Orbit Chain (ETH: $ORC) is a cross-chain project aiming to solve blockchain technology’s interoperability challenge.
The project is premised on the fact that existing blockchains face numerous problems, including limited functionality, energy inefficiency, deficient decentralization, limited governance systems, and a lack of scalability.
The Orbit Chain Solution
Orbit Chain aims to solve these challenges with their revolutionary network infrastructure. The project has crafted a decentralized inter-blockchain communication protocol, a core hub where blockchains can exchange data, as well as an advanced blockchain specialized for financial projects. Its goal is to create a large enough network where blockchain-based projects can co-exist in a single ecosystem.
The Orbit Inter-Blockchain Communication Protocol
The Orbit Inter-blockchain Communication (IBC) protocol is designed to resolve the lack of communication between blockchains. This challenge has made it difficult to transfer value across public networks.
The Orbit IBC protocol eliminates the need for fiat gateways. The project has created a decentralized 2-way pegging system based on the Bitcoin lightning network, and Plasma, the Ethereum 2.0 scalability solution. Orbit Chain’s custom solution is called Plasma Cash.
The $ORC Token
The $ORC token is the utility token of the Orbit Chain ecosystem. It facilitates all transactions and can be used as equity to achieve blockchain consensus.
$ORC tokens are also used as an incentive for validators, for each block they generate, within the Orbit ecosystem. Network participants and validators can stake their tokens and receive rewards in $ORC.
Transaction fees are key within the $ORC token economy, as they offer security to the value contained within Orbit Chain. There is a transaction fee and an asset transfer fee, which is proportional to the amount of $ORC being distributed.
The network has a slashing & penalty mechanism designed to continually encourage validators to participate in block production. Validators are penalized every time they go offline. In the case of double-signing, participants lose up to 60% of their staked funds, which maintains network security.
Tokenomics
The maximum supply of $ORC tokens stands at 948,835,098, which will continue to reduce due to its token-burning mechanism. As of August 8, 2023, Orbit Chain has burned 41,251,371 $ORC tokens.
The $ORC token achieved its highest price on April 1, 2021, when one $ORC token was worth $4.34. Since then, the price has dropped -98.5% to around $0.06525, which is slightly lower than its launch price in August 27, 2021. However, interest in Orbit Chain remains high, with the market cap currently at $62.48M with daily trading volumes of $178K combined on centralized exchanges.
[Click The $ORC Chart Above To View On CoinMarketCap]
Final Thoughts
The public blockchain sector is dogged by numerous challenges due to a lack of interoperability. Orbit Chain’s network infrastructure is a promising solution to these challenges. As its benefits become apparent to the masses, that will undoubtedly lead to increased demand for $ORC tokens. Combined with the network’s token-burning mechanism, it could lead to a huge price increase in the future.
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