Blockchains play a vital role in cryptocurrency markets globally. They can be used to make any type of data almost indestructible, for they rely on decentralized technology. It means the data in a blockchain is not stored in a single system, but spread out in a network of different nodes. Since its inception in 2009, the blockchain system has expanded by including hundreds of different cryptocurrencies. It also includes decentralized finance applications, non-fungible tokens (NFTs), and smart contracts.
Key point: A blockchain is a shared database or ledger.
Today, we have two broad categories of blockchain technologies: public and private blockchain.
A public blockchain is open for anyone to join and establish a node, whereas a private blockchain requires each node to be approved before joining the network.
Understandably, more security is needed in public blockchains compared to private ones. Examples of public blockchains include the ever-famous Bitcoin and Ethereum, and others include Ripple, Tron, and more.
While we have many brokerage firms for trading cryptocurrencies, we have a relatively lower number of platforms that facilitate the development of decentralized applications and smart contracts. To fill this gap, Orbit Chain comes into the limelight.
Read ahead to get familiar with Orbit Chain and its performance in the blockchain world.
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What is Orbit Chain (ORC)?
Orbit Chain is a blockchain that manages data existing on several public blockchains. It currently supports eight different public blockchains including Bitcoin and Ethereum.
It is also a platform with multiple assets that aims to solve certain issues that are plaguing the crypto community. Such issues include not only energy inefficiency but also a lack of convenience amid limited features and functions.
The Orbit Chain platform has grown rapidly as it continues to find new ways to improve its ecosystem.
The purpose is to allow it to achieve its goal of becoming a single platform that connects different blockchains and their assets.
Founders and Vision
Orbit Chain is a creation of Ozys, a South Korean company related to blockchain development. Its purpose is to bridge the distance between different blockchain members.
The company takes pride in establishing itself as a “hub” for many blockchains, signifying its ability to unite the fragmented blockchain community. Its purpose is to create a synergy so that the combined output of otherwise isolated public chains becomes greater. Decentralization is central to its operations, and Orbit Chain aims to continue it in the future.
Partners & Bridge Validators
Blockchain bridges are platforms that facilitate the transfer of assets and data from one blockchain to another. Orbit Chain has several bridge validators, some of which are listed below:
- Huobi Pool
- Ahn Lab
- Validator Capital
- Ground X
- Node A Team
- De Spread
- DSRV
- Icon
- B Harvest
Partners of Orbit Chain include big names like Ripple, Gala Games, Harvest Finance, Ubeswap, and Meshswap, amongst others.
To see the complete list of partners and bridge validators, head to the official website and click on the “About” section.
Architecture of Orbit Chain
The mechanism behind Orbit Chain is fast and secure enough to pool public blockchains like Bitcoin.
The main technology behind this platform is the IBC protocol. Its decentralized IBC protocol and BFT consensus are what make it unique.
Decentralized IBC Protocol
Orbit Chain stores, transfers, and verifies assets and information through a decentralized IBC protocol, also known as Inter-Blockchain Communication (IBC).
Public blockchains that are supported by Orbit Chain share their information, assets, and data in a set format. The IBC protocol then does its job by verifying the shared information on the blockchain, thus making it not only easier but also safer for the users than, say, in a centralised process.
Staking & BFT Consensus
Orbit Chain employs Byzantine Fault Tolerance (BFT) algorithm as its consensus. It is a Delegated Proof-of-Stake (DPoS) that is staking-based. As a result, transactions are fast and secure.
Advantage of Orbit Chain
We have learned what the Orbit Chain is. Let’s now see what advantages it offers.
Multi-Asset Blockchain
The biggest advantage of Orbit Chain is its ability to put all blockchains in a single platform, even though it currently supports only eight; however, we can expect it to include others and expand the list.
Orbit Chain has the advantage of accessing various public blockchains from one platform. Otherwise, it would have been very cumbersome to go to each public blockchain one by one. This has united the blockchain community on one platform, making their life easier by saving resources.
Optimised Dapp Platform
Orbit Chain is a multi-asset blockchain that enables decentralized applications (dApps) developers to connect with public chains through the Orbit SDK and develop using existing and familiar REST, and WebSocket system APIs, which reduces unnecessary resource consumption.
How Orbit Chain Works
If you are not satisfied with surface-level information and want to dive deeper, read ahead to find more details about how this platform works behind the scenes.
