Proposal: Whitelist ORBS

DAO Archive (SUBMITTED)
1

This proposal is expected to appear on Snapshot for voting on 2021-06-21T12:00:00Z

Contract Address: 0xff56cc6b1e6ded347aa0b7676c85ab0b3d08b0fa

Project Website: https://www.orbs.com/

Discussion

Orbs is a public blockchain infrastructure designed for mass usage applications and close integration with Ethereum Virtual Machine (EVM)-based Layer 1 protocols such as Ethereum and Binance Smart Chain. Orbs infrastructure is open and permissionless, unlike private and permissioned blockchain solutions that are typically used for such applications. The Orbs protocol is decentralized and executed by a public network of permissionless guardians using Proof-of-Stake (PoS) consensus. The Orbs protocol relies on the ORBS token, which is used for the settlement of fees related to app execution and provides the system of incentives used to elect validating nodes (who are referred to as “Guardians”) in a secure and decentralized manner. The Orbs project includes a full blockchain stack designed and implemented from scratch by the core team, and is not a fork of any existing solution. The project is active on open source with over 150 repositories publicly available on Github. The codebase provides an end-to-end developer experience with everything needed to create and execute blockchain applications.

Tokenomics

As the native token for the network, the Orbs platform relies on the ORBS Token to fuel network operation and provide the means to pay the fees involved with operation of the consensus layer, execution of smart contracts and consensus-based storage, which are the three primary services provided by the platform - very similar how Ethereum relies on ETH to pay for smart contract execution. ORBS Tokens are also used to participate in the network’s proof-of-stake ecosystem - where tokens holders delegate their tokens to Guardians in order to elect them for the consensus committee.

The token distribution plan, beginning from the Orbs Network’s TDE on March 28, 2019, is as follows:

  • 55% for long term reserves for development, ecosystem and partners, including PoS rewards (vesting over 55 months from TDE)
  • 20% Team (vesting over 36 months from TDE)
  • 5% Advisors (vesting over 12 months from TDE)
  • 20% Private Token Sale (no vesting/lockup)

For additional details (including wallet addresses for each of the pools), see here: https://www.orbs.com/orbs-token-distribution/.

Orbs Guardians represent the Orbs community; they maintain the security of the network and they invest time and efforts in the network’s success. As the most significant stakeholders in the network, they are most suitable to provide applications developers the required security and availability. The Orbs Universe provides community members that are not constantly active an opportunity to contribute to the network by delegating their stake to Guardians.

Orbs Guardians and Delegators are eligible to receive rewards for their contribution to the network. Guardians are responsible for the staking rewards distribution to their community of Delegators. Staked tokens of both Guardians and Delegators are locked in the Orbs staking smart contract and are subject to a 14-day cooldown period prior to any withdrawal.

There is no minimum staking amount for Delegators. Guardians are required to have a self-stake of at least 8% of their total delegated stakes.

A maximum annual reward equal to 12% of total delegated stake is awarded to participants in the PoS Universe. ⅓ of the rewards are guaranteed to the Guardians (i.e., up to 4% annual reward maximum), while the default values for the distribution application grant the remaining ⅔ to Delegators (up to 8% annual reward maximum). With the latest upgrades to the PoS Universe, a new automated mechanism to set the level of rewards that will be distributed to their Delegators was enabled at the protocol level and featured as part of the updated Guardian interface. The mechanism calculates the amount of rewards that each of the Guardian’s Delegators is entitled to, based on the Delegators’ stake over time and the allocated ratio. The new automated tool allows the Guardians to modify the Delegators’ rewards split, while a minimum rate of compensation to Guardians is imposed by the protocol.

The staking reward is capped at 80M Orbs Tokens annually. If a larger percentage of Orbs token holders participates, the reward is allocated pro rata according to the Guardians’ effective delegated stake.

Community and Communication

The Orbs Network is a community-based project and cannot succeed without the collective effort of all participants, including the Orbs development team, Guardians, users and token holders. The Guardians are the key players responsible for network security and operation and are also expected to build a community of Delegators that trust them to truthfully represent their and the network’s interests. Guardians typically manage their own community channels, in addition to the channels run by the project development team. The recent updates providing the Guardians with the ability to set the level of rewards that will be distributed to their respective Delegators further tightens their relationships with their communities.

The Orbs team is highly engaged with its community through a plethora of channels such as: Telegram, Kakao, Twitter, Discord, Orbs blog and others. Orbs updates these channels on a regular basis to keep its community on top of the latest news. The best place to closely follow the project and read all about it is the Orbs website, which is available in three languages - English, Korean and Japanese. Orbs entire source code is available, as an open source, on GitHub.

The Orbs ecosystem consists of dozens of partners all across the blockchain industry, and provides an invaluable insight to the project’s level of deep connections, partnerships, collaborations and integrations.

Available Audits

Orbs received security audits on the token smart contract in May 2018 from SmartDEC, 80Trill and Bok Consulting Pty Ltd.

In February-March 2020, Orbs received additional security audits from SmartDEC and Bok Consulting Pty Ltd. on the V.2 smart contracts.

Audit reports are available at:

Market and Trading Data

References and Additional Links

Orbs white papers - White Papers - Orbs

Orbs GitHub - GitHub - orbs-network/website: Orbs.com website source code and build (served from github pages)

Orbs Twitter - https://twitter.com/orbs_network

Orbs Telegram channel - Telegram: Contact @OrbsNetwork

Orbs Discord - orbs-network

Orbs Market Data - Orbs price today, ORBS live marketcap, chart, and info | CoinMarketCap

Contact Orbs - Contact Us - Orbs

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WELCOME - I love seeing teams make their own proposals.

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Looks Good I will vote for this, really well constructed proposal.

Also make sure to add : "This proposal is expected to appear on Snapshot for voting on Monday 21st June 2021"

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Thanks tenzent - we edited the proposal to reflect your comment, and also to add a link to an additional security audit.

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