a BSc Software Development degree from the Institute of Science (Carlow, Ireland), and a Master’s degree from the Université des Sciences et Technologies de Lille.

● Alexandre Duquenoy, CMO. Alexandre also combines work as CMO for Origami with other projects by the team - Cute.Land, CommentSeRuiner, Comptoir Du Code. He has been working in marketing for the last 5 years - on development and promotion of this team’s projects. He worked in software development at Atos until 2012. He has a BSc in Software Development from the Institute of Science (Carlow, Ireland), and a master’s degree from the Université des Sciences et Technologies de Lille.

● Vincent Pichon, CTO. Vincent, like his colleagues, works as CTO in all the previously named projects (Cute.Land, CommentSeRuiner, Comptoir Du Code). He worked in software engineering at Atos until 2012. He has a BSc Software Development degree from the Institute of Science (Carlow, Ireland), and a Master’s degree from the Université des Sciences et Technologies de Lille.

According to the white paper, the team has the following members:

  • Account manager (Customer service)
  • Sales/Marketing manager (Origami Marketplace marketing, and Origami payment/review after their launch)
  • Full-Stack developer (CTO assistance)
  • 2 Backend/Blockchain Developers.

However, no more detailed information about employees is provided in the documentation.

According to the team, 2 banks, CIC and BPI France are creditors and advisors to the project. These banks advised the founders on various issues related to the promotion of Origami; however, in our opinion, it is incorrect to call them advisors.

CIC is one of the largest national banks in France. The bank granted a loan of 50,000 Euros to the project with a maturity date of May 2025 (interest rate 0.58% per annum).

BPI has a network of more than 800 offices in the Philippines, Hong Kong and Europe. The branch in France also became a creditor of the project in February 2017 - providing a loan of 100,000 Euros with a maturity date of March 2022.

A positive point is that the founders and key figures in the project have been working together for more than 5 years on other projects. The fact that there are centralized platforms successfully implemented by the team (Cute.Land, CommentSeRuiner) closely related in essence to Origami, significantly increases confidence in the development.

Token analysis

ORI tokens will have three main functions:

● ORI tokens will act as payment method on Origami Payments.

● Tokens will be part of the reward system on Origami Review (Cashback is assumed to be implemented).

● Holding tokens will confer the right to vote on the development and implementation of upcoming functions for the Origami Network.

Using ORI tokens as a form of payment guarantees no additional transaction costs. The system will also accept other types of cryptocurrency; however, a commission of 0.8-1% of the price of goods will be applied when making transactions in other tokens.

The documentation provides information on the size of transaction commissions for other popular payment systems compared to Origami:

As a result, sellers will be able to use the savings achieved by paying for goods using ORI tokens to reward buyers in the form of cashback or to promote their products in the marketplace.

Holders of ORI will also have a set of tools for tracking and participating in project decisions. Thus, the development of Origami Network will be managed by the community, but the mechanism for implementing this process is not described in the documentation.

We believe that with the successful implementation of the planned functionality and build-up of the client base, the demand for ORI tokens could show significant growth.

The Origami business model includes two sources of income:

● Subscription to the Origami Marketplace

● Commission for conducting trading operations on Origami Payments.

Origami Marketplace subscriptions are differentiated depending on the total number of potential transactions per month on the trading platform introduced:


The team provided a business plan according to which the project intends to attract at least 14 clients in the first year after the implementation of its decisions. In our opinion, this is quite an achievable goal, since Origami has 3 client platforms in production and 2 additional customers with which cooperation agreements have already been signed; this can positively influence demand for project tokens in the medium and long term. In addition, the team is recruiting staff for the sales department.

From a short-term perspective, the white paper provides a roadmap according to which the team is planning to promote the project at various conferences and other retail events during 2018; it is planned that Origami Payments will become the leading decentralized payment escrow system by the end of 2018. In our opinion, these expectations are overly optimistic as the launch of Origami Payments on Mainnet will take place no earlier than the 3rd quarter of 2018 according to the Roadmap. 

Investment risk analysis

In the process of analyzing the Origami Network, we studied the project documents extensively and we find them well-elaborated. In our opinion, the creation and implementation of the Origami system has a number of risks potentially influencing the success of the project:

  • Risk of unclaimed tokens in the payment system.

The prices for goods are in fiat currency and their purchase, as part of the Origami Network, will be implemented using ORI and ETH (and also BTC). Since the crypto market is highly volatile, the very mechanism of conducting a payment transaction seems to us to be highly risky - in fact there will be some temporary difference between the buyer’s order and the final settlement with the seller (the period of shipment and delivery of the goods to the destination) expressed in fiat money; this can significantly change at the moment of transaction completion. In this regard, both sellers and buyers may be unhappy with the outcome of the transaction under different circumstances and volatility levels of crypto economy. In our opinion, people will more often make purchases in fiat, paying appropriate commissions, minimizing the risk associated with the volatility of cryptocurrency, which makes the latter a less attractive means of payment.

  • Risk of the non-realization of the ChainLink project.

One of the key problems that need to be solved for the introduction of an escrow service to pay for goods and services with the help of crypto tokens is the connection between blockchain and the outside world. In this task, Origami Network relies on the ChainLink project which is still under development. If there are insurmountable problems for its launch or any other difficulties, this will also lead to a delay in the implementation of the Origami Network project.

  • Risk of insufficient Ethereum capacity.

The speed of Ethereum transactions is very limited. With total system load, all platforms based on Origami protocol may experience failures and/or delays in transactions.

  • Regulatory risk, since platform tokens will have a payment function.

Since the company is planning a large-scale globalization, the future of the project depends heavily on official position of world regulators regarding turnover of cryptocurrency. On the one hand, some countries such as Germany demonstrate an open approach to regulating this sphere – Germany recently announced recognition of Bitcoin as an official means of payment. On the other hand, the US authorities are stepping up their pressure on the crypto market, stating that some companies are violating existing law since many ICO tokens can be identified as securities.

The information contained in the document is for informational purposes only. ICORating received monetary compensation in the amount of $18000 from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained from open access and information that developers provided to the team through Skype, email or other means of communication. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.