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Origo Rating Review

Risky

Investment Rating

Expiry date : Expired 08 Nov 2018

Rating report

Based on the analysis, we have assigned Origo a “Risky” rating.

The project has the following strengths:

  • It participates in a significant and fast-growing market (the blockchain security market).

  • The project has many investors, so it is unlikely that there will be a lack of funding.

  • A user-friendly interface and “all-in-one” features.

However, there is also a number of risks still associated with this ICO project:

Commercial risks

Taking the Origo idea, and comparing it to other security systems that offer different abilities and functionalities, reveals that Origo introduces some unique features like the off-chain execution and on-chain approval of the operation. If the project could deliver all of the announced functionalities, it could certainly get a part of the crypto security market. However, really big competition in the sector brings new companies in the industry with nearly the same security solutions, which, in turn, raises the ability of the project to fight competitors. There is no competitor overview within the project.

 

MVP

There has been no version of the testnet published yet.

Incomprehensive roadmap

The project roadmap is general, and consists of 5 stages. The project team does not state its short-term goals, while writing only final output in it. There is no forecast about the project’s market share and amount of users of the Origo Protocol.

 

Token economics

The project team has united the token allocation and token distribution, which is wrong, because it shows the undeveloped business modelling of the project and gives a false understanding of how tokens will be distributed and how the collected funds will be spent.

 

Team composition and expertise

There are different members with different backgrounds who are represented on the team with programming experience dominating. However, there are no exact roles distributed within the project, and no team structure. This raises the question of each worker’s field of responsibility. Only three members out of nine contain information about them on the outside links, while all the information about others (especially technical contributors) can be learned only from the Origo official resource. This raises other questions about their real experience and achievements, and, as a result, whether they really can create the product described in the white paper.

 

Team composition risks

With whitelist already ended, there is still unclear information about the pre-sale and crowdsale. There are no bonuses during the pre-sale. However, prices per token differ. The total amount of tokens sold in the pre-sale and crowdsale is uncertain, while there is no information on what will happen to unsold ORIGOs.


Based on our analysis, and taking into consideration all of the risks associated with the Origin project, as of August 2018, we have assigned Origin Network a “Risky” rating. Once the major issues are resolved by the team (i.e. release of MVP, clarification of technical details, etc.), the project rating will need to be reassessed as the risks linked to it may change the project.

Project & ICO information

Origo aims to build a privacy-preserving platform with the security of input/output data, which is more functional than just providing confidential transactions. The creation of a protocol with input/output data privacy and fairness of contract executions offer a new solution for online data security and its movements.

Website

 

Whitelist

 

Whitepaper

 

Medium

 

Telegram

 

Facebook

 

Twitter

 

YouTube

 

Reddit

 

Origo Network is a project which belongs to Origo Foundation Limited, which was incorporated on the 9th of March, 2018 in Singapore.

 

PRIVATE SALE*

ICO (CROWDSALE)

Start date

No data

August 7, 2018

End date

No data

August 10, 2018

Stage cap

USD 27,000,000

USD 3,000,000

Ticker

ORIGO

Token

ERC-20

Token supply (for sale/total)

300,000,000 ORIGO / 1,000,000,000 ORIGO

Soft cap

-

Hard cap

USD 30,000,000

Estimated capitalization1

USD 100,000,000

Token price

USD 0.10

USD 0.12

 

Bonus

-

-

Lock-up

9 months

-

Minimum investment

No data

1.5 ETH / 211HT

Maximum investment

No data

2.5 ETH / 352 HT

Currencies accepted

ETH

ETH, HT

Restricted list

USA, China

KYC procedures

Yes

Country of legislation

Singapore

1 Value of 100% of the tokens at ICO price.

* - distributed between May-June

 

There is no information about the private sale, pre-sale, or crowdsale on any official resources. All the information about the token distribution was stated on the medium channel on July 23d, 2018. More detailed information will be available later. Bonuses are in the form of different prices during pre-sale and crowdsale stages. There is also no softcap for the project mentioned.

