What is ORBS?
The ORBS blockchain project is a "Layer-3" public blockchain infrastructure powered by Proof-of-Stake (PoS) consensus. It is designed to operate as a separate, decentralized execution layer situated between Layer-1/Layer-2 solutions and the application layer, as part of a tiered blockchain stack, without moving liquidity onto a new chain. This setup allows ORBS to enhance existing smart contracts by providing additional capabilities not available directly on L1 or L2 networks, operating as a decentralized backend that facilitates better scalability and performance for existing EVM and non-EVM smart contracts.
ORBS uses a multi-chain Proof-of-Stake model that supports staking on Ethereum and Polygon. Its governance involves a community of token holders, Delegators, who can stake their ORBS tokens, selecting "Guardians" to maintain network security and uphold its operational integrity. These Guardians are elected through the PoS mechanism and contribute to the consensus and security of the network.
One of the key elements of the ORBS project is its innovative trading protocols, including dLIMIT and dTWAP. These protocols are designed to emulate traditional financial market mechanisms like limit and time-weighted average price orders within decentralized exchanges (DEXs), providing traders with enhanced flexibility and reducing market impact. These features are integrated within platforms like ArbiDex and support substantial trading volumes, thereby extending ORBS' utility in the decentralized finance (DeFi) space.
The ORBS token is the primary means of payment within the ecosystem, and it plays a crucial role in the operation and governance:
- Staking: ORBS token holders can stake their tokens to secure the network. Staking involves delegating ORBS tokens to validators (Guardians), who run the network's consensus mechanism.
- Governance: Token holders participate in the governance of the ORBS network through a decentralized voting system. They can propose changes or vote on existing proposals regarding the network's development and policies. This process is facilitated by the Orbs Improvement Proposal (OIP) system, which allows community members to suggest, discuss, and implement changes to the network.
- Transactional Utility: ORBS tokens are used to pay for operational fees within the network, such as transaction fees and service costs.
- Reward Distribution: Rewards are distributed to token holders and Guardians in recognition of their contribution to network security and operation.
With the upcoming V4 upgrade, ORBS aims to introduce several new improvements to increase network visibility and support the burgeoning demand for its Layer-3 products. These include: improved uptime, a tracking dashboard, automation for the Guardian node rollout process, a movement away from AWS-centric deployment, and replacing the Orbs node installer to reduce technical barriers. Orbs Network CEO Nadav Shemesh commented, “The evolution to Orbs V4 marks a pivotal moment in our journey. This upgrade is not just about scaling up; it’s about setting a new standard in L3 infrastructure, ensuring we stay ahead of the curve in this ever-evolving space,” in reference to the upcoming upgrade.
ORBS was co-founded in 2017 with its mainnet going live in March of 2019.
The ORBS’ founders envisioned a blockchain infrastructure that extends the capabilities of existing Layer 1 and Layer 2 solutions, aiming to bridge the gap between decentralized technologies and mainstream business applications.
Overall, ORBS is distinct for its multi-layered approach. It acts as an intermediary layer that leverages the security and ubiquity of established blockchains while enabling more complex applications and services in Web 3.0, DeFi, NFTs, GameFi, and more.
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