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What is Orbs (ORBS)?
Orbs is a public blockchain platform offering scalability, low fees, performance, security, and user-friendliness. Designed for mass-use applications, Orbs supports a full blockchain stack and delivers practical blockchain solutions for enterprises and large-scale consumer applications.
Launched in 2017, Orbs was developed by a team of experienced engineers, entrepreneurs, and scientists, utilizing blockchain virtualization and randomized proof-of-stake (RPoS) to enable blockchain scalability. The platform employs the ORBS token, which calculates commissions for executed applications and incentivizes validators, ensuring network integrity.
Who are Orbs' Founders?
Orbs was founded by Daniel Peled, Tal Kol, Netta Korin, and Uriel Peled, all of whom bring diverse expertise in areas such as fintech, blockchain applications, investment banking, and AR/VR startups. Orbs' unique selling point is its ability to complement Ethereum's existing standards, allowing DApps on the platform to enjoy the benefits of both chains simultaneously, including security, liquidity, low fees, scalability, and access to payment infrastructure.
Roles within the Orbs platform ecosystem include delegators, who are ORBS token holders that assign their voting weight to guardians responsible for maintaining network safety. Orbs has also developed two technologies, virtual chains and randomized proof-of-stake (RPoS), which enable DApps to deploy their own separate virtual chains for performance optimization and maintain security and decentralization.
How is Orbs Secured?
The Orbs network relies on a proof-of-stake (PoS) ecosystem for security and smooth operations, with the randomized proof-of-stake (RPoS) consensus mechanism ensuring both speed and security.
Orbs (ORBS) Pros and Cons
- Scalable, public blockchain infrastructure.
- Complements existing Ethereum standards.
- Virtual chains and RPoS technologies for performance optimization and security.
- Network roles ensure decentralization and integrity.
- Dependent on Ethereum's ongoing development.
- May face competition from other scalable blockchain solutions.
- The project itself is not open source.
Orbs (ORBS) Review
Orbs presents an innovative public blockchain infrastructure that combines scalability, low fees, and performance with a user-friendly approach. Its compatibility with Ethereum's existing standards and the introduction of virtual chains and randomized proof-of-stake (RPoS) technologies make it an attractive platform for DApps and large-scale consumer applications.
However, Orbs' reliance on Ethereum's development and competition from other scalable blockchain solutions may present challenges moving forward. It's also worth adding that the smart contract is not open source. This may potentially lead to risks like the containing of malware in its source code.
Our security review also uncovered more details on the project. Like the presence of mint functions, a hidden owner, and a function that enables contract owners to edit anyone's balance on the block, all found on multiple contracts. While these functions seem to be utilized as intended, they could contribute to future security vulnerabilities. We aim to ensure you are aware of these features and determine your own acceptable risk threshold.
Is Orbs (ORBS) a Scam?
Orbs don't seem likely to be a scam. The project was founded by a team of experienced professionals with diverse expertise in areas such as fintech, blockchain applications, investment banking, and AR/VR startups. Additionally, Orbs' innovative approach to scalability and compatibility with Ethereum's existing standards demonstrates the project's commitment to providing practical blockchain solutions for a wide range of applications.
But like any other investment, this project is not immune to risk. Doing your own research (DYOR) is of utmost importance for potential users and investors. Investigate the project, the team involved, and their objectives to understand and evaluate the risks before deciding to invest. Be cautious and only invest money you can afford to lose, as the crypto space has a reputation for scams. Following these practices will help you dodge unsound decisions and investments.
If you enjoyed this read, we encourage you to discover more about Aragon, an open-source project built on Ethereum. It was designed for helping to make and manage DAOs.
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