The Orbs Network (ORBS) is an innovative L3 blockchain scaling solution designed to provide added performance and functionality to L1/L2 networks. This unique business-centric protocol operates as a decentralized serverless cloud that offers blockchain-as-a-service to enterprise clientele. Here”s everything you need to know about Orbs.
What is a Layer 3 Network?
Layer 3 networks seek to fill the space between L1 and L2 networks by creating a tiered blockchain ecosystem that can support added interoperability and functionality. L3 networks are built to support specific applications while retaining the security of the mainnet and scalability of L2 options.
Source – Orbs
These networks can improve performance and enable systems to execute transactions, trades, and protocols simultaneously without congestion. In this way, the L3 network operates as a decentralized backend that enhances smart contract capabilities and provides developers with more options.
What Problems Does Orbs Network Attempt to Fix?
Orbs solves some common issues faced by the blockchain community. The network seeks to bridge the gray area that currently resides between programmable networks and their scaling solution. This structure enables Orbs to reduce computational overhead on the mainnet and improve performance.
Testing Limitations
L3 solutions provide a testing ground for developers to introduce new concepts in their creations while limiting exposure to the market. In this way, these networks drive innovation and help developers configure best practices for the implementation and innovation of new systems.
Lack of Interoperability
There’s a lack of interoperability within the blockchain sector. L2 solutions help to reduce this issue, but most of them are designed to serve a single network or standard such as ERC-20. Orbs help to solve this issue by introducing a flexible bridge technology that enhances interoperability between different decentralized applications.
Benefits of Orbs Network (ORBS)
Orbs is an open-source blockchain network that provides full programmability to dapp developers. The network’s blockchain-as-a-service structure is ideal for businesses that want to leverage the advantages of blockchain security and efficiency but don’t need consistent connectivity.
Optimized Environment
One of the main advantages that ORBs bring to the economy is that they act as a dedicated layer that is purpose-built to service specific Dapps. As such, developers can create an optimized environment complete with new governance and economic systems. This approach allows them to be more creative in their incentivization strategies.
Optimized L3 solutions enable you to test out and experiment with different arrangements to judge scalability, performance, and feasibility. These networks can assist in the use of regulatory-compliant tokens as well since their ecosystem can include all protections and pre-requirements.
Security
Dapp developers and users know the importance of security protocols within the blockchain sector. It only takes a short internet search to find examples of major losses taken due to subpar security precautions on blockchain systems.
Orbs has undergone multiple third-party audits and enables developers to implement advanced and protocol-specific security features, including privacy protections. These options make Orbs a viable solution for enterprise-level clientele.
Low Fees
Orbs leverages a PoS consensus mechanism to provide low-cost transactions to users. The network’s infrastructure supports multi-chain smart contract executions with minimal fees. This lowered fee structure is required to ensure that developers can create complex dapps that remain affordable.
Seamless Updates
Another bonus feature of Orbs is the ability to deploy and update protocols without the need to hard fork or introduce downtime. The network introduces a rapid upgrade system that ensures users don’t lose faith in the system.
Multichain Staking
Multi-chain staking brings another layer of liquidity and usability to the Orbs economy. Users can stake their tokens leveraging the network’s hybrid architecture to secure passive returns without risks of losing their original asset.
How Does Orbs (ORBS) Work?
Orbs operates as a decentralized public blockchain that supports full DeFi programmability and the creation of subnets and assets, including NFTs. The L3 solution enhances the blockchain ecosystem specifically by providing Ethereum with security and scalability, as well as minuscule fees for Polygon.
Tetra wallet
The Tetra Wallet removes technical barriers to blockchain adoption. All features, such as sending transactions, receiving, monitoring tokens, and more, are easily accessible from the interface. Users can also stake their ORB tokens directly from the wallet adding to its functionality.
Token
ORBS is the main utility token for the network. It has limited issuance of 10B slated for the life of the project. The token can be used to pay fees, interact with network features, execute smart contracts, and pay rewards. ORBs provide full traceability and can be sent in a permissionless manner globally in seconds.
Developers can decide to create new tokens for their Orbs-powered projects or to integrate ORBs as their utility token to save time and effort. This easy interoperability helps to drive demand and ensures that develops have more flexibility.
Consensus
Orbs operates on a PoS (Proof-of-Stake) consensus mechanism that enables users to participate in the validation process by staking their tokens rather than using mining rigs. This approach provides higher sustainability and scalability while reducing technical barriers to blockchain participation.
History
Orbs entered the market in 2017 as a scalability solution for the congested Ethereum ecosystem. The network was the first L3 to enter service and remains a well-funded project that leverages an international team to deliver its unique products and services.
How to Buy Orbs Network (ORBS)
Currently, Orbs Network (ORBS) is available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. Restrictions may apply, depending on location.
Gate.io – This exchange was established in 2013 and is one of the more popular & reputable exchanges. Gate.io currently accepts most international jurisdictions including Australia & the UK. USA & Canadian residents are prohibited.
Orbs Network (ORBS) – L3 is the Next Layer to the Blockchain Stack
The concept of L3 blockchain solutions is a new one that is sure to spur excitement amongst developers. Orbs helps to create more usability and functionality. It’s a pioneering force in this sector, making it a protocol to keep tabs on moving forward.
You can learn more about exciting blockchain projects here.