Project Name: Orchid
What Is Orchid (OXT)?
Orchid is a network that provides a global decentralized Virtual Private Network (VPN) service. Orchid describes itself as the world's first subsidized private network. The project brings together those who want to buy bandwidth and those who want to sell it. OXT is used to purchase bandwidth on Orchid to surf the internet privately, users only pay for what they use. Instead of using a single centralized VPN provider, users who want to surf the internet privately and securely at any time can log in to Orchid and be paired with a high-quality and reliable VPN provider.
What Does Orchid (OXT) Offer?
When you connect to the internet through an Internet Service Provider (ISP), you are connecting through public servers. These servers may not be secure enough. For example, personal information such as your location and online profile, or information about your doctor's appointment may become accessible. This information could be highly vulnerable to hackers and bad actors. That’s where a VPN comes into play. By connecting your device to the internet through a private server, it hides your browsing activity from hackers and 3rd parties such as advertisers and social networks. You remain in control of your personal information and have more privacy online. However, traditional, centralized VPNs also have disadvantages. Since it stores your information, there is always a chance that it will also share it with third parties. Orchid aims to solve these issues and provide a more private and safer internet experience.
Orchid was founded in 2017 with the goal of bringing back the public and accessible internet for everyone. Since 2017, it has focused on growth and development with its teams in San Francisco and Berlin. In December 2019, Orchid launched its first peer-to-peer privacy web.
Orchid’s VPN network aims to significantly reduce the risk of tracking, profiling, or stealing your information by routing a single internet connection through multiple providers. This feature is offered as part of a decentralized and blockchain-based service. By paying for each hop from a different Ethereum wallet, you can make your identity and activities significantly private. Multi-hop routing adds an important layer of privacy to your internet access.
The idea behind Orchid is the use of blockchain architecture to enhance the current VPN experience. Users using cryptocurrency-based probabilistic nanopayments can benefit from the use of anonymous VPNs, which are based on a central server and the risks associated with local infrastructure.
The Orchid network allows users to purchase bandwidth from a global pool of service providers using a decentralized VPN. To make this possible, Orchid uses an ERC-20 staking token called OXT. This is a new VPN protocol that enables smart contracts with bandwidth proxying and algorithmic promotion and payment functions that encourage token usage.
Orchid uses a new nanopayment system aimed at improving payment efficiency. This nanopayment system is the foundation of the Orchid peer-to-peer bandwidth store, where clients pay node operators with cryptocurrency-backed "tickets" for proxy bandwidth. The system is designed for large numbers of transactions and even between multiple parties to eliminate or reduce transaction fees.
The Orchid Protocol
Orchid software is designed to use a proprietary VPN protocol like OpenVPN or WireGuard. The Orchid protocol is based on WebRTC, a widely used web standard for video and audio distribution in browsers. The protocol allows users to request access to remote network resources and make payments for these resources using cryptocurrencies via Orchid nanopayments.
The Orchid Programmable Network
The service providers at Orchid run software like a typical VPN for protocols like OpenVPN, but this software communicates with the Orchid protocol.
The Orchid Team & Company
The Orchid project was founded by Dr. Steven Waterhouse, Jay Freeman, Brian J. Fox, and Gustav Simonsson, all of whom are experienced in blockchain and finance.
Dr. Steven Waterhouse is one of the founding partners of venture capital firm Pantera Capital, which has made a name for itself by investing in some of the most popular businesses in the cryptocurrency industry.
Jay Freeman is the creator of Cydia, an alternative Apple App Store for Jailbroken Apple devices and currently used by nearly 30 million Jailbroken Apple products.
Brian J. Fox was one of the people responsible for the creation of the first interactive online banking system of the U.S. bank Wells Fargo in the mid-1990s.
Gustav Simonsson is one of the core security developers of the Ethereum network and was involved in its launch in 2015.
Also, Waterhouse addressed the need for internet privacy improvements after being the victim of a SIM swap attack and began researching VPN technology.
Orchid’s Digital Asset Economy
Orchid (OXT) was founded in 2019 without a maximum supply limit. Its total supply is 1.000.000.000 OXT. The native token of the Orchid project is OXT and operates on the ERC-20 network.
The primary objective of OXT is to provide a staking-promotion mechanism that regulates operator incentives and reduces certain risks in order to contribute to the Orchid network.
Here is a summary of OXT’s contribution to the Orchid network:
Bandwidth Provider: Anyone can manage an Orchid Node but must first stake OXT. The more OXT staked, the greater the chance of earning rewards on the network.
Bandwidth User: Users can pay instantly for a private, secure internet connection with nanopayments. They can also add OXT or other supported cryptocurrencies to their Orchid account to pay service providers for services once a VPN connection is established.
Evaluation of Orchid
As we all know, the internet has opened the doors to a limitless world of information. Every moment, billions of people are researching anything they are curious about by interacting in this ecosystem. While this may seem like exploring the world freely, there are some risks. As the Internet has grown, it has become more difficult to explore freely. Web 2.0 business models have led companies to track us and easily access our data. Our access to information can also be restricted.
Orchid (OXT) is a project built on Ethereum that aims to solve these problems with its decentralized Web3 service. With its innovations, Orchid’s purpose is to enable the internet to be reclaimed by internet users.
Orchid aims to provide users with Web3 technology to ensure better digital privacy today. Thus, recalling the promises of Web1, it focuses on providing an online exploration environment without restrictions. Considering all these, Orchid may be among the sustainable projects that will be preferred by users in the future.