What Is Orchid (OXT)?
OXT is the native asset of the Orchid protocol, which is a virtual private network (VPN) based on blockchain technology. The Orchid protocol runs on the Ethereum network and the OXT tokens are based on the ERC-20 token standard. Check out the Orchid price chart above if you’re interested in the current OXT price.
What is a virtual private network (VPN)? It essentially is a peer-to-peer (P2P) network that encrypts your internet traffic and routes it through a server in the location of your choice. In other words, it allows you to browse the internet anonymously.
Orchid aims to provide users with bandwidth, which can be purchased using crypto assets. In order to do that, it offers an Orchid Market, which is a P2P network of bandwidth providers. Bandwidth can be purchased by employing probabilistic nanopayments, which are a part of the unique transaction management system of Orchid.
How do they work? When a client uses a VPN service, he pays a cryptocurrency-backed "ticket" to node operators for proxy bandwidth. Such payments have smaller transaction fees and maintain low latencies since most transaction accounting takes place off-chain.
For those, who don’t want to purchase bandwidth using crypto, Orchid offers pre-funded Orchid accounts, known as Orchid credits. They can be purchased using fiat currencies. These accounts are packed with xDai crypto assets. However, the funds from Orchid credit accounts can only be spent on bandwidth supplied by Orchid’s preferred providers.
The Founders of Orchid
The Orchid crypto project was developed by Dr. Steven Waterhouse, Jay Freeman, Brian J. Fox, and Gustav Simonsson.
Dr. Steven Waterhouse is the CEO of Orchid. He has a degree in computer science and engineering. Prior to founding Orchid, he worked at such companies as Ultimode, Infrasearch, Sun Microsystems, RPX Corporation, and Fortress Investment Group. Besides that, he partnered with Pantera Capital and Fabric Ventures.
Jay Freeman has a degree in computer science. He is known for creating Cydia software. Besides that, he is the founder of SaurikIT, which acquired Rock Your Phone, Inc. in 2010. SaurikIT and Rock Your Phone are known to be the two biggest third-party app suppliers.
Brian J. Fox also has a degree in computer science. Besides being a part of the founding Orchid’s team, Fox is also a CEO at Opus Logica and Kano.One, as well as a 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 with its core protocols, clients, and security auditing.
The Purpose of OXT Tokens
Orchid crypto assets are used by both – bandwidth users and bandwidth providers.
Bandwidth users utilize OXT tokens to pay for services provided by Orchid. Though they can also add any other supported crypto assets to their wallets in order to do that. Bandwidth providers have to stake OXT tokens in order to become Orchid node operators. The more OXT they stake, the more staking rewards they receive.
This leads to another OXT purpose – incentives. Orchid node operators receive rewards in OXT tokens.
Besides, don't forget to check out the Orchid price chart that was mentioned before to see the current OXT token value.
Tokenomics of OXT
OXT tokens are inflationary, which means that there is no max supply set. Thought the initial total supply of Orchid tokens is 1 billion. In order to keep the OXT price from decreasing, Orchid employs regular token burns.
Approximately half of the Orchid supply is held in the Orchid Treasury, which distributes the tokens as network rewards. The remaining portion of the supply was dedicated to SAFT investors and the development team.
If you plan to buy Orchid coins, do keep in mind that the OXT price is liable to change. The main reason for that is the fact that when the whole crypto market fluctuates, so does the Orchid price, as well as the prices of other crypto assets.
