Orchid (OXT) is the native cryptocurrency of the Orchid platform, a virtual private network (VPN) that utilizes blockchain technology.
Introduced in December 2019, Orchid promotes itself as the first incentivized, peer-to-peer privacy network in the world.
The platform's objective is to break internet censorship barriers by allowing users to use cryptocurrency to buy bandwidth from any provider within the network. This is executed through a system of probabilistic nanopayments, which are made using OXT, an ERC-20 token on the Ethereum blockchain.
These transactions occur off the blockchain, helping Orchid sidestep issues like congestion and high gas costs associated with the Ethereum network.
The service operates on a pay-as-you-go model, meaning users only pay when they connect, eliminating the need for monthly or yearly subscriptions.
Who Are the Founders of Orchid?
Orchid was founded by four entrepreneurs with backgrounds in blockchain and finance: Dr. Steven Waterhouse, Jay Freeman, Brian J. Fox, and Gustav Simonsson.
Dr. Steven Waterhouse, who serves as CEO, is a notable figure in the cryptocurrency space and was a co-founder of Pantera Capital, a venture capital firm known for backing some prominent companies in the sector.
Jay Freeman is known for developing Cydia, an alternative app store for jailbroken Apple devices, which is used by around 30 million devices.
Brian J. Fox created the first interactive online banking system for Wells Fargo in the United States back in the mid-1990s.
Gustav Simonsson is a key security developer for the Ethereum network and contributed to its initial launch in 2015.
The motivation for Orchid stemmed from Waterhouse's experience with a SIM-swap attack, which led him to explore improved internet privacy through VPN technology.
What Makes Orchid Unique?
Orchid aims to elevate VPN services by incorporating blockchain technology.
Through cryptocurrency-driven probabilistic nanopayments, the platform offers users a way to use VPNs anonymously without relying on a central server or facing risks linked to any one country's infrastructure.
OXT, being an ERC-20 token, is freely tradeable, providing an incentive for owners to hold and increase the network's value.
Additionally, users can purchase "Orchid credits" with regular currency. These credits can't be withdrawn or converted outside the network, but can be spent with providers. This feature is attractive to individuals who prefer not to deal directly with cryptocurrency.
Orchid's appeal extends beyond just cryptocurrency enthusiasts. The platform highlights a growing demand for internet freedom amid escalating geopolitical tensions and local restrictions.
The service utilizes Web 3.0 technology to emulate the open internet concept that emerged when consumer access became mainstream in the 1990s.
How Many Orchid (OXT) Coins Are There In Circulation?
Orchid has a total supply of 1 billion OXT tokens. While there is no inflation, token burns can lead to deflation as part of the network's routine operations.
Of this supply, 51.13% are reserved for network incentives and other uses, held within the Orchid Treasury. Additionally, 17.3% were distributed to investors through the seed Simple Agreement for Future Tokens (SAFT), 4.49% through SAFT 2a, and 3.38% through SAFT 2b.
The rest of the tokens are allocated to four development teams, with different vesting schedules based on each team's purpose and needs.
How Is the Orchid Network Secured?
As an ERC-20 token on Ethereum, OXT's security issues primarily concern the potential for attackers to access user data from the Orchid platform itself.
Since the smart contracts governing payments on the platform contain minimal information, vulnerabilities mainly exist on the user side. Developers caution that using third parties, such as major cryptocurrency exchanges, for purchasing tokens could allow an attacker to trace transactions back to the user's exchange wallet, potentially revealing their identity.
Where Can You Buy Orchid (OXT)?
You can trade OXT on several major exchanges like Binance, Kraken, and Coinbase Pro, where it is available in pairs with cryptocurrencies, stablecoins, and fiat currency.
For those looking to learn more about buying Bitcoin (BTC) and other cryptocurrencies, you can explore various options here."
