In this written interview, we introduce Orbs and talk about its huge potential for Web 3.0, Defi, NFTs and Gamefi.
Q1: What is ORBS and what does it hope to accomplish for Web3?
A: Orbs is an open, decentralized, and public blockchain infrastructure executed by a secure network of permissionless validators using Proof-of-Stake (PoS) consensus.
Orbs is set up as a separate decentralized execution layer operating between existing L1/L2 solutions and the application layer, as part of a tiered blockchain stack, without moving liquidity onto a new chain.
Orbs act as a “decentralized backend”, enhancing the capabilities of existing EVM smart contracts and opening up a whole new spectrum of possibilities for Web 3.0, Defi, NFTs and Gamefi.
Q2: What are the differentiating features of ORBS and how does it differ from other projects with a similar mission?
A: Orbs provide two different execution services that are currently not offered by any other projects in the crypto space:
Orbs Lambda – Decentralized Serverless Cloud Function
Orbs Lambda is an event-driven, serverless and decentralized computing solution, similar in concept to AWS Lambda – but decentralized.
Orbs Lambda is not meant to replace your smart contracts. It is a complementary solution that allows developers to enrich their business logic without sacrificing decentralization.
Orbs VM – Decentralized Docker-Based Virtual Machine
Orbs VM provides a dedicated decentralized virtual machine, similar in concept to AWS EC2 – but decentralized.
Orbs VM is not meant to replace your smart contracts. It is a complementary solution that allows developers to enrich their business logic without sacrificing decentralization.
Q3: For non-crypto natives, what does ORBS plan to bring to the user experience of crypto, and what will be its main applications?
A: Orbs’ goal is to remove centralized points of failure.
Defi, Web 3.0 protocols, and dApps are becoming more and more complex, while smart contracts are still inherently limited by design. This means that many Defi and Web 3.0 projects still rely on centralized backend infrastructure, which is not ideal from security, liability and community perspectives.
The Orbs Network solves this pain by operating as a decentralized serverless cloud, allowing developers to extend smart contracts with L3 decentralized backend services. These are deployed to be executed by Orbs PoS validators (known as Guardians) and relieve projects of the need to rely on centralized backend solutions.
Q4: Can you introduce your team to the readers? What relevant experience do they have and what projects have inspired them in their designs?
A: The Orbs team consists of 30 dedicated employees working in R&D, marketing, business development, design, finance, and management. More than half of the team are skilled crypto developers, the best the Israeli start-up nation has to offer, with extensive experience in Defi and blockchain technology.
The Orbs team HQ is in Tel Aviv, Israel, with additional offices in London, Seoul and Tokyo.
Find out more about the Orbs team here: https://www.orbs.com/team/
Q5: How did you achieve your funding requirements? Was it from an exclusive token sale or private funding? When was it?
A: Orbs engaged in a private sale of tokens to purchasers who were non-U.S. persons and who qualified as “accredited investors” or the equivalent under the laws of their applicable jurisdiction.
The private token sale began in September 2017 and concluded in March 2019. Proceeds from the private token sale were approximately $111 million.
Learn more about the Orbs token distribution here: https://www.orbs.com/assets/docs/white-papers/Orbs-Token-Distribution.pdf
Q6: What parts of the ORBS roadmap is the team most excited for?
A: The Orbs team is hard at work developing L3 use-cases.
One such use case is the Open Defi Notification Protocol which is a community-led initiative to provide users with decentralized and free mobile notifications for on-chain events, powered by the Orbs network. The Notification app already has thousands of active notifications for over 20 of the top Defi projects.
The team is working on several other exciting L3 use-cases, such as advanced trading orders for DEX-AMMs which are planned to launch soon!
Q7: Why did you choose to develop on Ethereum and Polygon?
A: Orbs utilizes its hybrid architecture and cross-chain capabilities to deploy a unique multi-chain PoS staking on Ethereum and Polygon.
This means that the Orbs network utilizes the Ethereum stack to its fullest potential: Harnessing the security of Ethereum as the base layer, and the scalability & low fees of Polygon as L2.
The Orbs multi-chain staking solution helped to mitigate one of the key drawbacks of the Ethereum network for Orbs Delegators – that of high fees as a result of gas spikes, and helped boost participation and inclusion for Orbs token holders in the Orbs PoS.
Q8: Why did the ORBS team choose to use a tiered blockchain stack? How does this differ from traditional blockchain architectures?
A: Orbs introduces a new and novel concept in the blockchain infrastructure space – that of an additional new layer to the existing blockchain stack.
The existing blockchain stack consists of 2 main layers:
- Layer 1 (L1), like Ethereum, is in charge of security.
- L2, such as Polygon, is in charge of scalability.
Orbs introduces a third infrastructure layer: L3 is in charge of executing more complex logics and scripts that cannot be implemented on smart contracts alone. This layer provides services to existing Defi applications for further decentralization and enhanced capabilities.
Q9: What is the primary use case of the ORBS token?
A: The Orbs Network is powered by the ORBS token, which is used for the settlement of fees and provides the system of incentives for the election of Guardians (the Orbs validators) using Proof-of-Stake consensus.
Q10: Why should users stake ORBS and what benefits should they expect outside of normal staking rewards?
A: The Orbs protocol is decentralized and executed by a public network of permissionless validators (who are referred to as “Guardians”) using Proof-of-Stake (PoS) consensus.
Orbs stakers, or Delegators as they are called, 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. Token holders that delegate to an active Guardian are rewarded in proportion to their stake.
Staking is a crucial part of the Orbs network, and the Orbs Delegators’ role is essential –
The delegated stake significantly increases the amount of stake that backs the network security and therefore increases applications’ trust in its operation. Moreover, the delegated stake plays an important role in preventing network attacks. An attacker that wishes to gain control of the network for a short period of time and act maliciously will need to possess more stake than the current network Guardians and their community in order to be elected.
Q11: How does ORBS plan to make smart contracts smarter, and what does it mean for the end-user?
A: Orbs L3 technology acts as a “Decentralized Backend”, enhancing the capabilities of EVM smart contracts and opening up a whole new spectrum of functionalities for Web 3.0, Defi, NFTs, and Gamefi.
Up until now these services were often executed using a centralized backend which exposes project participants to malicious behavior, increases liability, and is usually expensive and difficult to maintain.
Therefore, Orbs complements the existing blockchain infrastructure to make decentralized applications more robust, which is an important factor for advancing overall blockchain and crypto adoption
Q12: Are there any exciting updates, announcements, or partnerships coming up in the immediate future that you can disclose today?
A: Orbs recently announced a partnership with Polygon to lead the next batch of the Defi.org accelerator program.
This special round of the Defi.org accelerator will focus on building Defi applications that utilize Polygon’s L2 capabilities and Orbs’ L3 infrastructure. Participants will get a variety of benefits, including mentorship, funding opportunities, and market exposure.
The combination of L2 on Polygon and L3 on the Orbs network presents a unique opportunity for new and innovative Defi applications, and we’re excited to see what the community can come up with!
Q13: Where is the best place for the community to interact with you?
A: The best place to find out more information about the Orbs project is to visit our website, and join our social channels on Twitter and Telegram.
Q14: Why is Staking Rewards the best partner for your project?
A: Staking Rewards is the leading data provider for staking and crypto-growth tools.
With its advanced data tracking and features, Staking Rewards is the optimal solution for Orbs unconventional multi-chain staking, providing crucial information to Orbs Delegators and potential token holders.