Interview with Daniel Yang | Orbit Chain
Interview with Daniel Yang | Orbit Chain
- Interview with Daniel Yang – 11 important answers about Orbit Chain.
- One of the best ways to better get to know a crypto project is to talk with that project’s founders and team members.
- DezentralizedFinance.com sat down with Daniel Yang, Product Manager at Orbit Chain to discuss the latest developments & updates from the Orbit Chain and the importance of cross-chain bridges for the Crypto and DeFi ecosystem.
Orbit Chain is a cross-chain project!
- About Orbit Chain: A blockchain by itself, cannot provide commercialized services. Existing blockchains have various problems, such as limited function, lack of convenience, energy inefficiency, incomplete decentralization, and immature governance mechanism. Therefore, we present Orbit, a new blockchain network architecture that solves all the problems mentioned above.
Question: Kindly introduce yourself and describe your crypto journey and share the moment/reasons why you joined the Orbit Chain.
- Daniel: Hello. I am Daniel Yang of the Orbit Chain team, undertaking project management. After graduating from university in China, I completed my master’s degree in the UK. During these five years of study abroad, I was able to broaden my view of the world and gain insight into what will change the world in the future. For about ten years so far, I have developed competencies in various fields such as planning, sales, community operation and management, interpretation and translation, and protocol and liaison. Before joining the Orbit Chain team, I worked for a blockchain project team for two years. It has been over three years since I joined the Orbit Chain team. Even before joining, I was convinced of the potential of the Orbit Chain project, and I have not changed my mind to this day. There is no doubt that Orbit Chain will connect everything.
Question: Describe the Orbit Chain & Orbit Bridge use case and the value that you are offering to the Crypto, DeFi and Cross-Chain ecosystem? What problems are you solving with your service?
- Daniel: Recent keyword in the blockchain industry is scalability to secure more TPS, more data processing, and Dapp friendly. But having better scalability does not always mean that it can solve interoperability between public chains. Because individual blockchains had been developed with different programming languages and have their consensus algorithm. That’s why this industry needs a hub chain to connect everything. Many projects are trying to be a hub chain to provide interoperability. However, we are only one project who already have commercialized IBC to make the blockchain world with the slogan Connecting the Unconnected.
- Orbit Bridge (*core product based on Orbit Chain) is an interchain communication protocol that allows communication between heterogeneous blockchains. Before, with Orbit Pegging IBC, assets were integrated and used within Orbit Chain through communication between blockchains, including Orbit Chain. Orbit Bridge IBC allows different blockchains to communicate with each other using Orbit Chain. It was built using a Multi-signature BFT consensus to establish a decentralized, trustless consensus process. Through this, users can utilize the various assets of various chains in all Dapps through simple transactions on each chain.
There is no doubt that Orbit Chain will connect everything.
Question: How important are Cross-Chain / Multi-Chain bridges for the crypto ecosystem?
- Daniel: In my apprehension, one of the core keywords in the current crypto market is cross-chain or multi-chain. While there are currently at least 100 active public chains, the number of bridges that connect these ecosystems is only about 50. Many of them only support 1 to 3 public chains. The fragmented blockchain ecosystem inevitably faces limits to growth in all aspects, including market capitalization, users (including token holders), and the number of Dapps. Bridges that help users access platforms and interoperate between protocols will be the only key to solving this problem.
- Orbit Bridge, which is used for the needs of users in each chain ecosystem, supports a variety of public blockchain ecosystems based on the interoperability of Orbit Chain. Various types of decentralized financial protocols exist in each ecosystem, and they require an environment that can meet the liquidity demand that occurs on-chain. At this time, Orbit Bridge becomes a channel through which liquidity from off-chain or other ecosystems can flow into it.
Question: Please describe your average target customer or user.
- Daniel: Since the bridge becomes a link to numerous public blockchains, the main target is those who use DeFi of major blockchains such as Ethereum, BSC, HECO, and Klaytn. There is no room for doubt that Orbit Bridge became the basis for the growth of several DeFi, such as Belt Fiance (BSC) and KLAYswap (Klaytn).
Question: Can you introduce your team to the readers? What relevant experience do they have?
- Daniel: Our team is composed of talented people with blockchain expertise, and our strengths are sorted into six categories.
- 1. Inter-chain communication specialized technology
- Supports connection between chains where communication has broken down using commercialized Inter Blockchain Communication technology.
- 2. Platform handling ability
- Possess experience in commercializing various types of blockchain as an on-chain service.
- 3. Blockchain node operation experience
- Stable service can be provided by operating hundreds of blockchain nodes for many years and participating in staking validators.
- 4. Smart contract development capabilities
- Developing smart contracts dealing with billions of USD in assets and collaborating with world-class security audit companies.
- 5. Token economy development/design capability
- It is possible to build a virtuous cycle token economy through the experience of developing token economy three times (ORC, KSP, BELT).
- 6. High level of understanding of blockchain
- Develop several official Dev tools, chain explorer design, and service operation experience.
Question: Please describe the basics of your (governance) token model / tokenomics.
- 1. Orbit Bridge — TAX
- In the case of a dynamic market flow, the value of the Orbit Bridge increases as assets move more actively. All of the generated TAX is used to buy back ORC in the market, and the bought back ORC leads to total burning, which increases the scarcity of the token.
- Since its launch, Orbit Bridge has supported the transfer of more than $13B of assets to date, resulting in an accumulated TAX of about 350,000. Orbit Bridge continues to expand its ecosystem. Major expansion strategies include connecting new blockchains and the link between the XRP Bridge and additional DeFi protocols.
