Orbitcoin: History, Features, Future Plans

Orbitcoin was born from the Internet, bringing the freedom of physical money to the virtual world while making payments easier and more secure in both worlds. Orbitcoin can offer an alternative to previous cumbersome and costly systems, and it can increase online business access to developing countries,as well as helping to advance open source science. Orbitcoin was one of the first 30 crypto-currencies to hit the world. At the birth of Orbit they gained much hate/fud calling their society a scam, a year later they’ve proven all the fud wrong.

ORB is an advanced POS/POW hybrid, the first in the world to issue a fixed POS reward and fix the entire POS system, thanks to their head of development Ghostlander, a well respected figure in the crypto community. Orbitcoin’s major distinguishing feature is that it uses proof-of-stake/proof-of-work hybrid system. The proof-of-stake system was designed to address vulnerabilities that could occur in a pure proof-of-work system. For example, there is a risk of 51% attacks in Bitcoin or Litecoin resulting from a monopoly on mining power (a 51% attack is when a single entity possesses over a half of the network hash power), which would possibly allow this entity to double spend coins. With a proof-of-stake system, a network attacker would also need to gain a large quantity of coins. This has the effect of making a monopoly more costly, and stops the risk of a monopoly from proof-of-work mining shares.

TRADING:

At today Orbitcoin is present on 5 important exchanges: Cryptsy, AllCoin, UseCryptos, AllCrypt and Comkort. The coin is traded against BTC/LTC/DOGE (crypto) and EUR/USD (fiat). Orbitcoin is now in the final voting phase for entering three more important exchanges C-Cex, SwapHole and Bter. Also, vote is at an advanced phase for a number of other exchanges, including MintPal.

MERCHANTS:

In their first year they’ve gained over 60 merchants/services. Already too much to mention here, but you can find them in their official forum. In the second year they plan to double that, giving Orbitcoin 180-200 merchants world wide.

SPECIFICATIONS:

– Advanced hybrid Scrypt proof-of-work (PoW) and proof-of-stake (PoS)
– 3.77 million coins to be produced
– 1 minute combined block target (3 minutes for PoW, 1.5 minutes for PoS)
– Retargets every block using Orbitcoin Super Shield (OSS)
– Time warp and instamining protection
– Advanced checkpointing against 51% attacks
– Transaction messaging supported
– 6 confirmations for regular transactions
– 200 confirmations for minted coins
– Very low transaction fees (most transactions are free)
– No destruction of transaction fees (all collected by a block finder)
– The default P2P port is 15298, RPC port is 15299
– I2P/Tor ready

POS INFORMATION:

– PoW and PoS blocks carry the same fixed reward of 1 ORB
– The 1st implementation of 0% PoS

SOCIAL MEDIA AND SOURCE CODE:

– Twitter account: https://twitter.com/Orbitcoin
– CryptoCoinTalk: https://cryptocointalk.com/forum/325-orbitcoin-orb/
– Facebook Page: https://www.facebook.com/orbitcoin
– GitHub: https://github.com/ghostlander/Orbitcoin