A big drawback of the token metric made by the project team is the amalgamation of the token distribution and token allocation schemes. This raises a problem in business modelling of the project, and gives a false understanding of how tokens will be distributed and how collected funds will be spent.

The existing token distribution scheme looks as follows: 30% will be allocated to the sale of tokens (roughly 27% private sale and 3% crowdsale), 18% for blocking rewards (which should be in the token allocation), 15% for the foundation reserve (should be in token allocation), 15% for ecosystem building (should be in token allocation), 15% for the project team, 7% for the advisors and early supporters.

There is no information about spending on marketing events, in which the team is actively participating, and compliant. If the company did have funds collected during seed rounds, there are no mentions on the official website and other resources. If they collected funds as a legal investment (not in exchange for tokens), then legal proof must be mentioned. If the initial fund collection from institutional investors has passed as a crowdsale, then all information about the number of tokens given to early contributors (institutional investors) have to be outlined, and vesting periods have to be written in official resources. If there were no seed round, then information about any other type of project financing might have been stated. All tokens sold during the period of the public sale will not have any lock-up period.

There are general vesting terms written for different types of project contributors on its medium channel:

During the pre-sale period, all tokens will have a vesting period equal to 9 months starting from settlement date(distributed between May-June), with 30% unlocked on the last day of 3 months, 30% unlocked on the last day of 6 months, 40% unlocked on the last day of 9 months. Given a big amount of lock-up, many investors can wait for a crowdsale to be able to sell their ORIGO tokens immediately after its listing on exchanges. As a result, participating only in a crowdsale, potential investors can sell their tokens right after ORIGO’s listing, which will depreciate its value.

The lock-up for block rewards is 10 years with no further information. This could mean that the rewards will be distributed for this period. However, as mentioned earlier, there is no more accurate information, creating a risk of lack in attracting new executors.

The team vesting period equals to 3 years with 6 months cliff, starting from July 20th, 2018. This lock-up period covers all existing road maps of the project which incentivizes the team to develop the final products. Having taken into account that the final version of their project enters the market in Q4 2019 (in a year, according to the white paper), Origo’s team is not increasing the risk of fraud.

There is no information about the lock-ups of early contributors. Advisors have lockups of 12 months.

None of the lock-ups can be verified because there is no publicly available smart contract code.

Origo sale stages are only generally written with no information about the future of the tokens that will not be sold in the pre-sale: will they be moved to the crowdsale or be burnt. There is also no information about the unsold tokens: will they be moved to the project reserves or be burnt.

Due to the lack of the MVP during the period of collecting funds, it is rational to spend most of collected funds on product development. Here, Ecosystem building takes only 15% of token distribution (the same as the foundation reserve), and less than block rewards. That may cause a delay for the MVP release and final launch of the system.

In the whitepaper, there is no information regarding the proceeds allocation scheme, tokens, and project economics. Considering that the start date of the public ICO is set for Q3 2018, the level of risk for potential investors is considerably higher than usual due to the lack of information on the token and project economics, and on the project development plans.

Description of services & their applicability

Origo Network presents a security protocol which aims to provide not only confidential transactions, but also input/output data privacy for decentralized applications written in smart contracts. With the Origo privacy-preserving application platform (PPAP), application developers can create DAPPs with secure input/ output data without any knowledge about cryptography. To increase the level of anonymity, Origo bypasses the limitation of the public blockchain where information about each transaction is available for everyone through off-chain execution and proof of correctness. Other stages, such as verification of computation for privacy preserving application, require on-chain computations.

For providing both off-chain and on-chain computations, Origo has produced a protocol to preserve the privacy of smart contracts when executing.

