Origin Protocol has created a peer-to-peer communication application based on the Ethereum network.
The project wrote on Wednesday in the entry on the blog that the application is already working and guarantees an encrypted way of communication between two parties (eg buyers and sellers).
How does it work?
The technology works by using Ethereum user addresses as a public identifier for sending and receiving text messages. The content itself is encrypted using private user keys. Due to the fact that the data will not be transmitted to the Ethereum network, sending messages will not result in charging “gas” that would be generated by a normal transaction on the blockchain.
In addition, messages will be stored using the Interplanetary File System (IPFS), a technology that distributes data in a network of computers and can connect to information on the blockchain.
The creators emphasize the advantages of their system, ie decentralization, no fees, simplicity of use, speed of information transfer, the possibility of using the arbitration court (details below) or anonymity. The team confirms that it will work on further enhancing the features and adding new ones.
Court of arbitration
The application can help resolve disputes between buyers and sellers. It allows the arbitrator to dispute the audit of the conversation history after getting permission from one of its participants. “All this happens when no users disclose their private keys” – the authors emphasize.
In addition to sending text messages, Origin plans to extend the peer-to-peer communication tool to support multimedia content.
The launch of the application was made possible by Origin collecting $ 6 million through ICO