BitcoinUSD

  • Market Cap: $1,303,359,912,050.59
  • 24h Vol: $88,273,117,031.73
  • BTC Dominance: 42.45%
orchid

What Is Orchid? How To Buy, Expectations And Predictions. Everything You Need To Know About OXT

Orchid is a VPN that allows you to browse securely thanks to the Ethereum blockchain. It is therefore also available as an application for your smartphone or laptop. Here we take a closer look at how Orchid works, what OXT is and how you might use the application!

What is Orchid (OXT)?

Chances are you’ve heard of Orchid in the past. For example, there was also a large OXT airdrop in the past. But do you already know what Orchid is? Orchid is in fact a fairly new peer-to-peer (P2P) system that performs several functions. These features allow users to monitor and secure their Internet connection. Therefore, the main function of the network is also the VPN application.

VPN (Virtual Private Network) is a way to keep your internet data much more secure. For example, outside agencies (for example governments) cannot see what you do on the internet. IP addresses are also protected by means of a VPN, which provides even more privacy and security. Well-known providers of VPN applications are ExpressVpn and NordVPN. These applications are all centralized. That means the internet connection goes through them. Orchid is different in this area from the former providers of VPN connections.

Orchid is therefore a VPN application, but completely decentralized. The software is designed to be used as a custom VPN protocol. The service itself is very similar to services like OpenVPN or WireGuard. However, the Orchid protocol runs on WebRTC. This is a common web standard generally used to transfer videos and audio from internal browsers.

It allows users to leverage cryptography, offering their services through the Ethereum blockchain . Payments are received in OXT (Orchid’s crypto coin). Unlike centralized VPN providers, Orchid does not require you to pay a monthly fee. You only pay for the amount of bandwidth you purchase. This bandwidth can be offered by Orchid users.

Orchid also uses smart contracts . Payments are in fact received by these smart contracts. Only when bandwidth providers have done their work, it can take several months before a payout follows. The network does this to guarantee security for its users. Over time, the smart contract will ensure that users are paid for the work they have done.

Who are the founders of Orchid?

The four co-founders of Orchid come from the blockchain and financial world. They are Dr. Steven Waterhouse (CEO), Jay Freeman, Brian J. Fox and Gustav Simonsson.

dr. Waterhouse is a well-known figure in the cryptology industry as he is also a co-founder of the venture capital firm Pantera Capital, which is responsible for investing in some of the most popular companies in this industry.

Freeman is the creator of Cydia, an alternative Apple App Store for Apple devices, which is currently used by approximately 30 million Apple products. Fox was responsible for establishing the first interactive online banking system for US bank Wells Fargo in the mid-1990s. Simonsson is (meanwhile) one of the key security developers of the Ethereum network, contributing to its initial launch in 2015.

How does Orchid work?

As explained on the website and in the white paper, the Orchid network is based on four essential elements that make the network special: the application, the protocol, the nano payments and the cryptocurrency.

The Orchid application

The Orchid application is now available on iOS, Android, MacOS and Linux, and should be available on Windows soon. It gives you access to the Orchid network on different devices on different devices, and lets you adjust different settings. So this is very similar to the traditional centralized VPN providers. However, the difference is that this application contains a private key to verify the purchase of bandwidth.

The Orchid Protocol

The Orchid protocol is very similar to a classic Open VPN protocol. Specifically, the latter is a commonly used protocol because, given its nature, any publicly reported security vulnerability is usually patched by the community. It also bypasses most firewalls by supporting multiple ports. However, the Orchid protocol has a special property. It allows users to request access to remote network resources, using OXTs to pay for access to those resources. This happens with nano payments.

Nano payments

This nano payment system is arguably the most important part of the project and provides essential solutions for its development and sustainability. In a simplified manner, this system allows users to pay vendors with OXTs to take advantage of bandwidth. It is designed to manage high transaction costs and throughput requirements on the network, as well as deal with potential restrictions imposed by Ethereum. That is the blockchain that Orchid uses. The user does not pay directly to a supplier. The bandwidth supplier has the option of receiving a fee for using its bandwidth. This method is intended to reduce the costs of the service provider.

Orchid’s consensus algorithm is also unique. The bandwidth providers block OXTs during deposits and receive rewards for their work. The larger the amount they wager, the more rewards they are likely to get. If it is possible to withdraw all or part of the deposits, a period of three months is required before transferring funds that have been “blocked” during this period. In this way, this consensus system ensures the security of the network.

How is the Orchid network secured?

OXT is a standard ERC-20 token on Ethereum, and security risks revolve primarily around a hacker’s ability to steal user data from Orchid itself.

Since the smart contracts used for payments contain very little information, the weak links in the chain are mainly the users. As the developers of Orchid point out, the involvement of third parties in buying tokens to use Orchid (e.g. crypto exchanges) could eventually lead to a hacker learning a user’s identity by tracing transactions back to his exchange portfolio.

