Orbit Chain 2020: First-Half Review and Second-Half Plan
Since Orbit Chain’s official launch in 2019, Orbit Team has successfully developed Inter Blockchain Communication (IBC), to link fragmented blockchain economies to each other and to decentralized exchanges and DeFi services. This has been part of the effort to create a solid ecosystem where various digital assets can be used from a singular, decentralized end-point without a centralized compartment. And as a result of this effort, a total of 5 Mainnets (BTC/ETH/XRP/Tendermint/Klaytn) were connected, and over 13M USD worth of assets were procured in the network.
Another service that Orbit Chain launched was, centered around the theme of connectedness, a smart contract-based ERC20<>KCT Swap. Both independent and experimental in nature, it served as a demonstration of Orbit Chain’s capabilities to the market, as well as team’s aptitude. (Support for 8 Klaytn Bapps introduced through KlaytnSwap.com, resulting in over 100M tokens swapped)
As can be seen through these launched services, Orbit Chain is growing at a rapid rate, and continues to pursue the goal of creating a standardized, unified network encompassing all the various chains and their assets, built upon the solid foundation made with Orbit Chain’s proven technologies.
To that extent, Orbit Team wishes to perform a major update to several core components of the chain, and to notify the community members of Orbit Chain of the update specifics.
1) Crosschain Position solidified for PoS (Proof of Staking) based blockchains
2) Application of token economy system where value generated from network expansion is connected to the valuation of ORC
3) Formation of governance system connected to token economy for long-term network expansion
1. Crosschain Position solidified for PoS (Proof of Staking) based blockchains
Up until now, Orbit Chain has been primarily focused on the accessibility and liquidity of assets in connecting different chains together. Orbit Chain started off with the major assets based on liquidability and volume, such as Bitcoin, Ethereum and Ripple. This provided retail users with higher accessibility to the service layer (DeFi Protocol/Application) operating on Orbit Chain.
But with projects such as Bitcoin and Ethereum, aside from the traditional POW-based mining methods, there is no other yield generated from the chain itself. As such, without a centralized compartment, there are limitations in creating an additionally rewarding ecosystem, in terms of service layer. Orbit Chain hopes to dissolve this limitation by connecting PoS-based chains that reward token lock-ups, in addition to providing utilities that serves to further stabilize the network to the chains connected to Orbit Chain. Due to the nature of PoS-based chains, a certain minimum number of tokens must be locked into the network, and the said tokens must maintain a certain level of value to be able to serve as collateral for the stability of the chain. As such, Orbit Chain and its DeFi project plan to provide an environment where the yield generated from PoS chain and the value of the locked-up tokens lead to a stable yield generated from staking of PoS chain’s native tokens.
As this project is not a mere connection between chains but with full support of the said blockchain foundations and the DeFi project in charge of Orbit Chain’s service layer, it is expected to be a challenge unlike any previously seen in the realms of interchain and DeFi.
2. Application of token economy system where value generated from network expansion is connected to the valuation of ORC
ORC token has, since the inception of Orbit Chain, served as the backbone to the chain’s governance system. ORC token is in strict adherence to the philosophical beliefs behind blockchain, namely Decentralization and Trustlessness. Since the launch of Orbit Chain, various holders and/or organizations were listed as validators or have delegated their voting rights to the said validators, for the stable operation of the chain. The validators, in turn, executed countless transactions occurring on-chain, as well as participating actively in the chain’s governance. With the active support from the community, Orbit Chain is another step closer to achieving the goal of real-life usage of blockchain. Orbit Chain plans to now return the value generated from its growth back to ORC holders, to expand the network in its entirety.
TX Fee Sharing
As a way to immediately reward Orbit Chain users, part of the transaction fees are allocated to the Reward Pool, which reward ORC holders who are largely responsible for the stability of the network
In Orbit Chain, which seeks to connect native environments of different chains, the transaction fee in the network will be charged as a type of the native tokens for that chains, such as BTC/ETH/ORC. Part of this transaction fee is allocated for periodic redistribution amongst network participants. Once more mainnets are connected to Orbit Chain, and the assets within the network utilized actively, the Reward Pool will grow even bigger in size.
3. Formation of governance system connected to token economy for long-term network expansion
There are values expected to be created from the expansion of the network, and of the community. The biggest beneficiary to these values, of course, should be the ones that determine the direction of Orbit Chain, the governance participants. All participants within the Orbit ecosystem are important as well, but from the standpoint of chain stability, accountability within the network activity, and sustainability of the business, the governance participants take on a very important role. They are the backbone of the chain, deciding the direction the chain must take, at the price of additional risk. It is so that they must be the biggest beneficiary of the values generated within the network. As such, Orbit Team will share the transaction fee generated this time to the participants of the Orbit Chain governance, and will reward according to the amount of participation in order to invite more to participate. And as a way to further encourage the network growth, major parameters pertaining to the ecosystem economy, including the ORC inflation rate, will be determined through the governance. Orbit Team will perform the update in the above three core areas within the latter half of this year, and will continue to update our users on progress of governance system and TX fee sharing after the initial settings are in place.
4. The decentralized world, as dreamed by Orbit
The current models that we are keeping our eyes on are ChainLink’s Price Feeder, and Kyber Network’s token economy.
ChainLink is a decentralized Price Feeder and Price Oracle, based on Ethereum and ERC20 tokens, as well as real-life economy data gathered from Euro, Yen, as well as FTSE. These data are provided again to decentralized financial projects, and to increase the validity of Price Oracle, between 10 to 25 Price feeders participate. In order to make Price Oracle’s predictions more accurate and usable, Price Feeders independently collect data and validate each other, and data providers are given LINK in this process.
Orbit Chain too must connect various tokens, exchanges, contracts as well as the blockchain assets generated on different chains, acting as the hub of different chains. This is to be done through the Orbit IBC, and it is vital to form an ecosystem that encourages validators that make up the IBC to join.
In the formation of such an ecosystem, several factors must be considered — 1, how much additional value can be created through transactions and 2, how that value can benefit Orbit Chain network and 3, whether this is sustainable. In order to achieve this, Orbit Chain plans to continue developing a realistic and working token economy, learning from other examples such as ChainLink and Kyber Network.
Orbit Chain’s governance token ORC will be the focal point of all this, as the embodiment of Orbit Chain’s direction and value.
Countless trials and research, development continues to be performed, and we will be back with a more specific plan and execution guidelines.
Orbit Chain : https://orbitchain.io
Orbit Chain Voting & Governance : https://voting.orbitchain.io
Orbit Chain Explorer : https://explorer.orbitchain.io
Orbit Chain Telegram: https://t.me/Orbit_Chain
Orbit Chain Twitter: https://twitter.com/Orbit_Chain
Orbit Chain Discord: https://discordapp.com/invite/PJzE63A