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What Is Orbs?

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Oct 24, 2022
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5 min read
what-is-orbs

This blog post will cover:

  • About Orbs (ORBS)
  • Where did Orbs (ORBS) come from?
  • What are the advantages of Orbs (ORBS)?
  • What are the disadvantages of Orbs (ORBS)?
  • How to buy Orbs (ORBS)?

About Orbs (ORBS)

Orbs is a public blockchain infrastructure designed for mass usage applications and close integration with EVM-based L1’s such as Ethereum and Binance SmartChain.

Orbs was founded in 2017 with the original goal of being the blockchain solution for large companies. However, Orbs has since pivoted to enhancing the current blockchain stack. Dubbed layer 3 (L3), Orbs currently provides a decentralized cloud for developers, on-chain notifications, and decentralized time-waited average price for DEXs.

The ORBS token has several use cases, including transaction fees, smart contract fees, and voting. ORBS owners can also get an opportunity to earn passive income by staking the tokens. This type of reward is paid annually. Stakers become Delegators who choose validators (Guardians). Delegators vote for validators to empower them to continue maintaining the security of the network. Validators or Guardians are also able to receive a reward for their contribution. However, it is important to note that “only the top 22 Guardians are eligible for rewards”, as it is stated in the white paper.

ORBS staking, voting, and other token operations work over Ethereum contracts.

Where did Orbs (ORBS) come from?

The Orbs project has a very strong team of specialists in such spheres as engineering and business. The basis of team includes Daniel Peled, Netta Korin, and Tal Kol.

Daniel Peled has a strong background in the fintech area. He was a creator of PayKey, an Israeli Fintech startup, he is a well-known member of the Bitcoin community, and he was the first person in Israel to ICO a blockchain company.

Netta Korin was an advisor in the Ministry of Defense and an advisor to the Deputy Minister of Diplomacy in the Prime Minister’s Office. She also chairs IMPACT!, a scholarship program in Israel.

Tal Kol is a founder of Appixia, which was acquired by Wix.com. Tal Kol became a Head of Mobile Engineering in Wix.com and in Kin. He is also an expert in blockchain consumer applications.

The idea of the project grew from the launch of CryptoKitties and the events that followed. It was then that the launch of a new fun project basically stopped the Ethereum network. And anyone who tried to get a response from it just couldn’t. That situation showed the existing necessity to find a solution to provide a better environment for developers.

What are the advantages of Orbs (ORBS)?

  • High level of transparency
    
    This comes naturally from using the PoS over Ethereum.
  • Easy payments and staking
    
    This is another benefit of using the Ethereum architecture.
  • Additional security
    
    Ethereum has a large number of validators, which keeps the network secure.
  • Predictable fees
    
    It is one of the most important features since it helps to plan a budget for a project more accurately. The Orbs network offers a subscription instead of per transaction fees.

What are the disadvantages of Orbs (ORBS)?

  • Native token
    
    Some users may find it to be a disadvantage that it is a native token. It can only be used within the platform for the purposes listed above, there is no opportunity to use it in real life or other platforms.
  • New updates can bring new problems
    
    It is difficult to talk about the drawbacks of the ORBS token since users as well as analysts do not name any serious problems connected to the token. However, it is important to remember that various problems may occur when updates happen, which is a regular practice, though.

How to buy Orbs (ORBS)?

If you are interested in trying out the Orbs network and purchasing some ORBS tokens, follow the instructions below to do it in an easy and fast way:

  • Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the quantity you want to swap.
  • Select ORBS in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. ORBS will be sent to this address. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ORBS exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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