How does Orbit Chain (ORC) work?

Orbit Chain is a blockchain that facilitates the mobility and sharing of data maintained by several public blockchains. It was known as Orbit Bridge until the chain and token were completely renamed Orbit Chain.

Orbit Chain's Fundamental Concept (ORC)

The Orbit Chain concept enables asset transfers that are frictionless and connects token economies across networks. In contrast to current IBC services such as the Ren Protocol (Ren) and WBTC, which use IBC technology to give liquidity to the Ethereum ecosystem, Orbit Chain has achieved complete decentralization. In the case of Ren and WBTC, asset movement transactions are confirmed and relayed off-chain by hidden validators. It is not made clear how consensus is established. This means that their protocols are largely decentralized, which goes against the fundamental idea of blockchain.

The Orbit IBC Chain was intended to increase transparency, finality in block creation, and scalability of the bridge itself. It was not intended for simple token bridging, but for the creation of an ecosystem of entirely decentralized communication between disparate chains. Requests and execution are key starting points for diverse assets to be connected, without borders, between chains, just as locking tokens in token bridging is matched with a request and minting with execution.

1) Establishing Governance in the Origin and Destination Chains

Because Orbit Chain is open-source, anyone who wishes to take the initiative in moving assets with their own governance consensus can build up a vault within it. The major advantage of setting governance directly is that in an IBC with structured governance, general policy and direction, including asset selection, are defined by agreement, and no assets can be transferred unless consensus is reached.

Even if Orbit Chain has IBC governance that connects Ethereum and Klaytn, anyone who do not trust the established governance can set up their own IBC bridge. Furthermore, one entity can establish a distinct governance consensus between an Origin Chain and a Destination Chain. For example, the total number of validators and the minimum necessary signatures can differ between chains (e.g. Terra origin governance 4-of-7, Tron destination governance 3-of-5).

This IBC platform bridge highlights blockchain's trustless philosophy and is open sourced, allowing anyone to develop IBC to freely move assets. Bridge users may trust the validators that supervise and validate asset flow, so bridges are secure.

2) Scaling assets to make Orbit Chain the hub for multiple public chains.

Scalability of mobile assets is one of the most essential improvements of the new Orbit Chain（ORC）. Scalability of assets indicates that any asset from a public chain, rather than just a specific asset, can be moved to a heterogeneous chain if consensus is established in an IBC's governance.

How does the Orbit Chain (ORC) function?

Governance groups in the Orbit Chain system include the jobs of Operator and Validator. Bridging protocols either employ MPC-based transaction consensus or Multi-sig transaction consensus. Orbit Bridge employs multi-signature transaction consensus. The Operator, who sends data, and the Validator collaborate in this way to execute transactions efficiently and promptly. Furthermore, because the consensus and validation processes occur via transactions on Orbit Chain, they are visible and trustless. To fulfill their jobs, the validators use a separate private channel and a blockchain with no central authority.

Operator

– Relays the information needed by Governance for actual operation.

– Each piece data signed by the Validators is assembled and executed by forming a transaction that runs on the chain.

Validator

A group of Validators constituting Governance verify the TX generated by each chain and record verification in the chain to reach a consensus.