Bitcoin

Orbs: The “Layer-3” Public Blockchain Infrastructure Project

6 Mins read

Following the bloom of dApps in the Blockchain era today, Layer 3 (L3) networks are a new layer to the blockchain network that focuses on building decentralized apps (DApps).

Orbs are not only an example of a Layer 3 blockchain network, but they also have been getting a lot of attention for being a Layer 3. It was also the first to coin this term.

Since its founding in 2017, the company has been being developed by a team of more than 30 people, with team members working in Tel Aviv, London, New York, Tokyo, and Seoul.

Quick Verdict: Orbs is a Layer 3 blockchain network that enhances decentralized applications by providing a dedicated, optimized environment for each app with its own governance and economic systems.


Quick Facts

Category Key Point
Concept of Layer 3 Networks Focus on building decentralized apps (DApps) on top of Layer 1 blockchains. Provide a dedicated environment for a single DApp with its own rules, governance, and economic incentives. Enhance scalability and performance of DApps.
Orbs Network An example of a Layer 3 blockchain network. Acts as a “decentralized backend” to enhance smart contract capabilities. Operates as a decentralized serverless cloud for extending smart contracts with L3 services.
Development and Team Founded in 2017. Developed by a team of over 30 members across Tel Aviv, London, New York, Tokyo, and Seoul.
Interoperability and Privacy Facilitates interoperability between different decentralized applications. Implements specific privacy features or encryption mechanisms tailored to each application.
Orbs Offerings Multi-chain Staking on Ethereum and Polygon. Tetra Staking Wallet for easy interaction and staking. ORBS tokens used for staking and delegating to Guardians.
Getting Started with Orbs Hold ORBS tokens to participate. Stake tokens and choose a Guardian for delegation. Locking period of 14 days for staked tokens.
Staking with Tetra Wallet Connect with MetaMask and stake ORBS tokens. Choose and delegate to a Guardian. Options to unstake and withdraw tokens.
Importance of Layer 3 Networks Address scalability challenges in decentralized applications. Optimize for specific DApp requirements. Allow for more complex smart contract functionalities and a robust crypto ecosystem. Enhance user experience with customized DApp features.

What Is Orbs?

In the blockchain and cryptocurrency space, Layer 3 networks refer to application-specific networks built on top of existing L1 blockchains. These networks provide a dedicated environment for a single DApp, allowing it to operate independently with its own rules, governance mechanisms, and economic incentives.

Designed as a separate decentralized execution layer operating between the L1/L2 and the application layer. It acts as a “decentralized backend” aiming to enhance the capabilities of existing smart contracts as well as opening up a new spectrum of possibilities for Web 3.0, DeFi, NFTs, and GameFi.

By hosting a single application, a Layer network can be optimized specifically for the needs of that application. As a result, this can help to improve scalability and performance compared to running the application directly on a Layer 1 blockchain, which has limitations due to network congestion or computational overhead.

Layer 3 networks such as Orbs can facilitate interoperability between different decentralized applications as they are standardized protocols and interfaces for seamless application communication and data exchange, contributing to a more connected and collaborative ecosystem.

In addition, Orbs can implement specific privacy features or encryption mechanisms tailored to the application’s needs, protecting sensitive data and preventing unauthorized access by isolating each application on its network.

Developers can also iterate and deploy updates to their applications more rapidly. Therefore, they can experiment with new features, optimizations, or governance mechanisms without affecting the underlying Layer 1 blockchain.

Today, DeFi, Web 3.0 protocols, and dApps are more complex, while smart contracts are still inherently limited by design. The Orbs Network operates as a decentralized serverless cloud, allowing developers to extend smart contracts with L3 decentralized services. These are deployed to be executed by Orbs PoS validators who are known as Guardians.

As part of a tiered blockchain stack, Orbs enhances the capabilities of smart contracts and powering protocols such as dLIMIT, dTWAP, and Liquidity Hub.


What Does Orbs Offer?

Multi-chain Staking

The newest Orbs PoS V3 uses Orbs hybrid architecture and cross-chain properties to deploy a novel multi-chain PoS staking on both Ethereum and Polygon. This also means the Orbs network uses the Ethereum stack to its fullest potential. Therefore, the platform benefits from not only the security of Ethereum as the base layer but also the scalability and low fees of Polygon as L2.

Orbs users can choose between staking on Ethereum and staking on Polygon. Each network will require its token for transaction fees, if you prefer to stake on Ethereum, you need to use ETH. Meanwhile, uses MATIC for Polygon.

