Orbit-chain is a multi-asset blockchain that stores, transfers, and verifies information and assets on various public blockchains via decentralized Inter Blockchain Communication (IBC). Orbit claims to have a new blockchain network architecture for solving problems such as limited functionality, lack of compliance, energy inefficiency, incomplete decentralization, and immature governance mechanism.
What is Orbit Chain (ORC)?
Let’s start by addressing the problem. The DeFi space has reached a stunning market cap of around $100 billion. The global crypto space has reached an even more impressive market cap of $1.6 trillion! The crypto space is growing, but there is one problem facing public chains. The challenge is to connect with other public blockchains and then enable scalability while maximizing utility. Many public blockchains tried to create their sidechains to create connections with other public chains. However, this issue does not work as an isolated issue; due to the lack of interoperability.
Orbit Chain was born to solve this problem. Orbit Chain is a multi-asset blockchain that will store, transfer, and verify information and assets on various public blockchains using decentralized Inter-Blockchain Communication (IBC). Using IBC allows public chains to get linked to each other’s public blockchain. Orbit Chain also operates through the Orbit consensus algorithm, based on the Byzantine Fault Tolerance (BFT) algorithm. Delegated Proof of Stake (DpoS)-based consensus will enable fast block generation with instant certainty and much higher transaction performance. Ozys, the team behind Orbit Chain, has been a part of several leading DeFi projects, including Belt Finance on Binance Smart Chain and KLAYswap on Klaytn!
The architecture of the Orbit Chain
All public blockchains will be connected to the Orbit Chain via the IBC region to share information, data, and assets using a standard format. Orbit Chain operates as the central chain collecting all information, data, and assets from other public blockchains. Orbit Chain will also support simultaneous communication for multiple blockchains. This matter will allow Dapps to more easily use smart contracts for their benefit. Reaching the aim of the Orbit Chain and the Public Chain to communicate is possible over a decentralized Inter-Blockchain Communication (IBC) Zone. The IBC Region will help validate information and data from each public blockchain. Verifications will then be processed on the blockchain to provide security, reliability, ease of operation with decentralized communication that does not require centralized operation and verification processes.
ORC is Orbit Chain’s native token and will be responsible for all transactions and act as equity for blockchain consensus. Thus, with the help of ORC, the values contained in the platform will be protected and operated. ORC has several uses, including:
- Cost of resource usage through transactions
- Cost of transferring funds via transactions
- Staking Method (Participation and verification in block production)
- Exercise of voting power within the administration
- Cost of using the IBC
Orbit Chain historical price analysis
According to the latest data collected, Orbit Chain’s circulating supply is 585,198,076, with a market cap of $168,381,722. The crypto has dropped by -2.68% in its current value. However, the market value has also decreased.
Orbit Chain is struggling to connect with other cryptocurrencies. ORC has dropped to almost -7.29% recently. The coin is still showing risky framing segments, this coin may have strong fundamentals, but we do not think it will be a profitable asset in the short term.
A brief review on Orbit Chain
Orbit-chain is a multi-asset blockchain that stores, transfers, and verifies information and assets on various public blockchains via decentralized Inter Blockchain Communication (IBC). Orbit claims to have a new blockchain network architecture with aim of solving problems such as limited functionality, lack of compliance, energy inefficiency, incomplete decentralization, and immature governance mechanism.
Orbit Chain is a multi-asset hub blockchain. This chain can store, transfer, and verify information and assets on various public blockchains through decentralized Inter Blockchain Communication (IBC).
Orbit Chain supports more than ten public chains, including Bitcoin, Ethereum, Binance Smart Chain, Huobi ECO Chain, Polygon, Ripple, Klaytn, ICON, Celo, and Terra. Orbit Chain aims to research the interoperability of heterogeneous chains and wants to develop the overall DeFi ecosystem with excellent products and services. So, Orbit Chain creates a more widespread audience and a stable blockchain ecosystem and allows more dApp growth on all nets.
Who is behind the Orbit Chain?
Ozys is the team behind Orbit Chain; it is a company spearheading blockchain development in South Korea, working tirelessly to create unity in the fragmented and dissociated blockchain world. Their slogan is ‘Connecting the Unconnected’. The project of Ozys utilizes cutting-edge technologies to bridge different ecosystems together. Ozys is a member of the Klaytn Governance Council alongside multinational businesses and organizations, including Binance, Huobi, MakerDAO, LG Electronics, and Kakao.
About the Orbit Bridge
The brilliant evolution of Bitcoin is because of the Stacks Ecosystem that is constantly finding new ways to make Bitcoin available and accessible to everyone. Today, another major player has entered the ecosystem as Orbit Chain to support the Stacks blockchain.
The Orbit Chain team is trying to integrate the Stacks blockchain and create bridges between Stacks’ Bitcoin-connected blockchain and Orbit Chain’s growing ecosystem of public blockchains. Stacks users can leverage Orbit Chain’s cross-chain interoperability protocol to transfer tokens, data, assets, and Smart Contracts on the Stacks blockchain to Orbit Chain’s network. This connection is to unlock Bitcoin’s massive capital potential. The combined capabilities of Orbit Chain and Stacks enable Bitcoin-secured lending, borrowing, buying, and offering a direct connection to other popular DeFi protocols.
This integration with Orbit Chain causes the foundation of a high liquidity environment for popular DeFi platforms in Korea, which might create the largest Stacks community with a track record for bridging crypto ecosystems.