The Orchid platform is a decentralized bandwidth marketplace that enables the use of blockchain technology in a virtual private network (VPN). It is a dedicated type of software that is aimed at empowering a network of computer systems to regulate and maintain a decentralized VPN. Orchid establishes a trusted, secure distributed VPN on the Ethereum blockchain across a network of multiple users. This software aims to build an app that ensures users have the utmost privacy when browsing websites or apps. That is, leaving no data trail that can be tracked by a third party.
Orchid goes beyond being software; it also plays the role of a decentralized digital marketplace. A marketplace for bandwidth providers willing to sell and individuals that need bandwidth ready to buy. This transaction is possible using Orchid’s OXT cryptocurrency, which is used as the payment currency. Buyers pay sellers for their virtual product with Orchid (OXT) crypto. Buyers make use of this Orchid to get maximum protection from internet snoops, unblock websites protected by Firewalls, and multiple privacy reasons.
The bandwidth buyers and the bandwidth sellers are the only two significant parties that take part in Orchid. Once a buyer and seller have agreed, the already encrypted peer-to-peer connection gets routed to the buyer through the seller’s internet server.
The Orchid network makes use of a flexible probabilistic nano-payment structure. This means that it deducts little payments from your Orchid (OXT) wallet to pay for your internet. This structure provides a streamlined, seamless, and secure service for many users at a time. It also limits the exposure of user information when sensitive transactions are posted to the public blockchain.
It is safe to say that there are two parts to orchid as a whole; the app and the token. The app serves as the peer-to-peer VPN tool that permits users to browse securely, while the token, besides being the cryptocurrency used to pay for the app’s VPN services anywhere in the world, can also be exchanged with other token styles such as CRO tokens.
Who are the Founders of Orchid (OTX)?
Orchid was founded by an organization called Orchid Labs. Orchid Labs was founded by Dr. Steven Waterhouse, Brian J. Fox, Jay Freeman, Gustav Simonsson, and Stephen Bell. The company is essentially a profit-based scheme that puts its clients first.
By 2020, Orchid had raised 48 million USD through nothing less than three token sales, which have granted their investors the opportunity to purchase Orchid (OXT) crypto at a much later date. The company officially launched its desktop app in July 2020, during the pandemic.
What is Orchid (OTX) used for?
Orchid was created to fuel a decentralized virtual private network (VPN) in order to abolish some of the vulnerabilities of traditional VPNs.
Regular VPNs are vulnerable because when all internet traffic is routed through a single provider, there is a possibility for a third party to abuse sensitive information. Some VPNs log in user activities which are dangerous as they can be tracked. And while some VPNs don’t do that, they could be summoned by government officials and be prepared into giving out user data of one kind or another. However, Orchid uses top-tier blockchain technology to keep user information and data privacy in a way that traditional VPNs cannot, similar to the operation of Monero. It also keeps users and their transactions anonymous.
Orchid takes its guarantee for privacy a step further by having a multi-faceted strategy for privacy. It put together different hosts and providers using multiple hops and layered encryption where most VPNs have just one single host that creates the private network.
With Orchid’s architecture, it can be extremely difficult to track down data or link internet traffic back to its primary source.
What Is the Unique Point of Orchid (OTX)?
Orchid explains itself as the first incentivized peer-to-peer privacy network that leverages on using powerful blockchain technology to provide a VPN solution that mitigates the risks associated with centralized servers.
People that use Orchid can switch between providers swiftly and efficiently when one is blocked or slow.
As explained above, there are two major participants in the Orchid network:
● Bandwidth Sellers: these are the nodes responsible for selling bandwidth for some Orchid crypto.
● Bandwidth Users: the network providers operating the Orchid app.
Additionally, the platform’s architecture leverages the blockchain to keep user data and information private. The first thing is that the payment method can only be done with Orchid (OXT) cryptocurrency. This is relatively safer because payment is not linked to any bank account, which ensures peak privacy. Also, buyers are not matched to just one single user. The Orchid app beings providers together in a multi-hop configuration using layered encryption.
How many Orchid (OTX) coins are in circulation?
Orchid (OXT) has a circulating coin supply of 690,690,084 OXT coins, and there is no max. supply available right now.
Today, the live Orchid price is $0.331384, with a 24-hour trading volume of $39,161,286. According to the current CoinMarketCap, the ranking is #189, with a live market cap of $228,883,888.
Is the Orchid (OTX) Network secured?
The Orchid network is built on an ERC-20 standard on Ethereum. The significant security risk revolves around third-party abilities to harvest user data from Orchid. The weak links in the network mainly lie with the user because very minimal information is contained in the platform.
Apart from the security protocols used broadly on the Ethereum blockchain, the Orchid network also uses a Hop system. A hop is a VPN server that encrypts and hides incoming and outgoing internet traffic. Orchid’s multi-hop architecture adds an extra encryption layer to the network by linking internet traffic through two VPN servers or more. Information at each hop is protected in such a way that no internet provider can make a connection between the sites or contents assessed and Orchid’s app.
How do I buy Orchid (OTX)?
Orchid combines the thrill of gaming while incorporating an avenue for the players to earn money. As such, many players have hopped on the platform making it more mainstream. Its tokens are available across several exchanges and can easily be purchased by the outlined steps.
● Open an account with the crypto trading platform.
● Transfer the specific amount of your fiat currency to your account.
● Wait for your deposit to be confirmed, and buy OXT through your trading account.
Which Cryptocurrency Wallet Supports Orchid (OTX)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Orchid (OXT). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Orchid wallet because it offers a simple and interactive interface making it easy for people to navigate its system.