There are four main stages within the protocol:

  1. Initialize phase – an executor from the network is elected for the execution phase;

  2. Commit phase – parties freeze their coins to the contract and submit a commitment including their private input and coins. A commitment cannot be changed after having been submitted. The commitment ends after a timeout reaches and all deposits are verified.

  3. Execute phase – all inputs are revealed to the off-chain executor. This is needed to make input data unavailable to the public.

  4. Settle phase – the executor forms a zero-knowledge proof that the contract is executed correctly and sends it to an on-chain where it can be verified by the blockchain. Finally, each party decrypts the output.

To guarantee the security of input/output data, Origo uses transactional privacy. There will be 2 ledgers created in Origo:

  • Public ledger

  • Private ledger – support currency transfers. It will provide Mint (allows users to convert non-anonymous coins into a new coin that hides both the initial coin value and the owner’s address by using commitment schemes) and pour (allows users to make private transactions by consuming private coins and produce new public or private coins) operations in Zerocash.

Origo proposes three on-chain infrastructure mechanisms to improve scalability:

  • Hybrid consensus – improve throughput of transactions by eliminating the drawbacks of PoS, PoW, and PoA consensuses;

  • State-of-the-art sharding – make Origo linearly scalable;

  • Enhanced Virtual Machine (VM) – improve the execution speed of smart contracts

Origo VM is based on an emerging virtual machine standard: WebAssembly (WASM), which is supported by LLVM as a compilation backend, which could support multiple programming languages for input. Initially, it will only support the C++ programming language. VM is based on EVM with an extended opcode to support ZKP and verifies operations with circuits.

Other roles on the platform:

  • Validators provide computation power to the platform in order to execute various tasks, such as proof of verification, and block validation, they also mine blocks and compute tasks;

  • Users who utilize contracts or DApps on the platform;

  • Contract/ DApp Developers who create privacy-preserving smart contracts and DApps;

  • Executors who conduct privacy-related tasks in Zero Knowledge Proof.

As a result, Origos’ Privacy-Preserving Protocol enables a broad adoption both in private and public DAPP’s, including finance, enterprise, healthcare, IOT, and other sectors.

Roadmap

The project team has provided the following roadmap:

The project is young, and it registered only in March 2018 (has been in existence for less than 6 months since the date of the rating report). By the end of July, there still had been no Test Net or MVP released; it is going to be issued only in Q4 2018. There is no information about the development of the project before its official appearance, so the development probably started in Q3 2018. As a result, the risk for potential investors has increased because the project does not have an MVP before/during their ICO. In Q3 2019, Main Net is going to be released while mechanisms for developers will become available in Q2 2020. Between Test Net and Main Net there is a gap year, and this is can be enough for correct and precise finalization and correction of mistakes.   

The business development road map is covered only generally by the project team. There is no forecast about the number of agents and partners the project is going to cooperate with, and the number of potential users that will see their native advertisement. There is no information how the team will attract new users and agents.

The biggest disadvantage of the road map is in its general nature. Future development of the project covers only its main aspects with no significant achievements in all road map periods. There are only 5 stages with no information about technical aspects which end in June 2020. There are no further development stages.

Market outlook

Market analysis

The Origo Protocol is now entering the crypto, cyber-security market. This project creates a mechanism of secure transactions of input/output data, and contract executions without knowing the parties and their initial data. The project enables the insertion of cryptography tools in the decentralized applications. As a protocol that can be used by DApps, Origo can be compared not only with the security protocols and projects, but with a blockchain also as they implement the security measures to be inserted into DApps built within them as well. Theoretically, Origo can be combined with every blockchain-based project, thus all ICO projects can be seen as its implementing market.

The chart below presents the total number of the Global security market from 2017 to 2022, increasing from $137.85 bn to $231.94 bn by the end of the forecasting period. Over the last few years, the adoption of security systems has been increasing as the illegal activities across the Globe and stringent government regulations lead for retaliatory measures from companies. The primary driving forces for this growth are increasing technological adoption, huge opportunities across verticals, and strict directives for data privacy in APAC countries, especially in India and China.

