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Orbit Chain

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Discover Orbit Chain's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Orbit Chain?

Orbit Chain (ORC) is a multi-asset blockchain that enables seamless asset transfers and connects token economies across different chains. It is designed to provide a decentralized and scalable platform for inter-blockchain communication, allowing for the movement and sharing of data stored by various public blockchains. The native utility token, ORC, is used to cover fees, grants governance rights, and serves as an incentive to validators for securing the network.

How is Orbit Chain used?

Orbit Chain (ORC) is a multi-chain integration protocol that enables seamless connections between different blockchains, allowing them to interact and operate under a single interface. This protocol facilitates the exchange of assets between multiple blockchains, enhancing interoperability in the crypto space.

How do I store Orbit Chain?

To store Orbit Chain (ORC) tokens securely, you can use various wallet options. Here are some steps and considerations:

  1. Hot Wallets: You can store your ORC tokens on exchanges' wallets, such as Binance Wallet, or on crypto wallets like Trust Wallet. These wallets are convenient for frequent trading but are more vulnerable to security risks.

  2. Cold Wallets: For long-term storage, consider using cold wallets, which are offline and more secure. This option is recommended for holding your tokens for an extended period without planning to sell them.

  3. Multi-Asset Wallets: Atomic Wallet is a popular option that supports over 1,000 coins and tokens, including Orbit Chain. It offers private and secured storage, with 24/7 online support and no registration or KYC requirements.

  1. Metamask Wallet: Another option is Metamask Wallet, which supports millions of assets and blockchains. It can be used to trade your ORC tokens on decentralized exchanges.

  2. Security: Regardless of the wallet you choose, ensure you follow best practices for securing your wallet, such as using strong passwords, enabling two-factor authentication, and keeping your private keys safe.

By choosing the right wallet and following security guidelines, you can safely store your Orbit Chain tokens.

How to buy Orbit Chain?

To buy Orbit Chain (ORC) tokens, follow these steps:

  1. Create an Account on a Centralized Exchange:

    • Choose a reliable centralized exchange like Binance, Coinbase, or Gate.io.
    • Register an account by providing necessary information, including your email address and a secure password.
    • Complete any required identity verification steps.
  2. Choose a Funding Method:

    • Exchanges offer multiple payment methods, such as:
      • Credit or debit card (Visa and Mastercard are commonly supported).
      • Bank deposit using SWIFT.
      • Peer-to-peer (P2P) trading.
      • Third-party payment channels.
  3. Buy Orbit Chain (ORC):

  • In the exchange's Buy & Sell section, select Orbit Chain (ORC) as the cryptocurrency you want to buy.
  • Choose the order type and set the amount you want to purchase.
  1. Transfer ORC to Your Wallet:
    • Once purchased, you can hold the tokens in your exchange account or transfer them to a personal cryptocurrency wallet like MetaMask.
    • MetaMask supports millions of assets and blockchains, allowing you to trade your Orbit Chain (ORC) on decentralized exchanges.

Additionally, you can also buy Orbit Chain (ORC) on decentralized exchanges (DEX) like Uniswap V3 (Ethereum) by following these steps:

  1. Set Up a Web3 Wallet:

    • Download and install a Web3 wallet like MetaMask or Trust Wallet.
    • Create and set up a new wallet.
  2. Transfer Mainnet Cryptocurrency:

    • Transfer the mainnet cryptocurrency (e.g., ETH) to your self-custody wallet address.
  3. Connect to the DEX:

  • Connect your wallet to the DEX by clicking "Connect Wallet" and following the instructions.
  1. Swap for Orbit Chain (ORC):
    • Find the "Swap" option on the DEX.
    • Choose the token you want to trade from the dropdown menu in the "From" section and Orbit Chain (ORC) in the "To" section.
    • Set the amount and confirm the swap.

Remember to research the exchange's reputation, read user reviews, and compare different exchanges to choose the most suitable one for you.

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History of Orbit Chain

The Orbit Chain (ORC) is a cryptocurrency project that was launched in 2019. It aims to create a scalable and secure hub that connects multiple assets on its chain. The ORC token serves as the native utility token of the Orbit Chain ecosystem, primarily used to cover fees accumulated for using the network, grant governance rights, and incentivize validators for securing the network.

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How Orbit Chain works

Orbit Chain (ORC) is a multi-chain integration protocol designed to facilitate seamless connections between different blockchains. This allows various blockchains to interact and operate under a single interface, enhancing interoperability in the cryptocurrency space. Here's a detailed overview of how it works:

Governance Structure

Orbit Chain's governance is composed of two key roles: Operators and Validators.

