Orbs

What are Orbs?

The Orbs Token, or ORBS, is the native token that powers the Orbs network. The latter represents decentralized public blockchain infrastructure.

The ORBS token represents ERK-20 a token deployed on the Ethereum blockchain. Mainly it serves medium of exchange in the Orbs ecosystem. It is important to note that the ORBS coin the only payment method available on the platform.

Additionally, the ORBS token facilitates the process of securing the network as it is used to select Validators.

There are 10,000,000,000 ORBS in total, all of which are already pre-mined. They were distributed as follows:

• 55% – long-term reserves intended for the development of the project, ecosystem and partners;
• 20% – Private sale;
• 20% – team and founding partners;
• 5% – External consultants.

The token distribution event was held in March 2019.

The chart above will give you a deeper look at ORBS price history and current ORBS price.

What are the main characteristics of the spheres?

Orbs is an open and permissionless platform aimed at large enterprises. As discussed in What are spheres section, Orbs provides a public blockchain infrastructure that can be used to run very complex scenarios.

The project describes itself as Level 3 solution lies between layer 1, layer 2 and application layer. In other words, it expands the possibilities EVM smart contracts and enhances decentralization.

Orbs are a type hybrid blockchain. Simply put, Orbs runs on its own independent blockchain in addition to the Ethereum blockchain. This is a type of architecture that allows permissioned applications to run on the public blockchain infrastructure without permissions.

The Orbs blockchain works using Proof of Stake (PoS) consensus mechanism. However, all processes, including bidding, delegation and voting, take place on Ethereum blockchain.

There are 3 roles in the Orbs ecosystem:

• Validatorswho are responsible for the operation of the network. Essentially, the main function of validators is to create and validate blocks;
• Guardianswhich protect the network by managing validators through constant monitoring and voting;
• Delegatorswho take part in the Sphere governance system by transferring the voting rights they receive from ORBS tokens to the Guardians so that they can choose Validators.

One of the main goals of the project is the further development of projects in the crypto space, including Web 3.0, DeFi, GameFi and NFTs.

The Orbs crypto project offers 2 main products:

• BLINDERS Lambda – flexible solution for cloud computing, completely serverless;
• ORBS VM — a decentralized virtual machine based on a Docker container.

In addition, Orbs is responsible for developing cutting-edge technologies such as virtual chains, web oracles, non-deterministic execution, and a randomized proof of stake (RPoS) mechanism.

It also provides solutions that allow inter-network and off-network interaction.

Who developed the spheres?

The Orbs crypto project was launched in 2017. Its co-founders are entrepreneurs. Daniel Peled, Uriel Peled, Netta Corin and Tal Col. The project is led by Nadav Shemesh, CEO of Orbs.

Daniel Peled went to law school, where he received a Master’s degree in Law and Technology. Shortly after graduating, Daniel began working as a legal intern at Sharir. Orbs is not the only project that Daniel co-founded. He also founded PayKey, a financial services company. He served as CEO of Orbs until 2020, when he stepped down to become president of Orbs.

Uriel Peled served as head of strategic partnerships at Orbs from the project’s launch until early 2020. He later co-founded three other blockchain-based projects – Hexa Labs, Moment Capital and Revault Network. Uriel is well known in Israel as a consultant for large blockchain projects.

Over the past 15 years, Netta Corinne has served on various executive committees both in Israel and the United States. She also took part in projects related to the Ministry of Defense.

Tal Kol is an expert in consumer-facing applications based on blockchain technologies. He attended the Technion – Israel University of Technology, where he received a bachelor’s degree in computer engineering. Besides Orbs, he also co-founded Appixia, which was later acquired by Wix.com.

Orbs is headquartered in Tel Aviv but also has offices in London, San Francisco, Singapore, Tokyo and Seoul. The core team is the backbone of this project and consists of more than 40 professionals.

If you are interested in a project, be sure to do proper research. You can start by checking the current ORBS price and other token details in the chart above.