Orbit Chain
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Orbit Chain

The Starting Point of Our New Journey: Swapping and Staking(Voting)

The ORC Swap and Staking(Voting) begins at June 25th.

Previously, we have announced the new plan of Orbit Chain ecosystem [Connecting the Unconnected], meaning we are now entering a new ecosystem journey. We plan to continue to innovate on the technical and business sides. On the first step, the token swap and staking will be made through Allbit Decentralized Exchange.

Allbit Decentralized Exchange: https://allbit.com

[Token Swap]

Token Holders do not need to do anything special as the following process will easily help you swap the old tokens.

Swap Ratio

Orbit will start the swap of APOT token to ORC token with a swap ratio of

1 APOT = 1 ORC

Swap Place

Allbit Decentralized Exchange will open a page in the Allbit website, https://allbit.com on June 25th.

Swap Instruction

Allbit DEX will be conducting an automatic swap for APOT holders. Please follow the official notice from Allbit.

Timeline

June 25th, 2019 —June 25th, 2020 (Before modification/August 28th, 2020)

Jue 25th, 2019 — Continuous Swap Support (After modification/August 28th, 2020)

Holders can swap APOT to ORC, using the token swap feature of Allbit DEX from June 25, 2019 until June 25, 2020. The exact time will be announced soon through Allbit. (Before modification/August 28th, 2020)

Holders can swap APOT to ORC, using the token swap feature of Allbit DEX from June 25, 2019. The exact time will be announced soon through Allbit. (After modification/August 28th, 2020)

*Important Notice*

  1. The exchanges will take place automatically, making the token swap process without any additional submission or waiting period.
  2. The existing smart contract will stay intact during the swap process.
  3. There may be SCAM attempts impersonating ORC. The ORC token swap will only be made through Allbit Decentralized Exchange. If you find any SCAM attempts asking you to send your APOT or ORC to an individual wallet for the token swap process, please let us know (help@orbitchain.io or help@allbit.com)

[Token Voting(Staking)]

-What voting(or Staking) is and why you should do it

Orbit Chain is an Inter-Chain Protocol, such that all ecosystem participants build together. Your choices, contribution, and interests can affect in the success and failure of the Orbit Chain. So, your ‘vote’ and ‘participation’ are more important than ever.

The first vote for the ORC holders will start by choosing the Genesis Validators. The nodes that will be selected as the 7 Genesis Validator will be responsible for producing blocks, verifying transactions, and more tasks related to operating the blockchain.

1.Early Bird program [Stake & Vote]

The Early Bird Voting is a key event for organizing the Genesis Validator and Governance to build the Orbit Chain Ecosystem. This Early Bird Voting will starts on June 25, 2019, and it will give participants greater rewards and more governing power.

2.Participant Category

Event participants will choose one of the following three types: Voter, Candidate Basic and Candidate Prime. Candidate Basic and Prime are differentiated based on whether the participants’ node is operational or not.

3.Voter

: All users who have more than 1,000 ORCs in Allbit can be compensated according to their voting volume by voting their Candidate of choice.

4.Candidate Basic

: A user or organization that has more than 100,000 ORC’s in Allbit and who wants to participate directly in the Orbit Chain governance can receive compensation based on the number of votes the user directly voted and received from other voters. Candidate Basic is also able to operate nodes through the node leasing from the Orbit Chain Foundation.

5.Candidate Prime

:Participants should meet eligibility conditions for Candidate Basic and must be able to operate its own node in accordance with the Orbit Chain Node Operation Specification. An additional approval step may be needed in order to become Candidate Prime after registration.

*The Top 7 candidates who get the most votes among the candidates will be selected as a Genesis Validator and will participate in the block production for the next 24 hours. The validators will be newly elected at 00:00 (UTC) everyday according to the rules.

6.Voting Rules

  • 1 ORC = 1 Vote
  • You can vote on multiple Candidates with one account, and Candidate should vote on their own.
  • An 168-hour withdrawal period is required to get the ORC returned. However, ORCs that were used for voting during the event period cannot be withdrawn until the end of the event.
  • If you have already voted for a particular Candidate, it is not possible to change the poll to another Candidate without withdrawal (a withdrawal period is required).
  • Candidate must vote for 100,000 ORCs at the time of registration. Lastly, 100,000 ORCs voted for cannot be withdrawn until the end of the event.

7.Early Bird Rewards

In accordance with the formula below, the rewards are distributed based on the number of blocks produced during the actual evebt period.

8.Voter Compensation (Annual basis)

Reward Pool x 80% x The Number of Votes directly voted / The Total Number of Votes x (1-Commission Rate)

9.Candidate Compensation (Annual Basis)

Reward Pool x {80% x (The Number of Votes directly voted / The Total Number of Votes + The Number of Votes voted from others / The Total Number of Votes x Commission Rate) + 20% x The Number of Produced Blocks / The Total Number of Produced Blocks}

10.Reward Date

On July

*The exact date will be announced after the official voting system opens with the determined annual basis inflation rate.

*The Reward Pool is divided into contribution compensation (80%)and Block production compensation (20%). Block compensation can only be given to the Validators. Candidates can set the commission rate independently for the contribution compensation part at the time of registration. However, the commission rate is fixed at 10% during the Early Bird event.

*The size of the reward pool will be determined later inflation determined after opening the official voting system, and the reward pool applied for the Early Bird Event will be calculated as 200% compared to the existing one. For example, if the inflation rate is determined as 5% by the voting system, the total reward pool will be set to 100, then the reward pool applied to the event participation will be 200.

*The Reward Pool will be made of the amount of the foundation and additional issued amounts, and the ratio between the two will be determined after the official voting system is opened.

*The probability of producing a block is proportional to the validator’s total voting power (the sum of the number of vote validators directly votes and the number of vote received from other voters.

11.Early Bird Program Period

June 25, 2019 — until the new compensation system is in effect after opening of the official voting system (In July)

*Actual validator selection and compensation calculation start at 00:00 (UTC) June 25, 2019

12.Regular Voting(Staking)

Once the Genesis governance is set, the voting system will be converted to a regular voting system. This means 2x rewards and 2x voting rights will no longer be enjoyed by the participants. However, all participants will still be able to receive voting rewards.

We hope all members will enjoy the Early Bird Event and get the rewards by exercising the voting rights. It is You that make the Orbit Chain success and development.

For more information, please join our community channels.

Medium: https://medium.com/orbit-chain

Twitter: https://twitter.com/Orbit_Chain

Telegram:https://t.me/Orbit_Chain

Allbit DEX: https://allbit.com

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Orbit-chain is a multi-asset blockchain that stores, transfers, and verifies information and assets which exist on various public blockchains through decentralized Inter Blockchain Communication (IBC). Webiste: https://orbitchain.io // Telegram: https://t.me/Orbit_Chain

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