What is Orbit Chain? To answer that, let’s start by addressing the problem. The DeFi space has reached a stunning market cap of roughly $100 billion at the time of writing. The global crypto space has reached an even more impressive market cap of $1.92 trillion! The crypto space is definitely growing rapidly, however there is a widely apparent issue faced by public chains. This issue is connecting with other public blockchains and then ensuring scalability while maximizing utility. Many public blockchains have attempted to create their own sidechain to then connect with other public chains. However, oftentimes this does not work out as isolation issues arise due to a lack of interoperability.
To solve this issue, Orbit Chain was born. Orbit Chain is a multi asset blockchain that will store, transfer, and verify information and assets that exist on various public blockchains using decentralized Inter-Blockchain Communication (IBC). By utilizing IBC, it allows public chains to connect to each other’s public blockchain. Orbit Chain also runs via the Orbit consensus algorithm, which basis comes from the Byzantine Fault Tolerance (BFT) algorithm. The delegated Proof-of-Stake (DpoS) based consensus will ensure fast block generation with instant finality and much higher transaction performance. The team behind Orbit Chain, Ozys, has also been a part of many leading DeFi projects which include Belt Finance on Binance Smart Chain and KLAYswap on Klaytn!
Let's Talk About the Architecture!
All of the public blockchains will connect to the Orbit Chain via the IBC zone in order to share information, data and assets using a standard format. The Orbit Chain will work as the hub chain which gathers all the info, data, and assets from all the other public blockchains. The Orbit Chain will also support the simultaneous communication for multiple blockchains. This would allow Dapps to also be able to more easily utilize smart contracts for their utility. In order for the Orbit Chain and the Public Chain to communicate, it will be done through a decentralized Inter-Blockchain Communication (IBC) Zone. The IBC Zone will help verify the information and data coming from every public blockchain. The verifications will then be processed on the blockchain to ensure safety, reliability and also ease in operating with decentralized communication which will not require centralized operating and validating processes.
So what exact Network Components should I know about?
There’s four components of the network that users should know about. This includes:
Will verify and consent to then generate blocks on Orbit Chain.
Will verify and audit both Orbit Chain and Public Chain. Validators are also responsible for the verification of Inter-block communication process.
The operator operates an Inter-block Communication that will relay messages between public chains. Everyone can be an operator.
The fishermen will monitor the operation of validators and operators through a periodical check or bad signal.
Orbit Chain's Token, ORC:
ORC is the native token of Orbit Chain and will be in charge of all the transactions and act as an equity for blockchain consensus. So with the help of ORC, the values that are contained within the platform will be preserved and operated with. ORC has a few uses which includes:
- Cost for resource usage through transactions
- Cost for transfer of funds through transactions
- Method of Staking (Participation of block production and validation)
- Exercise of voting power within the governance
- Cost for utilizing the IBC
Are there any transaction fees I should know about?
Orbit Chain will convert assets from other chains all into a standardized token within the platform. All the DApps and transactions on Orbit Chain will then be able to utilize transaction services with the standardized token. There are two main types of fees which include:
Computing Usage Fee
Fee incurred from the previous Ethereum chain, for the computing resource that is required for occurring transactions.
Asset Transfer Fee
Value that is proportionally calculated to the amount of funds being transferred which exists for the preservation of the network.
The transaction fees are the backbones of the Orbit Chain token economy. They will support the chain and provide security to the value imbued to the chain.
Tell me about the Orbit Governance…
The Orbit Chain utilizes a set of laws and governance consensus system that is similar to the basic constitution. The platform believes that governance is paramount in maintaining a good and sustainable system. The Orbit Governance will allow Orbit ecosystem participants to cast votes and decide the direction and policies that Orbit assumes. Orbit Governance will not be a pure democracy, but instead a representative democracy. This means that regular holders can delegate their ORC to a Candidate. However, they will not be able to directly vote on a subject matter. The candidates will have voting power vested by holding ORC and can then exercise their influence on the outcome of the voting process. All resolutions will voted in agreement or disagreement only. The candidates can choose to participate and exercise their rights through choosing favor, oppose, or abstain.
If you would like to learn more about the Orbit Governance process, check them out here!
What are the benefits of using Orbit?
Orbit Chain has a wide variety of use cases. As the Side-chain for Public Chains, the Orbit Chain is a hub chain for every public chain. This allows flexibility and interoperability. The Orbit Chain already supports cross transaction between BTC, ETH, XRP, and will also connect Stable coin based blockchain shortly. This creates more opportunities and utilities for Dapps. The benefits of interoperability will also allow a lot of public chains to have their own DEX protocol or run a DEX in which their own token will play a trading pair role. However, many have issues with exchanging Dapp tokens with other currencies, securing liquidity, and developing a 2-way pegging system between different chains. All these existing issues will be much easily, quickly, and efficiently solved with the help of Orbit Chain.
Now moving to the DEX protocol, DeFi protocol. Many of the existing decentralized exchanges are built on the basis of a smart contract in the public chain. Most of these exchanges provide decentralized trading services via sharing orders off-chain and instant simple exchange. A lot of the DEXs are subordinated to a specific chain which will cause low liquidity and limitation in a few types of coins they can handle. Orbit’s DEX system will take the advantages of centralized exchanges onboard. Furthermore, this includes faster transaction speeds, trading with other chains’ coins and fast deposit/withdrawal process. Differing from centralized exchange liquidity, the shared pool in the on-chain will be shared by several exchanges in order to ensure scalability. So the Orbit DEX system’s design is such that it will allow Dapps to fully capitalize on the existing high fluidity in their Dapp service or chain.
What are some use-cases of Orbit Chain?
There are four use-cases for the Orbit Chain:
- The first use-case is Decentralized Exchanges. Orbit Chain solves the issue that previous chains have had with liquidity and scalability.
- The second use-case is Decentralized Finance. The Orbit Chain allows for decentralized trading, liquidity, and scalability which is a perfect environment for DeFi protocols to develop on.
- The third use-case is Chain-to-Chain Bridge Gateway that allows other projects on the blockchain to connect with other chains. By connecting their current chain to Orbit, the platforms will then be able to gain more liquidity for the chain.
- The fourth use-case of the Orbit Chain is Multi-asset Dapp. A lot of Dapps often get trapped within their own platform when they start developing. This often results in issues of liquidity since after the development is complete they will become limited in transferring to and from other chains.
Why should you choose Orbit?
The lack of communication often makes it difficult to exchange and transfer the various values of assets between chains. This makes the various blockchain’s economy isolated. One common practice is to mint assets such as USD and BTC using a fixed value in a centralized method using the FIAT Gateway method and then utilize them in a chain. A lot of this requires trust on the centralized subjects. There are often a lot of questions around this methodology as there is a lot of uncertainty due to the lack of information and the security of the assets. Many protocols have emerged attempting to resolve this issue but none does it like Orbit Chain.
Orbit’s IBC protocol will enable a decentralized 2-way pegging that is based on the existing lightning network (micropayment for Bitcoin) and Plasma (scalability solution for Ethereum 2.0) for public chain scalability and communication. All the problems will be resolvable on one operator by implementing IBC with the DPoS-based validation.
Making your life easier! Connect your MetaMask!
Orbit Chain just recently announced that users with MetaMask can now connect with them. Through a simple in the RPC, the users can now utilize the Orbit Chain on Metamask! Take a look at the guide below to see how you can connect your MetaMask to OrbitChain!
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