What Is Orbs (ORBS) And How Does It Work? | KuCoin Crypto Gem Observer
For many people, the ultimate goal of blockchain technology is to achieve mass adoption. With cryptocurrencies and the blockchains powering them making the news regularly, why has this not yet been achieved? The answer is likely that there are many challenges when it comes to transitioning from traditional internet infrastructure and developments to the blockchain.
Today’s focus is on Orbs, a public blockchain infrastructure designed for businesses looking at trust as a competitive strategy. Orbs is offering a product that helps smooth out this transition and attract businesses looking to adopt blockchain.
What Is Orbs?
Orbs is an infrastructure that offers practical blockchain solutions for businesses and the like to leverage decentralization and other strengths of the technology to create real business value.
It works by complementing existing standards and protocols, namely that of Ethereum, as a way to ensure scalability and reduce the burden of adopting blockchain technology. It does this by operating as a second-layer hybrid to Ethereum, allowing it access to the blockchain’s scalability, liquidity, and ecosystem.
The blockchain stack outlined by Orbs combines virtual chains, smart contracts and online IDE for a more efficient, easy to use and secure solution that developers can build upon. With the added benefit of interoperability between chains, Orbs is able to offer businesses a practical yet competitive solution for their blockchain strategy.
Who Created Orbs?
There are four main faces behind the creation of Orbs, each bringing a different perspective to the project.
Daniel Peled is president and co-founder of Orbs. He is very much a veteran in the Bitcoin community of Israel, having held the first ICO for a blockchain company in the country. His education is in Economics, which likely helped him to co-found and act as CEO of FinTech company PayKey.
Tal Kol is another co-founder, having previously co-founded Appaxia, a mobile app startup. He holds a Bsc in Computer Engineering, and has worked with blockchain in the past with Kin by Kik Interactive.
Netta Korin co-founded Orbs after serving as a senior advisor for the Ministry of Defense and the prime minister’s office. Her background in investment managing and later as a hedge fund manager have brought a wealth of knowledge to the project.
As well as co-founding Orbs, Uriel Peled works as an advisor to a number of blockchain projects, earning him the title of one of Israel’s top blockchain influencers. Prior to Orbs, he co-founded AR/VR startup Visualead, backed by his Bsc in Electrical Engineering.
What Is The ORBS Token?
ORBS is an ERC-20 token on the Ethereum network. They are the primary means of payment for services within the Orbs platform, amongst other important roles. The Token distributions is as follows:
- Long Term Reserves: 55%
- Private Sale: 20%
- Team and Founding Partners: 20%
- Advisors: 5%
What Are ORBS Tokens Used For?
As mentioned, ORBS are the exclusive payment method on the Orbs platform. They allow users to pay validators for their services, including running the consensus layer, executing smart contracts and consensus-based storage. This provides the incentive for the nodes to allocate their resources and provide overall stability to the network.
As a proof of stake ecosystem, ORBS tokens are also used for voting for validators who in turn secure the integrity of the network and play a role in the governance of the protocol. Otherwise, it acts as the fuel (and means of payment) for the wider Orbs ecosystem infrastructure, encompassing the infrastructure marketplace of third-party solutions.
There is no doubt that Orbs is playing a vital role in bringing large-scale applications to the blockchain, massively increasing the adoption of the technology. It is leveraging the power of Ethereum to empower businesses, thus promoting compatibility and scalability in the industry. The talented and diverse backgrounds of even the founding members offer great insights into different industries, something sure to benefit the project.
Now, with the latest release of its DeFi product Liquidity NEXUS, Orbs remains at the forefront of blockchain development.
Find the Next Crypto Gem on KuCoin!
Follow us on Twitter >>> https://twitter.com/kucoincom
Join us on Telegram >>> https://t.me/Kucoin_Exchange
Download KuCoin App >>>https://www.kucoin.com/download