Orbs Update July 2020
In this update: Orbs PoS Universe ⁂ New Locking Feature ⁂ New Validator ⁂ Media Highlights ⁂ Exciting Teasers ⁂ Return to Office ⁂ Nate’s Farewell
Welcome back to our monthly recap everyone!
It’s been a while since our last update. Nevertheless, be assured that the Orbs team has not been idle in the least. In this update we will focus on some major news in the Orbs POS Universe: The new staking contract, locking feature coming into full effect, latest reward distribution, and joining of a new Validator.
BTW, this is my first update, I hope you will find it informative!
State of the Network
A lot has happened this past month in the Orbs POS Universe, with yet many more updates yet to come:
Transition to New Staking Mechanism
The new Orbs staking mechanism transition period has officially ended on July 1st, with ~550M ORBS staked!
We have seen a great effort throughout the transition period to reach this impressive accomplishment. Well done to all Orbs Validators, Guardians, and Delegators who took part in this major milestone!
Given the current positive momentum, we can expect an increase in locking by Delegators, and in fact, since July 1 the staking has exceeded 600M Orbs (see chart below).
Let’s continue with this great effort!
Remember to Lock Your Tokens to get Rewards
FROM NOW ON ONLY LOCKED TOKENS WILL BE ELIGIBLE FOR STAKING REWARDS
Be sure to stake your tokens using the new Tetra wallet:
You can make sure that your tokens are properly locked here:
https://orbs-network.github.io/voting/reward
Learn more about the locking mechanism:
Introducing Locking When Staking Orbs
Rewards Distribution
On July 06, 2020, Orbs network rewards distribution occurred.
The rewards for participants who have not staked their token in the new staking contract were distributed to the recipients’ addresses on Ethereum.
Note: As stated above, this is the last rewards distribution for such participants, as starting with election 143 only tokens staked in the staking contract will participate in PoS.
For more information, see this blogpost by Andrey:
5th orbs rewards distribution summary
Here are some interesting statistics about the last election event:
- Total staked ORBS: 1,024,913,859 !!
- Total number of Delegates: 1,731
- Guardians voting weight distribution:
- Old vs new staking mechanism comparison:
All in all, the network is exhibiting very healthy metrics. The transition period can be labeled as a success and yet there’s much more work ahead to be done.
A big thank you to the community for their amazing contribution, well done!
The network continues to grow! – New Validator Announcement
Last but not least, a new validator node recently joined the Orbs network, operated by The Guardians of Blockchain, good luck!
Media Highlights
iFX EXPO
Ilan Sterk, Orbs’ expert on the crypto market, participated in a panel hosted by iFX EXPO titled: Refocusing the Crypto Industry’s Vision Post-Corona: New Priorities & New Strategies for Adoption.
Ilan Sterk (Orbs) on the extensive research on #Bitcoin price manipulation and its impact on other assets, #CBDC's (Central Banks Digital Currency), and how #Covid_19 changed public perception of #crypto, #halving, and price movements:https://t.co/xmPQINWRDz w/ @iFXEXPO @binance
— Orbs (@orbs_network) June 21, 2020
World Economic Forum Collaboration
Orbs is proud to take part in the latest World Economic Forum report on gov transparency and fairness guarantees in public procurement!
This initiative was led by @Dannyhbrown from the Orbs team, well done Danny!
Orbs with @Dannyhbrown are proud contributors to the latest World Economic Forum report on gov transparency and fairness guarantees in public procurement!
Report: https://t.co/D2YEApG3U1More: https://t.co/R3Qy2DaKem
Thanks @wef @sheila_warren @snesbitt @AshleyLannquist @sumdesh— Orbs (@orbs_network) June 25, 2020
In Case You Missed It
Top posts from Orbs team: Track & Trace Solution
The Orbs team is working in collaboration with a leading US-based manufacturer on a track & trace solution built on top of the Orbs blockchain. The solution will provide a comprehensive tool to track each product as it leaves the manufacturing plant line up until the point of sale. Such a solution has the potential to effectively mitigate real pain points such as counterfeits, stolen goods, brand protection issues, and more, which all eventually lead to substantial loss of revenue.
Private blockchains, such as IBM Hyperledger, also offer supply chain management solutions. However, they lack the ability to offer multiple partners guarantees of inclusiveness, fairness, and best economic value. The Orbs team believes that in the long run, the future will favor public blockchain-based solutions because of a variety of reasons, such as guarantees, interoperability, permissionless open protocols, and more.
Interesting reads:
- GBBC Open Source Ideas: Examining Vulnerabilities of Voting Machines, an interesting article about voting in the USA
- Read about blockchain technology adoption in the Middle-East in this Forbes article: Saudi Arabia Central Bank Leads The Way With Blockchain-Powered Transfer
- Orbs’ report on how blockchain technology could cut down on wasteful government spending is mentioned in this Decrypt article: Facebook-backed startup is using blockchain to power digital food stamps
Exciting Stuff Coming Soon
Some of you may have heard the rumor about the upcoming Orbs POS V2: Age of Guardians. In the last few months, we have been busy discussing the proposed new features with the Orbs Guardians, getting their important feedback and contributions.
There is not much more we can say about this issue at the moment. We will publish our proposal for the community to review soon!
In the meantime, enjoy this awesome poster by our very own @Marina!
In addition, we are working on updating our Orbs.com website, giving it a much-needed facelift with up to date content and new design. We will also add a resources and FAQ page so that all visitors will be able to find the information about Orbs they are looking for quickly and easily.
Return to Office
The Orbs team has been slowly getting back to working from the office, following all health instructions and regulations. It certainly feels good to get back to the pre-COVID19 routine, being able to meet friends and colleagues face-to-face rather than through a screen.
On a more personal note, we would like to say a huge thank you to Nate Simantov, who has been part of the Orbs family for the past two years.
Nate has been at the forefront of the Orbs community channels, always quick to offer support, or lift everyone’s spirit with his endless arsenal of memes and GIFs.
Nate’s contribution to the project is very much appreciated and we wish him luck with his future endeavors.
Although leaving his official position in the Orbs team, Nate is and will stay a proud member of the Orbs community.
Good luck!
Stay safe and healthy,
Yours truly,
Eran
