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About Orchid
Key Points:
- Orchid (OXT) is a cryptocurrency-powered virtual private network (VPN) launched in December 2019.
- OXT is an ERC-20 standard token on Ethereum, used for probabilistic nanopayments.
- The service is pay-per-use, with users only contributing funds when they connect.
- Founders: Dr. Steven Waterhouse, Jay Freeman, Brian J. Fox, and Gustav Simonsson.
- OXT has a supply of 1,000,000,000 (1 billion) units, with no inflation and possible deflation.
- OXT is freely tradeable on major exchanges such as Binance, Kraken, and Coinbase
About Orchid Protocol
Introducing Orchid (OXT): A Revolutionary Decentralized Internet Protocol
Orchid (OXT) is the indigenous cryptocurrency of Orchid, a pioneering virtual private network (VPN) empowered by blockchain technology.
Launched in December 2019, Orchid proudly bills itself as the pioneering force behind the world’s inaugural incentivized, peer-to-peer privacy network, revolutionizing the digital landscape.
Its overarching objective is to transcend the constraints of internet freedom by harnessing the power of cryptocurrency payments, thereby enabling anyone to acquire bandwidth from any participating provider. This innovative approach is facilitated through the utilization of probabilistic nanopayments, which are seamlessly executed using OXT, a cutting-edge ERC-20 standard token built on the Ethereum blockchain.
Orchid facilitates regular payments to providers off the blockchain, thereby circumventing the issues of network congestion and exorbitant gas fees inherent to the Ethereum network.
The service operates on a pay-per-use model, where users are only required to contribute funds when they actively utilize the service, eliminating the need for recurring monthly or annual fees.
The Visionaries Behind Orchid: Meet the Founders
At the helm of Orchid are four co-founders, each boasting a rich background in blockchain and finance. They comprise Dr. Steven Waterhouse, who assumes the role of CEO, alongside Jay Freeman, Brian J. Fox, and Gustav Simonsson.
Waterhouse is a prominent figure in the cryptocurrency realm, having also co-founded Pantera Capital, a renowned venture capital firm that has invested in some of the industry’s most esteemed companies.
Freeman is the visionary behind Cydia, a pioneering alternative to the Apple App Store, catering to a vast user base of approximately 30 million jailbroken Apple devices.
Fox is credited with developing the pioneering interactive online banking system for Wells Fargo, a prominent United States bank, in the mid-1990s.
Notably, Simonsson is one of the esteemed core security developers of the Ethereum network, having played a pivotal role in its inaugural launch in 2015.
As recounted in official literature, Waterhouse’s personal experience as a victim of a SIM-swap attack sparked his awareness of the pressing need for enhanced internet privacy, prompting him to delve into the realm of VPN technology.
Unveiling the Unparalleled Qualities of Orchid
At its core, Orchid’s innovative approach revolves around harnessing the power of blockchain technology to elevate and transform the traditional VPN experience.
By leveraging cryptocurrency-driven probabilistic nanopayments, users can enjoy anonymous VPN usage, unshackled from the constraints of centralized servers and the inherent risks tied to a specific country’s infrastructure.
As a freely exchangeable ERC-20 token, OXT also offers a compelling trading incentive, thereby fostering a sense of ownership and driving up network value for its proprietors.
A distinct feature enables users to acquire “Orchid credits” using fiat currency. In this scenario, OXT tokens cannot be withdrawn or converted elsewhere, but rather are exclusively reserved for spending with network providers. This design caters to individuals who prefer not to engage in cryptocurrency transactions.
The allure of Orchid, however, extends far beyond the realm of cryptocurrency enthusiasts. Developers are keenly attuned to a burgeoning movement advocating for internet freedom, which is gaining momentum in response to escalating geopolitical tensions and localized restrictions.
Embracing the ethos of an open internet, Web 3.0 technology revives the original vision of the early 1990s, when consumer access to the web first became mainstream.
The Circulating Supply of Orchid (OXT) Coins: A Closer Look
OXT boasts a total supply of 1 billion units, with a distinct absence of inflation. However, the protocol is designed to accommodate the possibility of deflation, which can be achieved through the periodic burning of OXT tokens as an integral component of the network’s routine operations.
Of the total supply, a substantial 51.13% is allocated for network incentives, held in the Orchid Treasury, and other designated purposes. Furthermore, 17.3% was allocated to investors as part of the seed Simple Agreement for Future Tokens (SAFT), while 4.49% and 3.38% were assigned to SAFT 2a and SAFT 2b, respectively.
The remaining tokens will be allocated among four development teams, with multiple vesting schedules in place, tailored to the specific purpose and destination of the tokens.
The Orchid Network’s Robust Security Framework
OXT is an ERC-20 standard token on the Ethereum blockchain, and the primary security concerns center around the potential for an attacker to exploit user data from within the Orchid ecosystem.
Notably, the platform’s smart contracts, which facilitate payments, contain minimal information. Consequently, the vulnerabilities primarily reside with the user. As developers point out, the involvement of third parties in token purchases, such as major exchanges, to utilize Orchid may ultimately enable an attacker to uncover a user’s identity by tracing transactions back to their exchange wallet.
Where to Acquire Orchid (OXT) Cryptocurrency
OXT is freely tradeable on prominent exchanges, including Binance, Kraken, and Coinbase Pro, offering a diverse range of cryptocurrency, stablecoin, and fiat currency pairs.
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