The New ORBS Locking Mechanism

Eran Peled
Eran Peled

|

a year ago

blog

Update to the Orbs Network: Staking and locking your Orbs Tokens

Following an exciting first year for the Orbs Network, it is time to introduce the improved staking mechanism. Staking ORBS will allow each Orbs community member to contribute to the network security and operation, making it the first choice for enterprise applications.

During the first year of the Orbs network, token holders were only required to delegate their tokens to a Guardian in order to participate in the PoS ecosystem. After delegation, delegators were still able to transfer their tokens, which resulted in a minimal commitment and only a certain level of network security.

As the Orbs Network grows, and with it the focus on onboarding production-grade enterprise applications, a stronger incentive, and network security mechanisms are needed.

With those in mind, we are happy to introduce a new locking mechanism.

To learn more about the new locking mechanism, please see the detailed article.

To learn more about how to stake your Orbs tokens, see this detailed guide:

NEW New Staking

  • Staked ORBS tokens will be set to a locked state of 2 weeks (14 days)
  • The new staking contract went through professional auditing to ensure the security of the staked tokens. The source code is available for review at https://github.com/orbs-network/orbs-staking-contract
  • Introducing Tetra: the new Orbs staking wallet, to simplify the interaction with the staking contract

Locking Launch Timeline

  • A transition period of 3 months, meant to allow participants to learn and understand the importance of the new staking mechanism and to get on board.
  • During this period delegators will be able to continue using the 1st year staking mechanism.
  • Following the transition period, participation via the first year staking mechanism will be discontinued.

With the new locking feature in place, the Orbs PoS will be positioned along with the largest blockchain networks globally and will help provide the most secure Blockchain for enterprise usage.

Thank you to all those who have chosen to join for this exciting ride, we look forward to sharing this new period with you!

See also: How to use TETRA, Orbs’ staking wallet | Nate Simantov

MetaMask Security Overview and Connecting to Tetra Wallet | Eran Peled

We use cookies to ensure that we give you the best experience on our website. By continuing to use our site, you accept our cookie policy.