Orchid (OXT)
What Is Orchid (OXT)?
Orchid (OXT) is the native token of Orchid, a cryptocurrency-powered virtual private network (VPN). Launched in December 2019, Orchid describes itself as the world’s first incentivized, peer-to-peer privacy network. Its aim is to overcome internet freedom limitations by using cryptocurrency payments to allow anyone to purchase bandwidth from any participating provider. This is done using so-called probabilistic nanopayments, which occur using OXT, an ERC-20 standard token on Ethereum. Regular payments to providers occur off-chain, allowing Orchid to avoid problems with congestion and gas fees on the Ethereum network. The service is pay-per-use, meaning that users only have to contribute funds when they actually connect, instead of paying monthly or annual fees.
Who Are the Founders of Orchid?
Orchid’s four co-founders come from the blockchain and financial spheres. They are Dr. Steven Waterhouse as CEO, Jay Freeman, Brian J. Fox and Gustav Simonsson. Waterhouse is a well-known figure within cryptocurrency, having also co-founded venture capital outfit Pantera Capital, which is responsible for investing in some of the industry’s most popular companies. Freeman is the creator of Cydia, an alternative Apple App Store for jailbroken Apple devices and currently used by around 30 million jailbroken Apple products. Fox is responsible for the creation of United States bank Wells Fargo’s first interactive online banking system in the mid 1990s. Simonsson, meanwhile, is one of the Ethereum network’s core security developers, helping with its original launch in 2015. According to official literature, Waterhouse became alerted to the need for internet privacy improvements after becoming the victim of a SIM-swap attack, and began researching VPN technology.
What Makes Orchid Unique?
The main idea behind Orchid is the use of blockchain technology to enhance the existing VPN experience. Using cryptocurrency-based probabilistic nanopayments, users can benefit from anonymous VPN usage which does not rely on a centralized server and the risks associated with a particular country’s infrastructure. As a freely-exchangeable ERC-20 token, OXT also provides a trading incentive to own and increase network value for owners. A separate feature allows users to purchase so-called “Orchid credits” with fiat currency. In this instance, OXT cannot be withdrawn and converted elsewhere, only spent with network providers. This is designed to appeal to those who do not wish to transact in cryptocurrency. The appeal of Orchid, however, is not just among cryptocurrency users. Developers highlight a growing trend for internet freedom in the face of mounting geopolitical tensions and local restrictions. Web 3.0 technology is used to provide some semblance of an open internet, as it was conceived when consumer access began to go mainstream in the early 1990s.
How Many Orchid (OXT) Coins Are There In Circulation?
OXT has a supply of 1,000,000,000 (1 billion) units. There is no inflation, but the possibility for deflation is maintained by possible token burns of OXT as part of regular network function. Of the total supply, 51.13% are earmarked for network incentives (held in the Orchid Treasury) and other purposes. 17.3% went to investors as part of the seed Simple Agreement for Future Tokens (SAFT), 4.49% for SAFT 2a and 3.38% in SAFT 2b. The remaining tokens will be distributed among four development teams. Multiple vesting schedules are in place, depending on the purpose and destination of the tokens.
How Is the Orchid Network Secured?
OXT is an ERC-20 standard token on Ethereum, and security risks revolve mainly around an attacker’s ability to harvest user data from Orchid itself. Given that very little information is contained in the platform’s smart contracts used for payments, the weak links in the chain mostly lie with the user. As developers note, involving third parties in token purchases to use Orchid — for example, major exchanges — could ultimately lead to an attacker learning a user’s identity by tracing transactions to their exchange wallet.
Where Can You Buy Orchid (OXT)?
OXT is freely tradeable on major exchanges such as Binance, Kraken and Coinbase Pro, with cryptocurrency, stablecoin and fiat pairs available. To learn more about how to purchase Bitcoin (BTC) and other cryptocurrencies, take a look here to get acquainted with the options."
What tools does Nimbus offer for effortlessly monitoring Orchid?
Nimbus provides a user-friendly tracking solution equipped with intuitive tools to monitor Orchid effortlessly. These tools are specifically designed for user convenience, allowing individuals to stay seamlessly updated on the latest trends, prices, and information related to Orchid. Users can also explore the world of cryptocurrency effortlessly while simultaneously tracking Orchid prices. The platform also offers insights into profit and loss, providing a comprehensive experience without the complexity typically associated with monitoring cryptocurrencies.
How does Nimbus enable tracking Orchid prices with profit and loss?
Nimbus facilitates the tracking of Orchid prices with profit and loss through seamless integration with your crypto wallet for portfolio monitoring. By connecting with your crypto wallet, Nimbus provides a clear and comprehensive overview of various metrics, including profits, losses, revenue, expenses, return on investment (ROI), and other essential financial indicators. This integration ensures that users can analyze their cryptocurrency portfolio with precision, gaining valuable insights into their financial performance. With Nimbus, users can navigate the cryptocurrency landscape with a perfect blend of simplicity and sophistication, enhancing their ability to make informed investment decisions.
How does Nimbus analyze Orchid, and what insights does it provide?
Certainly! Nimbus possesses a robust analysis tool that is adept at evaluating and interpreting Orchid . The tool employs diverse strategies, including delving into metadata details, tracking marketplace data, and calculating performance metrics such as Return on Investment (ROI). Through these methodologies, Nimbus provides users with valuable insights into the composition and performance of their Orchid. Users can gain a comprehensive understanding of their investment. The analysis tool ensures that users are equipped with the necessary information to navigate the cryptocurrency landscape with confidence and intelligence.
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OXT Market Statistics
Price USD
$0.099133Market Cap
$97,128,026.62Total Volume USD
$20,005,685.96Total Supply
1,000,000,000.00 OXTCirculating Supply
979,779,107.83 OXTFully Diluted Market Cap
$99,132,575.74Socials
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