Tetra Staking
Tetra Staking

Tetra Staking Wallet

The Tetra wallet is designed to simplify the interaction with the staking contract through a simple and convenient interface. The wallet allows you to stake your tokens and select a Guardian to delegate to.

With the wallet, in addition to being much easier for ORBS holders to stake their tokens for Rewards, it also allows Orbs community members to contribute to the network’s security and operation.

The staking wallet does not charge any fees, but you may have to pay gas fees or bridging fees to use smart contracts on the Ethereum and Polygon networks.

The wallet has been made available on desktop and mobile (android and iOS) through a variety of other platforms, including Metamask, Status Wallet, Trust Wallet, Coinbase Wallet, and MyEtherWallet.


How to Get Started with Orbs?

To participate in the Orbs universe, you must hold the network native token, ORBS, to stake your tokens and select a Guardian to delegate your voting power. Orbs Guardians represent the Orbs community, who maintain the security of the network and uphold its long-term vision.

Meanwhile, Guardians are expected to build a community of Delegators who trust them to truthfully represent their and the network’s interests. Therefore, it can be seen that it is important for Delegators to choose a trustworthy and active Guardian and monitor their performance.

Depending on your setting for staking rewards to split between the Guardian and his Delegator. Currently, all Guardians are choosing the default setting, which is ⅓ for guardians and ⅔ for delegators, making the final reward rate for delegators 6.67% and 10% for guardians.

To assure that participants in the PoS ecosystem are committed to the network and maintain its security, Orbs has a locking period of 14 days. If a delegator decides to leave, only then there will be a 14-day cooldown during which the tokens are not staked anymore as well as do not receive rewards.


How to Stake ORBS and Delegate to a Guardian with the Tetra Wallet?

First of all, you will need to make sure that you already have MetaMask set up on your browser and the Tetra Wallet. You can get the wallet from staking.orbs.network.

Once you are all set with MetaMask, you’ll need to connect it to TETRA. You will see your address and choose options to copy it or generate a QR for it.

To stake with a Guardian, click STAKE YOUR TOKENS and enter the amount you want to stake. Next, click APPROVE and choose the ETH fee for broadcasting the transaction in the MetaMask window, followed by SAVE. You will wait for 7 confirmations to be broadcast.

Guardians
Guardians

Once you’re confirmed, click PROCEED to select a Guardian for staking. Once you SELECT, click on the gas fee in the browser pop-up window and wait for MetaMask to do its thing. That’s all, your tokens are staked.

In case you want to remove your staked tokens from the staked position, click UNSTAKE, choose the fee in the browser pop-up, and wait for Metamask to broadcast the transaction.

If you want to withdraw your ORBS, click WITHDRAW YOUR TOKENS in the box on the right labeled “Tokens ready for withdrawal”.

If you want to switch your Guardian, select the one you prefer to stake with, using the radio button selector on the right. Then enter the gas fee via MetaMask and wait for the transaction to be broadcast.


Why Are Layer 3s Needed For Blockchain?

Layer 3 networks have the potential to address scalability, one of the most critical challenges faced by decentralized applications.

While Layer 1 handles multiple applications simultaneously, Layer 3 networks can be optimized specifically for their requirements, enabling improved throughput and performance by hosting a single Dapp. Not only that, these networks also allow for more complexity in smart contracts and decentralized applications.

Working in conjunction with existing Layer 1 and Layer 2 protocols, Orbs is a Layer 3 blockchain that is to address the scalability issues faced by the Ethereum blockchain. Smart contracts powered by L3 networks can help to execute multiple trades or transactions simultaneously. This interconnectedness allows us to foster a more robust and interconnected crypto ecosystem.

Customizing the rules, governance mechanisms, and economic incentives for each Dapp also enhances the overall user experience. It allows developers to design user-friendly interfaces and intuitive functionalities specific to their applications, making it more accessible and appealing to a broader audience.


Source link

Related posts
Bitcoin

Can Markets Recover as $2 Billion in Crypto Options Contracts Expire Today?

2 Mins read
Friday, July 12, will see around 23,700 Bitcoin options contracts with a notional value of around $1.49 billion. The options expiry event…
Bitcoin

TrumpCoin Price Pumps 20% As Donald Trump Is Confirmed To Speak At Bitcoin 2024 And Experts Say Consider 99BTC For 100X Gains

3 Mins read
Join Our Telegram channel to stay up to date on breaking news coverage The TrumpCoin price soared over 20% in the past…
Bitcoin

Bitcoin P2P Payments See Rise

2 Mins read
On-chain data suggests Satoshi’s original vision is alive and kicking as the Bitcoin network has shifted towards smaller transactions. Bitcoin P2P Payment…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *