Orchid (OXT)
Last updated 29/09/2022
Official Website: https://www.orchid.com/
What Is Orchid (OXT)?
The native token of Orchid, a virtual private network powered by cryptocurrencies, is called Orchid (OXT) (VPN). Orchid, which debuted in December 2019, bills itself as the first peer-to-peer privacy network in the world. Its goal is to expand internet freedom by enabling anyone to buy bandwidth from any participating provider using cryptocurrency payments. This is accomplished through the use of so-called probabilistic nanopayments, which take place using OXT, an Ethereum-based ERC-20 standard token. Regular provider payments take place off-chain, allowing Orchid to circumvent Ethereum network issues like congestion and gas fees. Instead of paying monthly or yearly fees, consumers only have to make a financial contribution when they actually connect to the service.
The Orchid projects core concept is to employ blockchain technology to improve the current VPN experience. Users can take advantage of anonymous VPN usage that does not rely on a centralized server and the dangers connected with a particular country's infrastructure by using cryptocurrency-based probabilistic nanopayments. OXT offers owners a trading incentive to possess and boost network value as a freely tradable ERC-20 token. Users can buy so-called "Orchid credits" using fiat money using a different feature. In this situation, OXT can only be used to pay network providers; it cannot be withheld or converted elsewhere. This is meant to appeal to people who do not want to conduct business using cryptocurrencies.
However, Orchid's appeal extends beyond bitcoin users. In the face of escalating geopolitical tensions and municipal constraints, developers point to a growing desire for internet freedom. With the advent of widespread consumer access in the early 1990s, Web 3.0 technology was developed to provide some semblance of an open internet.
The major security risk associated with OXT, an ERC-20 standard currency on Ethereum, is the possibility of an attacker harvesting user data directly from Orchid.
The platform's smart contracts used for payments include relatively little information, therefore the user is primarily responsible for any weak links in the chain. As the creators point out, using third parties, such as significant exchanges, in token purchases for Orchid could ultimately result in an attacker discovering a user's identity by following transactions to their exchange wallet.
OXT has 1,000,000,000 (1 billion) units in stock. Although there is no inflation, the prospect of deflation is kept alive by the potential OXT token burns that could occur as part of normal network operation. A total of 51.13% of the supply is designated for network incentives (stored in the Orchid Treasury) and other uses. Investors received 17.3% of the seed Simple Agreement for Future Tokens (SAFT) as well as 4.49% and 3.38% of SAFT 2a and SAFT 2b, respectively. Four development teams will receive the remaining tokens. Depending on the use and final destination of the tokens, various vesting timelines are in effect.
Team
Orchid’s four co-founders come from the blockchain and financial spheres. They are Dr. Steven Waterhouse as CEO, Jay Freeman, Brian J. Fox and Gustav Simonsson.
Waterhouse is a well-known player in the cryptocurrency world. He also co-founded the venture capital firm Pantera Capital, which has made investments in some of the most well-known businesses in the sector.
Cydia, an alternative Apple App Store for jailbroken Apple devices currently utilized by about 30 million jailbroken Apple devices, was created by Freeman.
Fox was in charge of developing Wells Fargo's first interactive online banking system in the middle of the 1990s.
Simonsson, meantime, contributed to the initial 2015 launch of the Ethereum network and is one of its key security developers.
After falling prey to a SIM-swap attack, Waterhouse, according to government documentation, realized the necessity for increased internet privacy and started looking into VPN technology.
Roadmap
Pre-Release Orchid App - October 2019
Pre-release app that analyzes network traffic on your phone. Does not include VPN service yet
Orchid App and Network Release - December 2019
Orchid's network launch included the release of the Orchid Android app, the Orchid VPN client that runs in the app, and Orchid's in-app token, OXT.
iOS App Launch - July 2020
The Orchid VPN launched in the iOS Apple Store with a new in-app purchases feature. Orchid also launched a Mac OS client.
xDai Network Support - March 2021
Orchid launched support for accounts backed with XDAI for in-app purchases (IAPs). IAPs enables users to set up Orchid accounts and use the service with a credit card.
Where to store Orchid (OXT)
A trusted wallet provider for your Orchid (OXT) token could be Trust Wallet – a multi-currency mobile wallet that enables users to simultaneously store a variety of digital assets in one place.
Similarly, a user-friendly option to keep your $OXT secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting to your MetaMask wallet.
On the other hand, if you are looking for a safe offline storage solution, we recommend the leading hardware wallet provider Ledger.
Atomic Wallet is a popular custodial wallet option that can hold a wide variety of cryptocurrencies such as OXT making it highly desirable for users who wish to have a varied portfolio.
All ERC-20 tokens including Orchid (OXT) can be stored on the Ethereum blockchain using MyEtherWallet, allowing users to interact with the network without additional software.
Where to buy and sell Orchid (OXT)
You can Buy & Sell Orchid (OXT) by heading over to the Buy Coins page of our website. Orchid (OXT) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying $OXT has never been easier, simply place your order and provide your wallet address. Once your payment arrives Orchid (OXT) will be sent directly to your wallet.
If you choose to Sell Orchid (OXT) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on our Sell Coins page.
Orchid (OXT) Resources:
Website: https://www.orchid.com
Block Explorer: https://etherscan.io/
Twitter: https://twitter.com/OrchidProtocol
Reddit: https://www.reddit.com/r/orchid
Disclaimer: The information provided in this article is intended for informational purposes only. It is the reader's responsibility to complete their own research and due diligence.