Connecting the Unconnected Blockchains: An Introduction to Orbit Inter-Blockchain

1. Orbit Chain : What is it?

Orbit Chain is a decentralized asset hub blockchain which is operated with BFT (Byzantine Fault Tolerance) consensus algorithm. One of the key characteristic of Orbit Chain is connecting current Public Chains with decentralized communication channel to manage and handle assets and information.

You may not be familiar with this new world. Then, have you ever heard about Atomic Swap?

Atomic Swap is a concept of direct and instant asset exchange from two different blockchains. For instance in real world, you can bring USD to South Korea and pay in USD to merchant, and merchant gets KRW directly without any process.

This idea came out from inconvenience. There are so many crypto currencies out there and more needs for exchange one to another. But to do that, using traditional “Exchange” is not an option but prerequisite even though idea of blockchain is much more than tradition.

So there are some great approach for Atomic Swap. And one of that is to make some crypto currency baskets to secure liquidity for immediate exchange.

This is also a great idea but not an eternal solution. That’s why we have developed IBC (Inter-Block Communication) Protocol, Orbit Chain to support easy, fast, safe exchange crypto to crypto in decentralized way.

2. Orbit Chain : Sidechain for all Blockchains

As explained above, we are building an Inter-Chain protocol to support exchanging assets and information between heterogeneous blockchains.

And the thing is, it is not just an idea or concept level, but we have a working product.

Our beginning was to develop the sidechain tech for Decentralized Exchange, so called DEX on Ethereum mainnet. As you may know, Ethereum is the most popular and reliable mainnet but to operate DEX on onchain, it is too slow, expensive, and inefficient.

So we have developed Allbit, the DEX, on sidechain and solved expensive GAS fee, speed, etc problems since May 2018. And with this successful experience, we are now moving on for next challenges which means that to support exchange assets and information between various heterogeneous blockchains.

So far, Mainnet chains and mainnet based sidechains have been operated as independent and isolated at their own mainnets, meaning transferring the values between main chains seems impossible.

And this lack of interoperability gives a big huddle for expansion of ecosystem. To make better services on top of blockchain, this interoperability question should be solved to make much more flexible, connected not only to other blockchains but also to centralized, legacy system.

Orbit Chain will solve this interoperability and connectivity with idea of IBC zone : Inter-Block Communication zone which is actually communicating with various heterogeneous blockchains and Orbit Chain will collect all information from IBC zone and store / record / handle them as one standard format. Orbit Chain provide 2-Way pegging which is based on Lightning Network : Micropayment for Bitcoin, Plasma : Scalability Solution for Ethereum 2.0.

And Orbit IBC is operated by PoS based Validator to solve the centralized problem of Single Plasma Operator solution.

The most important thing is, again, Orbit Chain is already been commercialized and Allbit, the DEX, is already supporting not only Ethereum pegging but also Bitcoin pegging with Orbit IBC.

3. Orbit Chain : Connecting the Unconnected!

Recent keyword in Blockchain industry is scalability to secure more TPS, more data processing and Dapp friendly. But having better scalability does not always mean that it can solve also interoperability between public chains.

Because individual blockchains had been developed with different programming languages and also have their own consensus algorithm.

That’s why this industry need a hub chain to connect everything together.

There are many project who are trying to be a hub chain in order to provide interoperability but we are only one project who already have commercialized IBC to make Connecting the Unconnected blockchain world.

With Orbit Chain, Stay Tuned!