Orbs Token Overview
Orbs operates on a secure network of permissionless validators, similar to Ethereum. These validators, known as Guardians, play a crucial role in maintaining the integrity and security of the network. Since its inception in 2019, Orbs has garnered the participation of dozens of independent validators, establishing a robust and decentralized consensus protocol.
Orbs implements a Proof-of-Stake (PoS) consensus mechanism through smart contracts running on Ethereum and Polygon. Guardians, the elected validators, stake ORBS tokens in these smart contracts, ensuring the smooth operation of the network. This unique approach not only enhances security but also enables Guardians to receive delegated stake from the Orbs community. Currently, over $100,000,000 worth of value is actively staked in Orbs PoS contracts, underscoring the trust and confidence placed in the network.
Strong Security Guarantees
One of the notable aspects of Orbs is its reliance on the Ethereum mainnet for security guarantees. By implementing the PoS algorithm as Ethereum virtual machine (EVM) smart contracts, Orbs leverages the robust security infrastructure provided by Ethereum. This approach makes Orbs the first PoS network that allows for objective auditing from external sources, further enhancing the network's security and transparency.
Layer 3 Protocol
Orbs operates as a Layer 3 (L3) protocol, running on top of existing Layer 1 (L1) and Layer 2 (L2) blockchains like Ethereum and TON. This approach allows Orbs to enhance the capabilities of these existing smart contract platforms, catering to applications running on L1s. By complementing rather than competing with L1s, Orbs empowers developers to leverage the scalability and functionality of established blockchains while benefiting from the unique features offered by the Orbs ecosystem.
The ORBS Token: Fueling the Orbs Ecosystem
At the heart of the Orbs ecosystem is the ORBS token, which serves as the exclusive means of payment for services within the network. The token enables users to pay infrastructure operators (Guardians) for running the consensus layer, executing smart contracts, and consensus-based storage. Additionally, the ORBS token plays a vital role in the proof-of-stake ecosystem, determining suffrage for electing Validators and participating in the protocol's governance.
The ORBS token is an ERC20 token on the Ethereum network, ensuring seamless compatibility with existing Ethereum-based infrastructure. With a total supply of 10,000,000,000 tokens, Orbs adopts a fixed supply approach to avoid inflation. This sustainable model relies on operational fees rather than token holders subsidizing network activities. To bootstrap the network and incentivize participation, a capped pool has been allocated for expanding the ecosystem and providing proof-of-stake token rewards.
Use Cases and Applications
Orbs offers a wide range of use cases and applications, leveraging its unique features to address real-world challenges. Some notable use cases include:
Decentralized Finance (DeFi): The Orbs ecosystem enables the development of decentralized financial applications, offering users secure and efficient financial services.
DeFI Notifications protocol: Orbs’ Notification protocol is an open source app on both Android & IOS that provides 24/7 monitoring of on chain transactions. Currently, the app supports over 2,000+ subscribed notifications.
Non-EVM Play: Orbs is an active contributor to The Open Network (TON), building TON.Vote a no code goverance platform for DAOs and TON Access, a decentralized, free RPC enabling unrestricted access on the network.
Where to Buy ORBS
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Simply visit ChangeNOW's website, select ORBS as the desired cryptocurrency, and follow the intuitive steps to complete your purchase. With ChangeNOW, you can join the vibrant Orbs community and unlock the endless possibilities of blockchain technology.
In conclusion, Orbs offers a decentralized and scalable blockchain infrastructure that empowers businesses and developers to unlock the full potential of blockchain technology. With its strong security guarantees, innovative approach to consensus, and diverse range of use cases, Orbs is poised to revolutionize industries and drive the adoption of blockchain solutions. Join the Orbs community today and be a part of the future of decentralized innovation.
Disclaimer: This article is for informational purposes only and is not financial advice. Always DYOR before engaging in any cryptocurrency transactions.