Inter-Blockchain Communication (IBC) is a technology that enables communication between heterogeneous blockchains. The need for IBC technology to connect the fragmented blockchain ecosystem continues to grow as new public chains continue to emerge and more dApps are developed. As the demand for network functions such as storage of personal information and decentralized finance (DeFi) increases, IBC is becoming even more critical.
Orbit Chain developed its own Inter-Blockchain Communication (IBC) technology with the aim of connecting the blockchain ecosystem. Since launching, Orbit Chain has established a new ecosystem where assets of different chains can be used on a single decentralized platform. In other words, Orbit Chain has thus far focused on being a hub for heterogeneous chains-- enabling a token economy with interoperability and scalability as heterogeneous assets enter Orbit Chain.
Orbit Chain has developed different decentralized IBC protocols where transactions are verified on chain depending on the use of the assets. These decentralized IBC protocols enable a number of chains and assets to enter Orbit Chain in a reliable manner. A variety of finance protocols were made to take advantage of this newly provided liquidity.
The various IBCs that Orbit Chain has deployed and the protocols that leverage the assets through them are as follows:
1) Normal IBC: Assets received through Normal IBC are utilized in Orbit's DEX Protocol, which supports exchange of assets, and the Divine Protocol, which supports the lending and borrowing of assets.
2) Staking IBC: Staking IBC supports the Staking-as-a-Service protocol to enable decentralized staking of the native assets of PoS-based chains from one end-point to another chain through Orbit Chain.
3) Token Economy IBC: When an asset moves from one chain to another, it helps maintain the token economy of that asset.
Orbit Chain realized the importance of connecting the fragmented blockchain world from the beginning. With proven technology and practical services created and developed through years of researching interchain, Orbit Chain has introduced its results to the market. In the future, Orbit Chain's interchain technology will extend beyond a single solution or service to provide flexible and seamless usability to users of a large assortment of public chains.
There is a wide variety of public platform chains in the market, and they all want plentiful liquidity in their network ecosystem so their chain is more actively used. The various tokenized assets in these networks have the goal of being recognized and holding value in a multitude of financial ecosystems including decentralized finance (DeFi). For example, USDT has been issued and used in various chains, but its utility as a stablecoin has been best recognized within Ethereum as it was used to meet the Ethereum ecosystem’s decentralized finance demands. Ethereum was able to certify the value of its network by holding USDT assets with a market capitalization of more than $16B USD. As such, free movement of tokenized assets to and from other networks is a benefit to both platforms and token foundations.
Orbit Chain aims to further push the status quo and make Orbit IBC a single, on-chain connection point for various platform chains and token projects through an open bridge platform that enables the establishment of validator sets that are separate from Orbit Governance.