Orchid

What is an orchid (OXT)?

OST is a native asset orchid protocol, which is a virtual private network (VPN) based on blockchain technology. The Orchid protocol runs on the Ethereum network, and OXT tokens are based on the ERC-20 token standard. If you’re interested in the current price of OXT, check out Orchid’s price chart above.

What is a Virtual Private Network (VPN)? It’s essentially a peer-to-peer (P2P) network that encrypts your internet traffic and routes it through a server at a location of your choosing. In other words, it allows you to browse the Internet anonymously.

Orchid’s goal is to provide users with bandwidth that can be purchased with crypto assets. For this he proposes Orchid market, which is a P2P network of bandwidth providers. Bandwidth can be purchased by hiring probabilistic nanopaymentswhich are part of Orchid’s unique transaction management system.

How do they work? When a client uses a VPN service, he pays “ticket” backed by cryptocurrency node operators for proxy bandwidth. These payments have lower transaction fees and maintain low latency since most transactions are accounted for off-chain.

For those who don’t want to purchase bandwidth with cryptocurrency, Orchid offers pre-funded Orchid accounts known as Orchid credits. They can be purchased using paper currencies. These accounts are filled with xDai crypto assets. However, funds from Orchid credit accounts can only be spent on bandwidth provided by Orchid’s preferred providers.

Founders of Orchid

The Orchid crypto project was developed Dr. Stephen Waterhouse, Jay Freeman, Brian J. Fox and Gustav Simonsson.

Dr Stephen Waterhouse is the CEO of Orchid. He has a degree in Computer Science and Engineering. Prior to founding Orchid, he worked for companies such as Ultimode, Infrasearch, Sun Microsystems, RPX Corporation and Fortress Investment Group. In addition, he has collaborated with Pantera Capital and Fabric Ventures.

Jay Freeman has a degree in computer science. He is known for creating the Cydia software. He is also the founder of SaurikIT, which acquired Rock Your Phone, Inc. in 2010. SaurikIT and Rock Your Phone are known as two of the largest third-party app providers.

Brian J. Fox also has a degree in Computer Science. In addition to being part of the founding team at Orchid, Fox is also the CEO of Opus Logica and Kano.One, as well as the chief architect at Holaplex.

Gustav Simonsson is an engineer and developer. Before founding Orchid, he was a core developer at Ethereum. In 2015, Simonsson helped launch Ethereum and worked on its core protocols, clients, and security auditing.

Purpose of OXT Tokens

Orchid’s cryptocurrency assets are used as: bandwidth users and bandwidth providers.

Bandwidth Users use OXT tokens to pay for services provided by Orchid. Although, to do this, they can also add any other supported crypto assets to their wallets. Bandwidth Providers must stake OXT tokens to become Orchid node operators. The more OXT they stake, the more rewards they receive.

This leads to another OXT goal – incentives. Orchid node operators are rewarded in OXT tokens.

Also, be sure to check the Orchid price chart mentioned earlier to see the current price of the OXT token.

OXT Tokenomics

OXT tokens inflationary, which means that there is no maximum supply set. The initial total supply of Orchid tokens is expected to be 1 billion. To prevent the price of OXT from falling, Orchid uses Regular burning of tokens.

Approximately half of Orchid’s supply is stored in the Orchid treasury, which distributes tokens as network rewards. The remainder of the proposal was handed over to SAFT investors and the development team.

If you are planning to purchase Orchid coins, please be aware that OXT price may change. The main reason for this is that when the entire crypto market fluctuates, so does the price of Orchid, as well as the prices of other crypto assets.