Ever since it came to be, Ethereum was viewed as one of the most important crypto/blockchain projects in the industry. It shifted the gaze from the cryptocurrency towards the blockchain, and it started the trend that kept unlocking blockchain's full potential ever since. Thanks to Ethereum, the crypto and blockchain industries are now focusing on new use cases, dApp development, smart contract usage, and more.
Of course, for all the good it brought to the industry, Ethereum does have its fair share of flaws and issues. It has high fees, and it is only a bit faster than Bitcoin, which still makes it way too slow to meet the demands of the modern day crypto industry. This does not only bring a negative impact on ETH-based transactions, but also on dApp usage and development, as many of them constantly use microtransactions that tend to take a long time to be processed.
While many projects started offering similar benefits as Ethereum in the last few years — most of them being significantly improved — there are some projects that aim to build on top of Ethereum and help resolve its issues. One such project is Orbs.
Orbs is a project that aims to bring consumer-scale to Ethereum assets. It is a public blockchain that has a goal to act as a production layer that would complement ETH. In other words, by adopting Orbs and Ethereum at the same time, dApps would be able to make use of the best from both of these chains. They would see much higher security, liquidity, and ecosystem integration. At the same time, they would have lower fees, a sustainable fee structure, and production-ready scalability.
The combination of the two chains and their features comes as the optimal solution that would allow apps with millions of users to start adopting blockchain with more ease. Many have speculated that eliminating Ethereum's problems, and using its popularity and quality would be all it takes for some of its dApps to go mainstream, which is what Orbs plans to contribute to.
The project managed to develop two game-changing technologies to achieve this — Randomised PoS, and Virtual Chains. Virtual Chains are intelligent sharding, and they can optimize usage by allocating one lane per app, instead of randomly splitting traffic. As for Randomized Proof-of-Stake (rPoS), this consensus would allow greater security and decentralization. Of course, Orbs also came up with its own token, and is currently planning to hold a token sale.
Orbs' ICO has been announced, but the time and date of the token sale have yet to be speculated. Still, there are a few details that are already known, including the token's ticker — ORBS. It is also known that it is a utility that was, of course, developed on Ethereum's network.
The token's preICO price will be the same as its ICO price, which is to say — $0.1 per 1 ORBS. However, investors will be able to obtain the token in exchange for Ethereum, Bitcoin, as well as fiat currencies. The project has set up a soft cap of $30 million, and a hard cap of $133 million.
Finally, the project was registered in Israel, and anyone who goes through KYC procedure will be able to participate, apart from investors based in the US.
|Start||July 1, 2019|
|End||September 30, 2019|
|Soft cap||$30 000 000|
|Hard cap||$133 000 000|
|Minimum investment||1 ORBS|
|Accepting||ETH, BTC, Fiat|
Apparently, Orbs is from the cohort of projects that compete with the Ethereum network for the ultimate right to rule all platforms for smart contracts and dApp development. They need to push Ethereum off the throne before the Buterin team resolves the scalability issue and launches the 2.0 version. Because after that, Orbs, and the rest of the projects that operate in this sector, would be done with. The Orbs Universe is yet to prove its ability to deliver on their promises, so we would have to wait for more concrete results.
The combination of Orbs and Ethereum is definitely the future for the development of dApps. Once Ethereum upgrades to the 2.0 version, it would become the one-and-only go-to place for the developers. Certainly, unless Orbs manages to properly adapt to this newer version and come up as an improved solution, as it is right now. From a technical standpoint, Orbs is almost impeccable. I am certain that their Gamma solution has a few bugs here and there, but with such an experienced team, which Orb has, I am convinced that they will smooth things out eventually.
The project was received excellently by the crypto community, with many claiming that it is among the first credible Layer 2 protocols. It has a well-thought-out white paper, and its contribution to ETH is believed to be exactly what the ecosystem needs. Of course, it is an ambitious project, which is why it has to go slowly. After all, it did not even hold its ICO yet, despite the fact that it was announced about a year ago.
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