The Weak Blood Orb stores a maximum of 5,000 LP, which is why your network won't increase. The altar is probably staying at 0 because you haven't fully filled the internal storage buffer of 1k LP. As @
ICountFrom0 said, the altar is used for crafting, while the orb is used to store LP in your network. The network is used as a fuel source for items such as the Lava Crystal and Bound Tools.
The orb not showing a name is probably just a visual glitch. If it ever stops taking LP and the maximum for that tier hasn't been hit, then it has (for some reason) reset itself.
If you want a general guide for everything in Blood Magic except for the spells and alchemy, there's a
written guide here. If you want a visual one, @
Vaygrim did a series of tutorials, covering everything from T1 to the alchemy system. If you have any questions you want answered, feel free to ping me.