What Is Orbit Chain (ORC)?

Orbit Chain is a cryptocurrency platform that supports multiple assets blockchain, used by all services within the Orbit system. A multi-asset feature allows users to utilize crypto assets from different blockchains on a single chain. This enables easy management and transfer of a user's assets through decentralized communication channels of different chains as well as Orbit Chain.

The Orbit Chain provides a flexible environment for Dapp developers and other decentralized protocol developers. Furthermore, Orbit Chain provides a high level of liquidity between different assets without developing each chain. 

According to its whitepaper, the Orbit Chain blockchain aims to become a hub that connects multiple assets on its chain. The Orbit Chain provides a solution to blockchain's scalability problem. Through the Inter-Blockchain protocol, the platform can facilitate decentralized moving assets between chains and specializes in multi-asset platforms. 

Orbit Chain has developed its own standardized IBC protocol for asset management across different chains. Orbit IBC offers a decentralized two-way pegging mechanism based on the existing lightning networks (micropayments for Bitcoin) and Plasma (scalability solution for Ethereum 2.0) for communication between public chains. Multiple public blockchain systems can link to this chain, including Bitcoin, Ethereum, Ripple, Klaytn, Terra, and more. A proof-of-stake (PoS)-based decentralized system allows for the transfer of assets. All steps can be verified on-chain, providing a trustless and secure protocol. 

The ORC token is used for all transactions and equity for blockchain consensus. Through ORC, the values contained within the Orbit Chain are preserved and operated with. 

The features of the ORC token are as follows:

• Through transactions, a cost is incurred for resource usage.

• The cost of transferring funds through transactions.

•  Staking (participation in block production and validation).

• Participation in governance through voting.

• The cost of using the IBC. 

‌The Orbit Chain enables assets within other chains to be converted into a standardized token. Transaction services are available to all Dapps and transactions on Orbit Chain through this standardized token. 

History of Orbit Chain (ORC)

The Orbit Chain is a product of Ozys, a South Korean company specializing in blockchain development and trying to bring together the fragmented blockchain community. TK Taekyu Park is the CEO of OZYS.