The market for security services is very competitive with domestic and global players which have divided its shares in different sectors. There are well known international companies, such as: Fortinet Inc, Mcafee LLC, IBM, Sophos, Palo Alto Networks, Trend Micro, Kaspersky, Cisco, Dell Technologies, Intel Security, and others.

Competitive landscape

We will use Porter’s Five Forces framework to perform an initial competition assessment for Origo Network.

Threat of new entrants - High

The most recent decade shows that more and more businesses and transactions go online, thus creating a risk of being hacked. By being a huge market, cyber security is still having high CAGR at around 10% annually. A person can create the final product, security system, so production costs are low, mainly related to human factor.

Threat of substitutes - High

The threat of substitutes is high, as there is a big number of cryptocurrency security projects with close functions.

Bargaining power of customers - Low

The bargaining power of customers is assessed as being low since the Origo Protocol can be implemented in DApps even by developers without cryptography knowledge through its easy privacy-preserving application platform (PPAP).

Bargaining power of suppliers - Low

Since there are only labor (developers), executors (miners) and industry partners on the supply side of the Origo project, the bargaining power of suppliers can be assessed as being relatively low.

Industry rivalry - High

As of August 2018, Origo has had some direct competitors in the blockchain market and some indirect competitors also. Please refer to the summary table below:

Industry rivalry

 

Origo Network

NuCypher Network

Sentinel Protocol

Cybervein

Ticker

ORIGO

NKMS

UPP

CVT

Key functions / features

Privacy protocol for input/output data, which can be input in DApps’ programs.

Decentralized key management system (KMS), encryption, and access control service to address the inadequacies of current data encryption mechanisms

Unite security experts and organizations to defend the stability of the networks

Decentralized platform for secure storage and transaction of data

Key users

Validators, Users, Contract/DApps Developers, Executors

Data Owners; Miners; Value Recipients

ARK Ecosystem, tooling, extensions

-

Key products

Privacy Preserving Smart Contract;

Hybrid consensus;

A state-of-the-art sharding;

Virtual Machine

Proxy re-encryption network;

Key Management System (KMS);

Integration with Hadoop-based databases;

Crowdsourced threat intelligence database on the blockchain by leveraging its consensus and incentive system

Uses Proof of Contribution Consensus mechanism (PoC);

Decentralized databases

Current stage

Whitelist ended

Pre-Sale ended

Developers, users, enterprises

ICO ended

Funds collected as of ICO date / Hard cap

No data / USD 30 mln

USD 4.3 mln / No data

USD 27.7 mln / USD 27.7 mln

-

Percentage of tokens for sale

30%

No data

60%

No data

ICO valuation1

USD 100 mln

-

USD 105.3 mln

-

Market capitalization

N/A (Not listed)

N/A (Not listed)

USD 9.035 mln

USD 55.543 mln

Product stage

No MVP or test net

MVP

MVP, Main Net launch at Q3 2018

Launched

1 100% of tokens at ICO price

 

The aforementioned projects are all close with the ideas of Origo. The closest idea, in general, is NuCypher Network. This platform offers a decentralized key management system (KMS), encryption, and access control service to address the inadequacies of current data encryption mechanisms. The service enables private data sharing between any number of participants via public consensus networks, using proxy re-encryption (PRE) to delegate decryption rights in a way that cannot be achieved by traditional public-key encryption techniques. To support such mechanisms, NuCypher contributes to a network of nodes which provides re-encryption services. However, all operations are made on-chain, so they can still be publicly available in comparison with Origo Network.

Given that Origo does not have an MVP, and there is large competition on the security market, a risk could appear in the future growth of the project under investigation. Moreover, the project collects USD 30 mln, which is quite a big sum, resulting in a potential decrease in demand after the ICO.  By being a perspective sector in the cyber-security market, big traditional players can easily create their own crypto security systems which can beat up the share of the market of the project under consideration, and, as a result, the commercial risk is very high.