The Consensus Mechanism
As mentioned earlier, Orbit Chain uses a BFT algorithm. This consensus algorithm has three phases; pre-prepare, prepare, and commit. Consequently, any problem that arises in the process of generating blocks is resolved instantly. A platform where numerous transactions occur emphasizes the need for such a consensus algorithm, which, fortunately, Orbit Chain has.
Smart Contracts in Orbit Chain
This advantage is related to the IBC we talked about earlier. Specific details of the IBC will differ from one public chain to the other. Nevertheless, what is common in all is the use of smart contracts.
Asset withdrawals are managed by smart contracts on Orbit Chain, which are verified by the validators at the same time.
Transaction Process
Public blockchains are connected to Orbit Chain through IBC. Without it, it is difficult to transfer assets or information from one blockchain to another.
Orbit Chain makes the transactions between public blockchains seamless.
First, you propose an Orbit Chain block. Then make a Merkle object block. Thirdly, that object block is validated before finally synchronizing the object block to the destined public chain.
Orbit Chain vs. Traditional Blockchain
Orbit Chain, despite being a blockchain itself, is different in many ways from the traditional ones. Following are the differences between a traditional blockchain and Orbit Chain.
Scalability
The use of the Proof-of-Stake consensus algorithm overcomes the shortcomings of its alternative, Proof-of-Work. Orbit Chain’s BFT consensus algorithm is performed by reputable validator groups that increase the scalability of Orbit Chain’s IBC, not to mention its reliability.
Security
From the information that we have gathered, we did not come across a single event or news piece that tarnishes the image of Orbit Chain in terms of its security. It also regularly conducts security audits by Theori. If there have been no known cases of hacking, along with a history of regular audits, then we can surely conclude that Orbit Chain is very secure.
Cost Efficiency
Most types of dApps depend on estimated transaction costs, but if you use Orbit Chain then you will not be affected much by other app’s on-chain activity. Orbit Chain uses Arbitrum L2 and Ethereum L1 to make your gas prices less volatile.
ORC Token
Orbit Chain has its own cryptocurrency called the ORC token. It is available on many different exchanges, the most popular of which are KuCoin and Gate.io.
Utility
It is used as a price for transferring data or assets on this platform as a type of staking. Other uses of OCR within the blockchain include voting rights on governance and the cost of using IBC.
Tokenomics
Currently, the supply of OCR on the Ethereum blockchain platform is more than six million. The platform began its buyback and burn program in 2021. Since then, it has continued adding and burning equivalent amounts each year. Burning means sending back tokens to an outdated wallet address.
Supported Exchanges
You can buy ORC on several exchanges. The most popular of them include Gate.io, Huobi, and KuCoin. This article will teach you how to purchase ORC on Gate.io. Other exchanges will have similar steps, though.
How to Buy ORC Tokens on Gate.io
Buying cryptocurrencies online may seem like a difficult thing to do. However, purchasing ORC tokens on an exchange is a straightforward process. To buy ORC on Gate.io, follow these steps.
Signup and KYC Verification
Needless to say, the first step is to head to the website of Gate.io, which is smart enough to keep the correct server as its official name of the platform, “.io.” Anyhow, signing up will require your email address and a new password. Use the link below to be taken to Gate.io’s registration page and register with Coin-Labs’ helpful referral code.
KYC is required to ensure the authenticity of each user. Therefore, it is necessary to share your official ID documents to have a safe environment for every investor.
Setting Up Account Security
As a part of verifying your details, Gate.io will send a verification code to your registered email address. This is to ensure that no fake accounts are created on the platform. Check your email inbox to complete this step.
Depositing Funds
Once you have set up your account, verified your details, and completed the KYC process, it is now time to deposit the funds required to purchase ORC tokens. You can directly transfer funds to your Gate.io account from your local bank account. Another way to deposit funds is through the use of credit cards.
Currently, 80+ currencies are supported on Gate.io to transfer funds via credit cards.
Navigating and Buying ORC
There are many ways to find ORC from the list of currencies on the exchange. Before choosing the currency of your choice, you first need to select your preferred method to buy the ORC. Unless you already have ORC in other wallets, select spot trading; otherwise go with Onchain deposit. Navigate to the list of currencies and click the buy button.
