What Is Orbs (ORBS)?
Orbs (ORBS) is built on a public blockchain, providing the perfect mix of performance, security, cost, and convenience. The platform is designed for mass usage, supporting the complete blockchain stack. The Orbs harnesses community power, decentralization, and distribution with open and permissionless infrastructure.
According to its whitepaper, Orbs, through innovations like blockchain virtualization and randomized proof-of-stake, blends the requirement of security. The Proof of stake (PoS) Universe of Orbs is the backbone of the Orbs network. Orbs solves many issues by augmenting current blockchain solutions such as Ethereum. Orbs complements the current protocols that can bring scalability in decentralized apps without reinventing the wheel - especially where things were done well. Orbs is a hybrid blockchain that utilizes Ethereum for the security and transparency of the Orbs PoS ecosystem.
The Orbs platform consists of Delegators and Guardians. Delegators hold the platform's token and assign their voting weight to Guardians, empowering them to maintain security and hold the long-term vision of the ecosystem. However, Orbs Guardian represents the community of Orbs and invests time and effort in the network's success.
Further, Orbs provides the cloud infrastructure to run decentralized applications and facilitate the transition. The three primary infrastructure offerings of the platform consist of:
Decentralized- Consensus Compute- Compute services enable developers of Dapps to run their apps over the network and execute their code on the various nodes.
Decentralized-Consensus storage - Storage services enable developers of Dapps to store data over the network.
Consensus as a Service (CaaS)- The Orbs platform is decentralized and has independent nodes operated by different organizations. The ability to reach consensus between these nodes is a core underlying capability of the network.
All applications running on the Orbs typically run on their virtual chain. The virtual chain maintains the separate chain of blocks state and runs its separate concurrent consensus instance. The platform relies on the ORBS token to fuel the network's operations. ORBS provides the means to pay the fees involved with the operation of the consensus layer, execution of the smart contract, and consensus-based storage. A smart contract is a self-regulated contract with the term of the agreement between traders directly written into lines of code.
The ORBS token is not only the driver for the Orbs core infrastructure but also for the entire ecosystem built around the Orbs platform. The Orbs platform clearly distinguishes between accounting and billing. The Orbs billing subsystem is based on the ORBS token and provides the flexibility to perform monthly.
History of Orbs (ORBS)
The CEO of Orbs is Nadav Shemesh, and the co-founders are Daniel Peled, Netta Korin, and Tal Kol. Orbs (ORBS) was founded in 2017 and was developed by a dedicated team. According to the link available on its website, the token's total supply is 9,958,601.257646 ORBS.