Traditional market players like McAfee, IBM, Cisco and others have enough competence and resources to transition to blockchain if need be, and what significantly increases commercial risks for projects like Origo.

Team

The Origo Network is represented by the following team members:

Frank Fang

Position

Core Contributor

Total experience

8+ years

Relevant experience

Yes

Relevant education

Yes

Professional achievements

Developer web user interface of XingCloud Analytics based or ROR and TwitterBootstrap;

Former Pinterest Senior Engineer

LinkedIn

Yes

Connections

500+

Endorsements / Recommendations

Yes

 

Baron Gong

Position

CFO

Total experience

-

Relevant experience

Yes

Relevant education

Yes

Professional achievements

ICM Outstanding Winner

LinkedIn

No

Connections

-

Endorsements / Recommendations

-




 

Yijia Zhang

Position

Core Contributor

Total experience

8+ years

Relevant experience

Yes

Relevant education

Yes

Professional achievements

Former Google Senior Software Engineer

LinkedIn

Yes

Connections

246

Endorsements / Recommendations

Yes

 

Dr. Weiran Liu

Position

-

Total experience

-

Relevant experience

-

Relevant education

Yes

Professional achievements

Cryptography influence on Zhihu

LinkedIn

No

Connections

-

Endorsements / Recommendations

-

 

Hong Chai

Position

Blockchain Infrastructure Engineer

Total experience

15+ years

Relevant experience

Yes

Relevant education

-

Professional achievements

Early Youkutop 100 founding members;

Former VP of CNR Media and Charm Media Group

LinkedIn

No

Connections

-

Endorsements / Recommendations

-

 

Sonia Wang

Position

Core Contributor

Total experience

17+ years

Relevant experience

Yes

Relevant education

Yes

Professional achievements

-

LinkedIn

Yes

Connections

51

Endorsements / Recommendations

No

   

Zikai Wen

Position

Technical Contributor

Total experience

-

Relevant experience

-

Relevant education

-

Professional achievements

Author of Hawk;

Writer of the first academic research paper on decentralized privacy preserving smart contract

LinkedIn

No

Connections

-

Endorsements / Recommendations

-

 

Xin Wu

Position

Technical Contributor

Total experience

-

Relevant experience

Yes

Relevant education

Yes

Professional achievements

Google Senior Software Engineer, Anti-fraud Tech Lead

LinkedIn

No

Connections

-

Endorsements / Recommendations

-

 

Gavin Wang

Position

Technical Contributor

Total experience

-

Relevant experience

Yes

Relevant education

Yes

Professional achievements

Google Senior Software Engineer

LinkedIn

No

Connections

-

Endorsements / Recommendations

-

 

The team consists of 9 members most of whom have relevant working experience. However, the information about the team is mostly available from official resources (and technical contributors are only mentioned in the White Paper).

There is no information about the leader of the team: CEO, CTO, analysts, and other field specialists. So, we do not know for certain the field of responsibilities of each team member. Another problem is the lack of outside information about the project team: only 3 members have LinkedIn accounts, while the entire technical team does not have proof links on any outside resources. This raises the risk of the veracity of their real programming achievements, and calls into question whether they have the necessary qualification to create the project described in the whitepaper.

The working responsibilities of Dr. Weiran Liu and Hong Chai is uncertain. After having graduated from the University of Aeronautics and Astronautics, the mentioned achievement of Dr. Weiran Liu is his blog on Zhihu. At the same time, Hong Chai has experience in marketing. However, the social media aspect of the project has a weak development: not all-important social resources are used by the project, such as GitHub, Steemit, Bitcointalk; there is no LinkedIn account for the company; having a big number of subscribers in the existing social media resources, the project has a really small number of likes and comments given the impression of buying subscribers. The project team does not mention all of its resources on official resource networks (Facebook, YouTube channel) where there is a small number of subscribers.