Transferring ORC to Your Wallet
After clicking the buy button, select the method of receiving your ORC. If you already have a wallet, copy its address and paste it into the relevant field. After that, your ORC tokens should be sent to your wallet.
If you encounter any problem throughout the process, head to the ‘Help Centre’ on the exchange’s website.
The Future of Orbit Chain
Orbit Chain is growing rapidly with time. It has recently announced its partnership with SK Telecom and the introduction of its own Native Coin Swap that will redefine its performance globally.
Upcoming Features
Orbit Chain has announced that it will introduce native coin swap on its platform. It has already partnered which signals further new partnerships, supported exchanges, and even validators. The official website also hints at adding more new digital wallets this year, 2023.
Potential Market Impact
Native coin swap is an exchange of the native coins of a blockchain for another. Usually, native coins of a platform are not compatible with another blockchain because of the difference between their consensus algorithms and communication protocols.
With its entry on Orbit Chain, exchanging native coins will surely become a lot easier. Furthermore, Orbit Chain’s partnership with SK Telecom will add to its popularity and benefit its customers through innovations in technology.
Conclusion
Orbit Chain is a multifaceted chain project that redefines the limitations of the scalability of blockchain. It has made cross-chain transfers easier and thus united isolated public blockchains under one umbrella. It helps the Ethereum ecosystem by allowing scalability and flexibility in data transfers.
We Coin-Labs.com provides only objective information about Orbit Chain (ORC).
Therefore, we are not responsible for the investment decision in Orbit Chain (ORC) and the resulting loss.
Orbit Chain (ORC) Basics
Here are some factors that investors should consider before investing in Orbit Chain (ORC).
| Cryptocurrency Features | Orbit Chain (ORC) (ORC) |
|---|---|
| Publisher or Developers | Ozys |
| Headquarters (Registration Number) | Seoul, South Korea |
| Symbol | ORC |
| Platform | Ethereum |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | 1,000,000,000 ORC |
Reliability Score of Orbit Chain (ORC) in 2024
These are indexes mesuring the investment reliability of Orbit Chain (ORC) conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 3 Exchanges |
| Number of Available Pairs Worldwide | 24 Pairs |
| Market Cap of the Cryptocurrency | 34,945,532 USD (Rank #602) |
The table above shows the result of investment suitability evaluation for Orbit Chain (ORC).
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Orbit Chain (ORC) Price
Here are the price and recent trading volume of Orbit Chain (ORC). (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of Orbit Chain (ORC) |
|---|---|
| Orbit Chain (ORC) Price | 0.005 USD |
| Price Change 24h | 1.13% |
| Price Change 7d | 1.65% |
| Trading Volume 24h | 79,870 USD |
| Trading Volume Change 24h | -23.47% |
Cryptocurrency Metadata
You can check the development status and social media information of Orbit Chain (ORC) through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | |
| 📖 White Paper | |
| 🛰️ Source Code (GitHub) | |
| 🎺 Message Board |
Where to Buy Orbit Chain (ORC)
Here are the top ten world crypto exchanges where traders can buy Orbit Chain (ORC) in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Not listed | |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Listed | https://www.kucoin.com/trade/ORC-USDT |
| Bitfinex | Not listed | |
| OKX | Not listed | |
| Huobi | Listed | https://www.htx.com/en-us/trade/orc_usdt?type=spot |
| Bitstamp | Not listed | |
| Bybit | Not listed | |
| Gate.io | Listed | https://www.gate.io/trade/ORC_USDT |
Frequently Asked Questions
What is the current price of Orbit Chain (ORC)?
Orbit Chain (ORC) price today is 0.005 USD. Furthermore, the price of Orbit Chain (ORC) has fluctuated by 1.13% from 24 hours ago, and by 1.65% from a week ago.
Where is Orbit Chain (ORC) listed?
Currently, it is listed on a total of 3 among the world top 10 exchanges.
What is the market cap of Orbit Chain (ORC) now?
Currently, Orbit Chain (ORC) has a market cap of 34,945,532 USD, which is ranking 602 among cryptocurrencies worldwide.
How much is the trade volume of Orbit Chain (ORC)?
Currently, 652,412,698 ORC coins are circulating through 24 market pairs. As a result, in the last 24 hours, 79,870 USD of ORC coins were traded in the market.
