Orbs Update October 2020

Eran Peled
Eran Peled

|

a year ago

blog

In this update: Orbs PoS V2.5 ⁂ Locking of Team’s Tokens ⁂ DeFi Ecosystem Grant Program ⁂ State of the Network ⁂ Biz Dev Overview ⁂ Media Highlights ⁂ Meet the Orbs Team Vlog ⁂ Holiday Greetings

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Hi everyone!

Happy Rosh Hashana! (Hebrew new year)

And happy Chuseok! (Korean Thanksgiving)

Despite a short working month here in Israel with 3 major holidays back to back (Rosh Hashana, Yom Kippur and Sukkot), the team has been hard at work on Orbs PoS V2.5. In addition, there were some major announcements this month, including the locking of the Orbs team’s token allocation.

Read all about it in this month's update, here we go...

Orbs PoS V2.5: Combating the Gas Storms

The V2 Beta has overall been a great success, with the vast majority of Guardians participating and over 1 Billion ORBS tokens staked.

However, the period of the V2 Beta also saw a significant spike in gas prices for using the Ethereum network. This motivated the Orbs R&D team to further optimize the smart contract architecture built on Ethereum, thereby significantly reducing the gas consumption across the Orbs PoS Universe and Guardians’ running costs in general.

Read this Orbs PoS V2.5 Update to learn how the Orbs development team is addressing these new conditions:

ORBS POS V2.5 BLOG POST

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Locking of Team’s Tokens

Based on requests and feedback originating from the community, as part of the team’s commitment to a fair and transparent ecosystem and as an act of the team’s commitment to the vested interest of the Orbs Network and Universe, the team has voluntarily elected to place the entire team pool under the same locking mechanism that applies to all staking participants in the Orbs Proof-of-Stake Universe.

In order to maintain decentralization, alignment of economic interests and fair distribution, the team tokens will not be participating in any PoS elections and will not share in the PoS staking rewards divided among Delegators and Guardians.

More information in the following announcement:

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DeFi Grant Update

Orbs is excited to announce that the first Grant has been signed as part of the Orbs Ecosystem Grant Program (OEGP)!!

The granted project is in the field of liquidity provisioning and liquidity pools. The team is preparing a detailed description of the DeFi project which will be released to the community soon.

Orbs Token Integrity

Lately, the Orbs team has been getting a lot of questions from people wondering about various tokens with similar names to Orbs that are out there in different DEXs and DEFI projects.

We wanted to take this opportunity to properly clarify this important issue. The blog post below provides instructions on how to properly authenticate the correct Orbs project ERC20 token and serve as a resource to help the community avoid confusion, as they do their own due diligence on the tokens they interact with.

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State of the Network

The 6th round of Orbs rewards distribution was successfully completed! Here is everything you need to know about it:

As always, here is our monthly reminder to all the ORBS Delegators:

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:

https://staking.orbs.network/

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

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Business Development Update

The crypto industry is still new but looking back it seems to be moving in cycles. In the last adoption cycle peak, we saw that a major obstacle was inadequate blockchain infrastructure that could not support the booming innovation.

At this point in time, we think the correct course is to strengthen the fundamentals of a project - such as optimizing the PoS architecture, in order to be the best choice for blockchain adoption by enterprise and leading businesses. This is certainly a long-term play but its a calculated one.

The Orbs team has been working hard towards this goal by developing its architecture as well as building partnerships and co-operations with major industry leaders

Read all about it in this blog post:

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Media highlights

Global Blockchain Business Council (GBBC)

Ran Melamed, Orbs Head of Business Development, participated in the annual GBBC Blockchain Central UNGA.

Ran participated in a panel that discussed the evolution of blockchain and emerging technologies, efforts to impose sound governance, how these technologies are being utilized to good, and efforts to safeguard digital rights.

Twitter followers - new record!

The Orbs network twitter account (@orbs_network), has reached 25K followers! This is a great achievement. We are committed to providing top quality content to all our followers.

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Meet the Orbs Team Vlog

We think it's important for the community to get to know the team members better, as well as receive constant updates on the work that’s been done.

In this latest episode, Bar interviews Orbs co-founder: Netta Korin.

Netta discusses how she got into blockchain, some of the projects she's working on, and her view on the current state of the industry.

Don't miss this one!

If you have any questions for Netta, or any other member of our team, feel free to pop a question on the Orbs official Telegram channel, don’t be shy!

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Holiday Greetings

The Orbs team celebrates the Jewish new year, and wishes everyone health and happiness in the new year ahead!

To our wonderful Korean community, a special holiday greetings video from Orbs President, Daniel Peled, and the entire Orbs team. Happy Chuseok!

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With that happy note ends this month’s update.

As always, stay tuned to our social channels (twitter, Telegram) to keep up to speed with everything that’s going on in the project.

Until next time,

Yours truly,

-Eran

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