Multi-awarded European tech startup OriginTrail has developed a blockchain protocol for the food supply chain, Food Safety Magazine reports. While the company’s first claim to fame is traceability solutions, it has now taken that to a new level with a blockchain program.
OriginTrail recently launched an initial coin offering (ICO) token sale on Jan. 17.
The Origin protocol is described as “a decentralized peer-to-peer network” in the FSM report. This is demonstrated as a network with 4 layers with access traced from the consumer’s point of view to the level. The four layers of the OriginTrail Decentralized Network (ODN) are:
- Application Layer. The applications are developed with the consumers in mind. This serves as the entry point for the solution stack to be followed by the transaction(s).
- ODN Network Layer. This layer handles the accessibility apart from data governance found in the underlying data layer. This is where one finds the network of nodes possessing the decentralized database’s parts vital to the transaction. This is also where the supply chain data is kept in graph form. To access the data, one party needs to go through the data exchange API.
- ODN Data Layer. Connectivity and data management is handled through this layer. There are several data sets involved in a blockchain and they come together in this layer.
- Blockchain Layer. To ensure payment processing while maintaining data integrity, OriginTrail incorporates the blockchain network in this layer. Data recorded here earns a “fingerprint” using a cryptographic hash.
Among its core base, about 373 reported contributors were invited to take part in the 24-hour ICO presale. The priority boarding aspect was done by invitation only based on eligibility that the company identified.
The criteria was set based on the pegged value of its chosen cryptocurrency, ETH. Reported minimum contribution is 0.5ETH. Most of its early support base consisted of more than 5,000 individuals with enough faith in OriginTrail to “transform the supply chain industry.” according to the company’s blog post. Through word-of-mouth advertising, the project gained ground and eventually succeeded in going 5 times beyond the token sale hard cap of $22.5 million.
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