Orbit Bridge has worked to overcome the ubiquitous scalability and connectivity limitations that have limited traditional public networks. Improvements and innovations increase accessibility and user experience, so blockchain-based protocols and services can be more integrated into real life.
Description of the Orbit Bridge project
Orbit IBC, which forms the backbone of Orbit Chain, is the world's first open Hub Chain network. This allows various chains to be linked to the Orbit Chain, and their digital assets can be freely processed and used within Orbit.
Some key examples - Orbit's DEX protocol, which supports asset exchanges, the Divine protocol, which allows lending and borrowing, using on-chain assets, and the Staking-as-a-Service protocol, which allows heterogeneous chain staking through Orbit. Orbit Chain, which has developed its own technology and services, is currently hosting over $30 million worth of assets on its network.
Distinctive features:
| 1 | Sending cross-network data between heterogeneous chains. |
| 2 | Users can send assets or data to any chain, connected to Orbit Bridge. |
| 3 | Robust, secure verification of multiple signatures. All consensus happens within the network, and all authority throughout this process is decentralized. |
Orbit Bridge — an inter-chain communication protocol that enables communication between heterogeneous blockchains. Previously, with Orbit Pegging IBC, assets were integrated and used on the Orbit Chain through inter-blockchain communication, including the Orbit Chain. Orbit Bridge IBC allows different blockchains to communicate with each other, using the Orbit Chain. It was built by using BFT multi-signature consensus to establish a decentralized, trustless consensus process. This allows users to use different assets on different chains across all dApps through simple transactions on each chain.
More about defi app
One bridge allows you to move assets between two different blockchains through the Locking/Vault, Release/Vault, Minting and Burning contracts that exist on each blockchain. For example, let's say you are sending an Ethereum asset, "ABC", to the Klaytn network. The “ABC” asset is sent to the Ethereum blockchain contract, and once the verification is completed, it is transferred to the Minting contract of the Klaytn blockchain. After that, a new “ABC” token is issued in Klaytn, corresponding to the assets, locked in Ethereum, by a set of validators that validate the Minting contract. Please note that Terra does not have a token minting feature, so you can add your assets to a heterogeneous chain, but you cannot receive assets from other chains. Orbit Bride transactions have some additional processes within the main standard process, depending on the From and To chain.