What is Orbs?
The Orbs token, or ORBS, is the native token powering the Orbs network. The latter is a decentralized public blockchain infrastructure.
The ORBS token is an ERC-20 token deployed on the Ethereum blockchain. It mainly serves as a medium of exchange within the Orbs ecosystem. It’s important to note that the ORBS coin is the only payment method available on the platform.
In addition, the ORBS token facilitates the process of securing the network as it’s used to elect Validators.
There is a total supply of 10,000,000,000 ORBS, all of which have already been pre-mined. They have been distributed as follows:
- 55% - Long-term Reserves dedicated to the project’s development, ecosystem, and partners;
- 20% - Private Sale;
- 20% - Team and Founding Partners;
- 5% - External Advisors.
The Token Distribution Event was hosted in March of 2019.
The graph above will provide you with a more in-depth look at the ORBS price history and the current ORBS price.
What are the Main Features of Orbs?
Orbs is an open and permissionless platform targeted at large enterprises. As discussed in the What is Orbs section, Orbs provides a public blockchain infrastructure that can be used to execute highly complex scripts.
The project describes itself as a Layer 3 solution sitting in between Layer 1, Layer 2, and the application layer. In other words, it enhances the capabilities of EVM smart contracts and strengthens decentralization.
Orbs is a type of hybrid blockchain. To put it simply, Orbs is running on its own independent blockchain in addition to the Ethereum blockchain. It’s a type of architecture that enables permissioned apps to run on a permissionless public blockchain infrastructure.
The Orbs blockchain operates using the Proof-of-Stake (PoS) consensus mechanism. However, all of the processes, including staking, delegation, and voting, take place on the Ethereum blockchain.
There are 3 roles within the Orbs ecosystem:
- Validators, who are responsible for operating the network. In essence, the core function of Validators is to create and validate blocks;
- Guardians, who secure the network by managing Validators through continuous monitoring and voting;
- Delegators, who take part in the governance system of Orbs by assigning the voting power they receive from ORBS tokens to Guardians, so they can elect Validators.
One of the main goals of the project is to further the development of projects in the crypto space including Web 3.0, DeFi, GameFi, and NFTs.
The Orbs crypto project offers 2 core products:
- ORBS Lambda - a flexible cloud computing solution that’s completely serverless;
- ORBS VM - a decentralized virtual machine powered by Docker container.
In addition, Orbs is responsible for developing advanced technologies such as Virtual Chains, Web Oracles, Non-Deterministic Execution, and Randomized-Proof-of-Stake (RPoS) mechanism.
It also provides solutions to enable cross-chain and off-chain interoperability.
Who Developed Orbs?
The Orbs crypto project was launched in 2017. Its co-founders are entrepreneurs Daniel Peled, Uriel Peled, Netta Korin, and Tal Kol. The project is led by Nadav Shemesh who is the CEO of Orbs.
Daniel Peled went to the University of Laws, where he earned his master's degree in Law and Technology. Soon after graduation, Daniel started working as a legal intern at Sharir. Orbs isn’t the only project co-founded by Daniel, he has also founded PayKey - a financial services company. He served as the CEO of Orbs until 2020 when he stepped down from the position to become the President of Orbs.
Uriel Peled worked as the Head of Strategic Partnerships at Orbs from the launch of the project until early 2020. Later, he co-founded 3 other blockchain-based projects - Hexa Labs, Moment Capital, and Revault Network. Uriel is well-known in Israel for consulting major blockchain-based projects.
Over the past 15 years, Netta Korin has served on various Executive Committees in both Israel and the United States. She has also been involved in projects related to the Ministry of Defense.
Tal Kol is an expert in consumer-centered apps powered by blockchain technologies. He went to Technion - Israel Institute of Technology University, where he earned his Bachelor’s degree in computer engineering. Besides Orbs, he also co-founded Appixia, which was later acquired by Wix.com.
Orbs is based in Tel Aviv, but also has offices in London, San Francisco, Singapore, Tokyo, and Seoul. The core team is the backbone of this project and it consists of over 40 professionals.
If you're interested in the project, please make sure to do proper research. You can start by checking out the current ORBS price and other token details on the graph above.
