Orchid (OXT) news

What is Orchid (OXT)?

Orchid is a virtual private network (VPN) that uses cryptocurrency payments to allow anyone to purchase bandwidth from any participating provider. Orchid's native token is called OXT, which is an ERC-20 standard token on Ethereum. Launched in December 2019, Orchid is the world’s first incentivized, peer-to-peer privacy network that aims to overcome internet freedom limitations. The service is pay-per-use, which means that users only have to contribute funds when they actually connect, instead of paying monthly or annual fees. Regular payments to providers occur off-chain, allowing Orchid to avoid problems with congestion and gas fees on the Ethereum network.

Who are the Founders of Orchid?

Orchid has a team of highly experienced co-founders who come from the blockchain and financial industries. They are Dr. Steven Waterhouse, who serves as CEO, along with Jay Freeman, Brian J. Fox, and Gustav Simonsson. Waterhouse is a prominent figure in the cryptocurrency world and co-founded venture capital firm Pantera Capital, which has invested in some of the industry's most successful companies.

Freeman is the creator of Cydia, an alternative app store for jailbroken Apple devices that is currently used by approximately 30 million users.

Fox is the mastermind behind Wells Fargo's first interactive online banking system in the mid-1990s.

Simonsson, on the other hand, is one of the core security developers of the Ethereum network and was instrumental in its original launch in 2015. Waterhouse became interested in VPN technology after falling victim to a SIM-swap attack, which led him to investigate methods of improving internet privacy.

How does Orchid (OXT) Work?

Orchid aims to revolutionize the VPN experience by utilizing blockchain technology. This allows for anonymous VPN usage without relying on a centralized server, reducing the risks associated with a country's infrastructure. Additionally, OXT serves as a freely-exchangeable ERC-20 token, providing a trading incentive for owners to increase network value. For those who prefer not to transact in cryptocurrency, Orchid offers the option to purchase "Orchid credits" with fiat currency, which can only be spent with network providers. The appeal of Orchid extends beyond just cryptocurrency users, as it addresses the growing need for internet freedom in the face of geopolitical tensions and local restrictions. The technology behind Web 3.0 is utilized to create a more open internet, similar to the one that emerged in the early 1990s.

How is the Orchid Network Secured?

The Orchid network utilizes OXT, an ERC-20 token on the Ethereum blockchain, to provide secure VPN usage. While security risks do exist, they mostly stem from user behavior rather than the platform itself. The smart contracts used for payments contain minimal user information, and third-party involvement in token purchases could potentially lead to identity tracing by attackers. It's important for users to remain vigilant and take precautions to protect their privacy when using Orchid.

Conclusion

The use of blockchain technology has allowed Orchid to create a VPN network that is both efficient and decentralized. Orchid's commitment to user privacy and its innovative payment system are just a few of the many reasons why it stands out in the cryptocurrency industry. It is important to recognize Orchid's mission to create a more secure and open internet, as it continues to shape the future of online privacy.