  • Operators: These are responsible for relaying the necessary information for actual operations. They assemble and execute transactions by combining data signed by Validators, ensuring that the transactions run smoothly on the chain.

  • Validators: A group of Validators, forming the Governance, verify transactions generated by each chain and record their verification on the chain to reach a consensus. This consensus process is transparent and trustless, ensuring the integrity of the transactions.

Consensus Methods

Orbit Chain uses two consensus methods for bridging protocols:

  • MPC-based Transaction Consensus Method: This method involves multi-party computation to validate transactions.
  • Multi-sig Based Transaction Consensus Method: Orbit Bridge employs this method, where multiple signatures are required to validate transactions.
Asset Transfer and Scalability

One of the significant upgrades of Orbit Chain is its scalability in terms of movable assets. This means that any asset from a public chain can be moved to a heterogeneous chain if consensus is reached in the governance. This scalability is achieved through a decentralized governance structure, where anyone can set up their own governance consensus to transfer assets.

Decentralized and Trustless

Orbit Chain stands out from other IBC offerings like Ren Protocol and WBTC by achieving complete decentralization. Unlike these protocols, where transactions are verified and communicated off-chain by hidden validators, Orbit Chain's consensus process is transparent and trustless. This transparency and decentralization make the bridge more scalable and secure.

Open-Source and Customizable Governance

Orbit Chain is open-source, allowing anyone to create their own governance consensus for transferring assets. This flexibility enables users to set up their own IBC bridges with custom governance structures, ensuring that assets can be moved only with consensus. This open-source approach aligns with the trustless philosophy of blockchain technology.

Interoperability and Ecosystem

Orbit Chain's primary goal is to establish an ecosystem of completely decentralized communication between heterogeneous chains. By seamlessly connecting token economies across chains, it enables the free movement of assets without boundaries. This interoperability is crucial for the growth and integration of the cryptocurrency space into mainstream finance.

Overall, Orbit Chain's decentralized governance, transparent consensus methods, and open-source nature make it a robust and scalable solution for multi-chain integration, enhancing the overall ecosystem of cryptocurrencies.

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Orbit Chain's strengths

The token Orbit Chain (ORC) has several strengths that contribute to its potential and value in the cryptocurrency market:

  1. Scalability and Interoperability: Orbit Chain allows for seamless asset transfers and connects token economies across different blockchain networks, enhancing interoperability and scalability. This feature sets it apart from other IBC offerings like Ren Protocol and WBTC, which are not fully decentralized.

  2. Governance and Security: The Orbit Chain system employs a governance model with roles like Operator and Validator, ensuring transparent and trustless transactions. Validators use a separate private channel and a blockchain without a central authority to complete their tasks, adding to the security of the network.

  3. Native Utility Token: ORC is the native utility token of the Orbit Chain ecosystem, primarily used to cover fees and grant governance rights. It is also paid out as an incentive to validators for securing the network, which helps maintain the integrity of the blockchain.

  1. Partnerships and Ecosystem: Orbit Chain has a diverse ecosystem of blockchain-based solutions, including Orbit Bridge, Orbit Chain Explorer, Orbit Chain Governance, and Orbit Farm. It has partnered with several prominent blockchain projects like Polygon, ONTology, and Conflux, expanding its reach and potential.

  2. Long-Term Price Potential: According to price predictions, Orbit Chain is expected to increase in value over the long term, with average prices projected to reach $52.84 by 2030, indicating a potential for significant growth.

These strengths position Orbit Chain as a promising cryptocurrency project with a focus on interoperability, security, and scalability.

Orbit Chain's risks

Orbit Chain (ORC) is considered a high-risk investment due to its significant volatility. This volatility is reflected in the token's price movements, which can be influenced by various market and technological factors. The risk gauge rank for ORC indicates that it is currently a high-risk investment, suggesting that traders focused on risk assessment should exercise caution.

Additionally, the proprietary scoring system used by InvestorsObserver evaluates how much money was required to move the price over the past 24 hours, taking into account recent changes in volume and market cap. This analysis also assigns a high risk rating to Orbit Chain, indicating that it can be heavily influenced by limited trading activity.

Investors should be aware that the success of ORC depends on market demand, user adoption, and competition from similar platforms. As such, it is crucial to conduct thorough research and consult with a qualified professional before making any investment decisions in Orbit Chain.

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Did Orbit Chain raise funds?

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Orbit Chain's ecosystem

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Orbit Chain’s team

  • Daniel Yang: Product Manager at Orbit Chain, responsible for discussing project developments and updates. He highlights the team's strengths in inter-chain communication, platform handling, blockchain node operation, smart contract development, token economy design, and blockchain understanding.

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