Origo has only two mentioned advisors, Vincent Zhou and Howard Wu, both representatives of venture companies. There are no Legal counsels or technical advisors (especially in the cybersecurity field) mentioned in the official resources. There are no links on any external resources (such as LinkedIn) that prove the experience of these advisors, and we cannot check whether they are really advising Origo Network.

Although the Origo project states in their official telegram channel that it does not have any private sale token allocation, the network has a big amount of institutional investors:

This list of investors contains prominent ones, such as Polychain Capital, FBD Capital, Kenetic, Signum Capital, NGC, Satoshi-Fund, Kosmos among others. At the same time, there is no information about the raised capital and official press-releases about investments from the above VC funds may not always be available.

There is no information about any partnerships with the project, as there are no launching partnerships mentioned on the official website. However, there is one mentioned in the whitepaper, Next Innovation Limited, which is responsible for issuing the Origo token. The absence of partnerships raises the risk of the fast implementation of the protocol in work, and, as a result, there is a probability that the project can still contain mistakes in the Main Net.

CrunchBase contains information about the project while AngelList does not. The total amount of collected fund is unavailable in the resource.

Token analytics

Origo Network creates a platform which uses off-chain computing power to enable security and anonymity for each operation within parties. They create a system in which every participant can be sure that his transaction will be provided and the contract will be executed.

ORIGO is the main token of the platform. The total token supply is 1,000,000,000 ORIGO, 30% of which will be allocated to sales: 27% to the private sale with a vesting period of 9 months, and 3% to the crowdsale with no vesting period.

During the pre-sale and crowdsale, all tokens will be issued on the Ethereum platform. These tokens will then be exchanged for ORIGOs at a 1-to-1 exchange rate after the testnet or the Main Net launch (according to the white paper).

One of the main functions of the ORIGI is to serve as a commission for operations within the platform. The project compares this function with the gas in Ethereum network. There are other functions of ORIGO within the platform:

  • Tokens required as deposits to perform certain tasks, such as bidding for an execution job;

  • ORIGO acts as a reward for achievements, or contribution, to the network;

  • Fines in ORIGOs are administered for fraudulence and deception.

By using it as a fee and reward method, there is no information within the white paper about the amount of commissions. There is also no description of fraudulent activities or rewarded activities within the platform.

The Origo Protocol has a partner, Next Innovation Limited, which issues Origo tokens. The company is registered in Tokyo, Japan.

There is no information about mining and its reward system within the white paper (Origo’s team promises to cover all technical information in their yellow paper, which is going to be released soon).

Token price factor analysis

 

FACTOR

DESCRIPTION

PRICE EFFECT

Development and release of new products according to the roadmap

Origo ICO is expected to take place in early August 2018. The MVP will not be available unitl Q4 2018, which is a negative factor. Whether or not the team meets those and other milestones, the degree of the product development at each stage will drive the token price up or down. At the same time, there is no clear vision of implementing all functionality tools in their product: the road map is very general.

⬆︎⬇︎

Demand for the platform

Given that Origo is a security protocol in the growing market, the long-term demand for the platform may cause the token price to rise. However, there is no information that ORIGOs have a fixed supply which can make the price movement uncertain.

⬆︎⬇

Sale of tokens by the team, advisors and contributors

15% of tokens are reserved for the team and 7% for advisors and early supporters. A healthy vesting period is set, so the team is incentivized to develop the project so as to earn more when their tokens unlock. There is no information about the vesting period for early supporters. Vesting terms cannot be verified as there is no publicly available smart contract code.

Significant bonuses during private sale round

Different prices of ORIGO tokens in the pre-sale (USD 0.1/token) and crowdsale (USD 0.12/token), and 27% of rough allocation to the private presale suggest that there will be significant price pressure on the tokens even though a vesting period of 9 months is set.