What makes Orchid unique?

Orchid’s main idea is to use blockchain technology to enhance the existing VPN experience. Nano-payments based on ERC-20 allow users to take advantage of anonymous VPN use that does not rely on a centralized server and the risks associated with a particular country’s infrastructure.

As a freely tradable ERC-20 token, OXT also offers a commercial incentive as more and more people want to own it. This can also increase the value of the network for the owner of these tokens.

A separate feature of Orchid allows users to purchase so-called Orchid Credits using a fiduciary currency. In this case, the OXT cannot be withdrawn and converted elsewhere, but only issued with the network providers. This feature is for those who don’t want to transact with crypto.

However, the use of Orchid is not only intended for crypto users. The developers point to a growing trend towards internet freedom in the face of increasing geopolitical tensions and local restrictions. Orchid’s target audience is therefore much broader than crypto users.

The benefits of a decentralized VPN

A VPN (Virtual Private Network) is a secure virtual connection that allows communication between two devices. Metaphorically speaking, it can be compared to a tunnel. The data sent over these connections is encrypted and protected so that it is unreadable in the event of interception. Using a VPN makes it possible to make the user’s IP address anonymous to the outside world.

So what is the importance of opting for a decentralized VPN, since a VPN has always ensured security? As always, decentralization has an important advantage: it no longer requires the involvement of a trusted third party. When dealing with such a sensitive subject as internet surveillance, the presence of a third party necessarily raises questions of good intentions and reliability. There is a lot at stake, since the third party sees exactly what its users are doing on the internet.

In the past, some VPN providers have been discredited for collaborating with governments (particularly in the United States and China ) by providing data to government agencies. In addition, others have faced significant security breaches (as in the case of NordVPN). These events prompted Orchid developers to develop a VPN that would be completely decentralized. This way, the security and privacy of the users can be guaranteed much better.

The network’s cryptocurrency: Orchid (OXT)

Anyone can use the Orchid network as long as you have a wallet with OXTs. It is a currency that has been available in various crypto exchanges since December 2019. Unlike the usual centralized VPNs, Orchid users don’t pay a monthly fee. They only pay for the bandwidth they consume to ensure the security of their connection. It is a “pay-as-you-go” payment system. It also has the functionality (as mentioned earlier) to pay the bandwidth providers.

Two entities audited OXT: Consentys and Certora, contributing to confidence in the currency. At the time of writing, Orchid’s market cap is $169,288,596, and Orchid’s value is approximately $0.46. The total supply of OXT is set at one billion units, limiting the possibility of inflation.

How much OXT is in circulation?

OXT has a reserve of 1,000,000,000 (1 billion) units. There is no inflation, but the possibility of deflation is maintained by possible suppression of OXT coins as part of the normal operation of the network.

Of the total supply, 51.13% is intended for the reimbursement of the network (in the Orchid Treasury) and other purposes. 17.3% went to investors under the initial Simple Agreement for Future Tokens (SAFT), 4.49% for SAFT 2a and 3.38% for SAFT 2b.

The remaining tokens will be distributed among four development teams. There are different acquisition schemes depending on the purpose and destination of the tokens.

OXT discontinue

Users of the Orchid application can only join the network if they have made a valid nano payment deposit in the smart contract. This allows them to issue tokens to the bandwidth provider. It is intended that a small portion of this deposit will be held as a security for “holding”. This is also known as strike.

Install Orchid VPN on iPhone

Do you want to use Orchid VPN on your iPhone? Unfortunately, this application is now only available in the United States. Nevertheless, we have found a trick to be able to use it.

  1. Change the region where you live by going to the App Store settings by clicking on your profile. Then choose Country/Region and switch to the United States.
  2. Once you have done this, you can search for the Orchid application and download it.
  3. Now you can reset your App Store settings to their original settings.

Once the Orchid application is installed, you need to take care of OXT credits. To purchase credits (or OXT), use Apple Pay, credit card, or a Paypal account. It is also possible to use a Metamask wallet.

Orchid rate and forecast

Where can you buy OXT?

There are several crypto exchanges where you can buy OXT. Think Binance , ByBit and Bitmex. In order to store OXT, you need a wallet that supports this cryptocurrency. Since it runs on ERC-20, the chances are very small that you have a wallet that OXT cannot keep. ERC-20 is the most widely used protocol when it comes to tokens and cryptocurrencies.

Do you own a lot of OXT? It is recommended to keep these coins in cold wallets. This is a wallet that you can disconnect from the internet. So it is in fact a piece of hardware. A hot wallet is the most commonly used form, and is always connected to the internet. This makes it a lot easier for hackers to steal OXT coins. So it is better to store smaller amounts of OXT in a hot wallet .

 

Leave a Comment

Your email address will not be published.