- 2. Orbit Farm — REWARDS
- Orbit Farm is a new form of creating rewards by linking assets locked in the Vault on the Origin Chain with blockchain-based decentralized finance in the process of Orbit Bridge supporting the free movement of crypto assets. As a result, it further strengthens the existing deflationary model.
- The current Orbit Bridge is a tool in which the basis of the assets that are bridged and transferred to a heterogeneous chain is safely stored in the locking/bolt contract of the main chain (Source Blockchain). On the other hand, the Orbit Farm connects locked-up assets with the decentralized financial protocol that exists on the chain. Features designed to maximize utility in conjunction. Any value created during this utility maximization phase will be used to finance the buyback & burn program, increasing ORC scarcity.
- 3. Orbit Chain Governance — VOTING (DELEGATION)
- Orbit chain governance refers to an operating method in which actors in the Orbit ecosystem decide the direction and policy of Orbit together. It operates around a decentralized consensus, and the basic structure takes the form of representative democracy. In other words, all general holders who have delegated ORC to candidates cannot exercise their voting rights on the agenda. Instead, all candidates have the right to vote on the proposal with the ORC-based voting power delegated to them, thereby exercising influence over whether the proposal is passed.
Question: In which stage are you with your project at the moment and what can we expect in the next months? How is your strategy to grow your community and client basis?
- Daniel: Last year, we took major steps of “Connecting the Unconnected ‘’ including Orbit Farm launch, ORC Buyback & Burn program launch, 11 new blockchain connections, various partnerships, and related infrastructure improvements. Orbit Bridge has been strategically concentrated on Klaytn (KLAYswap) and BSC (Belt Finance) and achieved meaningful cross-chain asset liquidity and infrastructure. This year, we will build an extensive ecosystem based on the infrastructure under our “Connecting the Unconnected’’ slogan as we have built over the years. Updates scheduled for next month include the connection of Ethereum Orbit Farm and Solana Chain, and collaboration with related project companies is in progress.
- These are also a strategy for growing our community and client base. Although we cannot disclose in detail at this time, we will try to expand the Orbit Chain ecosystem, increase token value, and increase the number of users through various forms of domestic and overseas marketing. Orbit Chain is a project planned from a mid to long-term perspective. We ask for your interest and support.
Question: Please share your mid-and long-term roadmap with our audience.
- Daniel: 2021 was Pioneering & Development, and this year, we will spur on Advance & Expansion. To do this, we must put the following three plans into action.
- 1. Orbit Inter-Blockchain Communication (IBC) system expansion
- 2. Ethereum Orbit Farm & NFT Bridge
- 3. Orbit Chain 3.0
- The mid to long-term vision of Orbit Chain is to become a liquidity hub for a decentralized ecosystem based on connection. Meanwhile, Orbit Bridge serves as the backbone of the blockchain for building a liquidity framework necessary for various blockchain layers.
- This feature is a great help to form a cooperative structure with several blockchain developers, such as Ethereum, BSC, Polygon, and Klaytn. At the same time, we will expand its DeFi protocol globally to facilitate the activation of the bridge. With these two-track strategies, we would move up the time to achieve our vision, and we do not let up the growth of our ecosystem accompanied by exchanges with ORC stakeholders. In addition to the roadmap mentioned above, we will also focus on the renewal of the Orbit Chain website, strategic partnerships, and activation of the token economy, and we will keep you posted on our progress through the official Orbit Chain community.
Question: What are you looking for at the moment (funding, talent, network, development, community building, etc.)?
- Daniel: To speak honestly, everything you asked us is what we need. Talented people and sufficient funds are helpful in the development and expansion of the project, and the network is closely related to the value of ‘connection’ that Orbit Chain pursues. Development and community building are also not different from the keywords I mentioned above. This is due to the blockchain being development-oriented, and the community is the supporter and invaluable partner behind the Orbit Chain.
- We’re working on detailed plans into action to have it all.
Question: What do you believe is the next big thing in the Crypto, DeFi, NFT and Gamification ecosystem in 2022/2023?
- Daniel: The NFT market has grown to about $43B in the past year. It is predicted that the NFT market will continue to grow in 2022, and the competition of DeFi and NFT integrated platforms will become fierce. According to <Metaverse: Web 3.0 Virtual Cloud Economy>, Grayscale, a virtual asset manager, predicted that Metaverse could create a market worth 1 trillion dollars (about 1120 trillion KRW) by combining with NFT in the future. Our team is keen to respond to these market trends and will unveil NFT Bridge within the first quarter along with Orbit Farm.
Our NFT bridge will be a bridgehead to connect numerous metaverse/NFT to expand their ecosystem into heterogeneous chains.
Question: How to get in contact with your team and your community?
- Daniel Yang: Please refer to the information below.
- Daniel (Telegram ID): @paloalto11
- Contact: firstname.lastname@example.org
- Telegram (Korean): https://t.me/Orbit_Chain
- Telegram (Global): https://t.me/OrbitChainChannel
- Twitter: https://twitter.com/Orbit_Chain
- Medium: https://medium.com/orbit-chain
DezentralizedFinance: Thank you for your time and the great talk, it was really fun! Hopefully, we can repeat the interview in the future.
- Daniel: You are welcome, thank you for the great chat, and stay safe!
- Find more valuable interviews at DezentralizedFinance.com in our category Interviews.
- RISK DISCLAIMER: All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article’s content solely reflects the opinion of the writer, who is not a financial advisor. Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value, also to zero. Holding cryptocurrencies is very risky.