⬇   

Unsold tokens

There is no information about unsold tokens during the sale stages, and after ICO.

⬆︎⬇

Volatility and immaturity of the cryptomarket

Although the token lacks speculative purposes, it is used as an internal payment mechanism within the system (fees, rewards, deposits), therefore high volatility in the cryptomarkets may cause traders and speculative investors to trade ORIGO tokens, which may result in price fluctuations or even speculative activities (pump and dump, etc.).

Sales of tokens by private sale investors

The project claims that crypto-venture funds will/have contribute to the project. However, on their telegram channel they state that there is no private sale token allocation. As a result, there is no description on how these funds have participated in the Origo’s seed round, and how much funds were invested in the project. There is no information about institutional investors’ lock-ups (if any). As a result, there is a potential risk that investors from the pre-sale can sell their tokens after their listing on exchanges, thus denominating ORIGOs.

⬇︎⬇︎

Investment risk analysis

 

RISK

DESCRIPTION

LEVEL

Commercial risks

After taking the Origo idea and comparing it to other security systems that offer different abilities and functionalities, it can be concluded that Origo introduces some unique features like the off-chain execution and on-chain approval of the operation. If the project could deliver all of the announced functionalities, it could certainly get a part of the crypto security market. However, really big competition in the sector brings new companies in the industry with nearly the same security solutions, which, in turn, raises the ability of the project to fight competitors. Traditional market players like McAfee, IBM, Cisco and others have enough competence and resources to transition to blockchain if need be, and what significantly increases commercial risks for projects like Origo.

High

MVP

There has been no version of the testnet published yet.

High

Incomprehensive roadmap

The project roadmap is too general, and consists of 5 stages. The project team does not state their short-term goals, while writing only the final output in it. There is no forecasting about the project’s market share and the amount of users of the Origo Protocol. Business development goals are covered in insufficient detail.

Medium

Team composition and expertise

There are different members with different backgrounds represented on the team with programming experience dominating. However, there are no exact roles distributed within the project, and no team structure. This raises the question of each worker’s field of responsibility. Only three members out of nine contain information about them on external sources, while all information about others (especially technical contributors) can be known only from the Origo official resource. This raises questions about their real experience and achievements and, as a result, whether they really can create the product described in the white paper.

High

Decrease in token price

With the whitelist already ended, there is still unclear information about the pre-sale and crowdsale. There are no bonuses during the pre-sale. However, the prices per token differ. The total amount of tokens sold in the pre-sale and crowdsale is uncertain, while there is no information about what will happen to unsold ORIGOs.

Medium

No publicly available smart contract code, token metrics cannot be verified

There is a description of the implementation of the Origo code with other program software with the examples of its implementation. However, there is no GitHub or any other links where the code of the protocol is written. As such, no token metrics and vesting terms can be verified. In addition, it is unclear if unsold tokens will be burnt or kept for future use.

High

Marketing risks

There are only social resources with a big auditory mentioned on the official website. This social media looks as if they have oversubscribed with the amount of subscribers in them: small amount of likes, watches, comments as compared to the number of subscribers. Discussions in the official Telegram group are relatively weak given the number of subscribers and the vague points in the documentation.

Medium

Incomprehensive whitepaper

The whitepaper does not have information about many technical aspects and it is stated that more technical info about the project and its features will be available in the next yellow paper. Major topics, such as the use of proceeds, business development activities, and token economics are either not covered at all or covered in insufficient details in the current version of the whitepaper. Given that sale starts on the 7th of August, these unclear matters raise risks for potential investors.

Medium

Regulatory issues

The project has an official registration in Singapore, so there should be few problems in contacting legally approved projects. Meanwhile, the project does not mention their partnerships and it does not have any legal counsel from abroad which could prove useful as far as cyber security is concerned.

Medium

The information contained in the document is for informational purposes only. 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.