Welcome to this month’s edition exploring one of the staking coins on Moonstake. This time, we’ll be looking at Orbs Network and its native ERC20 token built on Ethereum, ORBS.
A Brief Introduction to ORBS and Orbs Network
Orbs is an open-source public blockchain infrastructure designed for mass usage applications – offering developers a proper mix of performance, cost, security and ease of use. The Orbs protocol is decentralized and executed by a public network of permissionless validators using Proof-of-Stake (PoS) consensus. The Orbs Network is designed to let businesses utilize the trust powered by blockchain technology as a competitive strategy while offering predictable, low fees as well as high scalability to meet the demands of large-scale consumer applications. ORBS, the native token that fuels all activities on the Orbs blockchain including smart contracts, transaction fees, and consensus-based storage.
At the end of March 2019, the Orbs Network and its native token ORBS were launched and opened to the public. In only four short months, the network had its first reward distribution where 18 million ORBS were distributed to 1,448 participating addresses and by October of the same year, the first DApp was launched on the network. Today, Orbs is one of the most esteemed blockchain projects on the market, notable for its robust scalability, security, and low fees. The company has partnered with industry leaders from both traditional and decentralized technology sectors, such as IBM and Kakao as well as Binance, Consensys, and Celsius respectively to accelerate business adoption of blockchain, DeFi, and the development of DApps.
Orbs Network Technical Achievements and Why Moonstake Supports ORBS
At Moonstake, we work to support the most demanded coins on the market. Here are some key achievements of Orbs Network so far:
- In May 2018 prior to its official launch, Orbs announced that it successfully raised more than $118 million to fund the development and launch of the Orbs platform.
- Currently, nearly $800 million ORBS is being staked to network Guardians.
- Orbs is currently one of the most actively developed projects out there, with numerous repos in their official GitHub, more than the average crypto project that had an ICO on the market.
- Orbs is a hybrid blockchain whose main infrastructure is used to run applications while voting functions are delegated to Ethereum to enable security and objectivity in exchange for higher transaction fees. However, with update V2.5, Orbs has successfully reduced the gas cost, along with other operation costs for validators (Guardians) across the whole network while allowing stakers (Delegators) to choose when and how often they can claim their staking rewards too.
- At the start of 2021, Orbs Network began gaining immense traction ORBS token is currently ranked #5 in the Top 10 trending crypto coins by CryptoCrunchApp.
We can see that ORBS is a high-demand coin and its Orbs Network is an esteemed, highly active blockchain project with a passionate, talented development team.This makes ORBS a great and strategic addition to the lineup of PoS coins available on Moonstake, and Moonstake has been supporting ORBS staking since March 2021.
How does ORBS staking work?
As with any PoS coin, you can stake your idle ORBS assets to earn passive income. Staking with Orbs is to participate in the network’s operations (validating blocks) by becoming a Delegator who chooses the network’s validators aka Guardians.
Delegators are ORBS token holders who assign their voting weight (stake) to Guardians, empowering them to maintain security and uphold the long term vision of the ecosystem. Meanwhile, Guardians play a central role in the Orbs PoS model – they are expected to be key participants within the Orbs Universe, who enforce the security of the network, align with the long term Orbs vision and actively work to make this vision a reality. A core role of the Guardians is to review the Validators, monitor their operations and ensure proper network operation and security by approving Validators that follow the protocol correctly.
There is no minimum amount required for staking on Orbs Network, you can stake as much as you like. Since ORBS is an ERC20 token, you will need to have ETH to pay for gas fee whenever you make a transaction (stake or unstake).
How to get Rewards of ORBS staking:
Token holders that delegate to an active Guardian are rewarded in proportion to their stake. Annual reward is up to 8% of the Delegators staked tokens (subject to an 80M Orbs Token cap on total rewards).
How ORBS unstaking works:
If token holders want to send an asset that is currently staked, they will need to unstake it first. The unstaking of tokens will take a full 14 days before they become available, therefore you will not be able to send the tokens immediately. The period during which the tokens cannot be transferred is called the “lock period”.
Here’s a simple 4-step process to stake ORBS on Moonstake Wallet:
- Register your Moonstake Web wallet (https://wallet.moonstake.io)
- From the wallet screen, select ORBS and click the “Stake Now” button.
- Confirm the staking information, then click the “Staking” button and enter your wallet password.
Moonstake was recently established to develop a staking pool protocol to satisfy increasing demands in regional and global blockchain markets. Moonstake develops a staking pool protocol and provides business services through partners and companies.
Moonstake aims to be the largest staking pool network in Asia by providing an active environment for crypto asset holders. Establishing a clear partnership roadmap with Moonstake represents another significant milestone for continuing to strengthen ties with leading platforms across Asia’s burgeoning Distributed Ledger Technology (DLT) ecosystem. Partnerships have been announced with Emurgo, Ontology and NEO to boost staking adoption, Binarystar, Japan’s biggest blockchain hub, OIO Holdings Limited (SGX: OIO), a Singapore-listed company. Industry’s reputed advisors, such as Lisk and Lawrence Lim of RAMP DEFI support Moonstake’s innovative journey.
With a full-scale operation launched in August 2020, we expanded our business and as of now, our total staking assets exceeded over USD 1 billion.