ORIGYN announces a major change to its governance model, which is designed to ensure that OGY remains the premier utility token for the digital certification industry and to increase the rarity of the OGY token.
The OGY token will undergo a significant upgrade over the next year. This includes revamping how we issue staking rewards in order to benefit stability in the protocol. Holders with fully vested and staked OGY will continue to receive rewards and voting rights, and holders in the process of vesting will be able to stake their tokens and participate in governance once their tokens fully vest.
This will encourage a deflationary environment for the OGY token, which will set up an improved, more balanced environment for upcoming OGY version 1.5 upgrades. These upgrades were developed with important ecosystem and token holder benefits in mind, including less inflation and a stronger voice and role in governance for fully vested users. Initiatives in other utility tokens have similarly demonstrated the importance of a deflationary model (i.e., BTC’s capped supply and ultra-sound ETH).
In addition, ORIGYN has decided to burn 197 million tokens that have accrued to the foundation. A further change is the alteration of the reward rate, which will now be set to 3% and range from 1–5% depending on the staked token ratio.
This change is designed to ensure that the OGY token is attractive to token holders and users that need to keep inventory for minting ORIGYN Digital Certificates. At this time, the reward bonus will stay the same for the periods locked (1 year: 1x, 2 years: 1.25x, 3 years: 1.5x, 4 years: 2x).
Over the last 12 months, ORIGYN has reached numerous milestones. We’ve signed key contracts with second-hand market players in the watch industry, giving access to millions of products and their future certificates, and we’re kick-starting 2023 with the introduction of our unique biometric technology to authenticate physical artifacts using the object itself as its own proof of authenticity.
Biometric certification technology is a world-premier. Since 2018, there have been more transactions of second-hand luxury objects than first-hand products. Furthermore, online transactions have dramatically increased, which leads to an absolute need for “provenance.”
In the secondary market, the seller must prove an object is authentic in order for the buyer to fully trust the seller. Other solutions rely on “proxies,” which are indirectly tied to the physical object and insufficient for irrefutably proving identity, authenticity and ownership. The only solution is a biometric link with the object and the digital certificate.
In addition, ORIGYN participated in the ReLuxury event in Switzerland, the first luxury exhibition for second-hand transactions, where we demonstrated our biometric technology and capacity as a game-changer for luxury transactions.
We also have important collaborations underway in the art space, such as the Yumi marketplace releasing fractionalized art by leveraging ORIGYN’s digital certificate standard.
More changes will follow, as we roll out additional burning and staking mechanisms for the ORIGYN network. Over time, the ORIGYN Foundation is committed to decentralizing governance to a wide range of ORIGYN network participants and becoming a major contributor to the ecosystem.
At ORIGYN, we are confident these changes will ensure our long-term success, as well as that of the OGY token. We are excited to continue innovating and providing a secure and reliable digital asset marketplace for our customers.
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