Kriptomat has completed listing of Orchid and OXT is now available to buy here.
Kriptomat now supports Orchid (OXT) at Kriptomat.io and in Kriptomat Android and iOS mobile applications. OXT is now available in all Kriptomat-supported regions.
9 June 2021
With so much of our information online and data vulnerabilities constantly being exposed, privacy is becoming ever more valuable to internet users, which has led to the rise in popularity of Virtual Private Networks (VPNs). However, existing VPNs tend to be either opaque commercial services with centralization risks or free peer to peer networks which lack service quality and economic security when used on a large scale. This is the dilemma that Orchid aims to solve.
Orchid is a cryptocurrency-powered decentralized market for anonymous communication and virtual private networking. Users wishing to buy bandwidth can make use of a provider directory to connect with a global pool of service providers.
Founded in 2017, Orchid launched the first incentivized peer to peer privacy network in December 2019 with the mission of using Web 3.0 technology to deliver on the promise of Web 1.0 and provide a means to explore the world freely.
The four co-founders of Orchid bring together extensive experience from the worlds of blockchain and finance. CEO Dr Steven Waterhouse previously co-founded the crypto-focused venture capital firm Pantera Capital, while Gustav Simonsson was one of Ethereum’s core security developers, Jay Freeman created the unofficial appstore Cydia, and Brian J Fox was responsible for Wells Fargo’s first interactive online banking system.
Orchid provides a highly liquid bandwidth market without the need for a central authority through the use of a system of probabilistic nanopayments. The network avoids the congestion and high gas fees of Ethereum by moving regular payments to providers off-chain. The system can handle millions of transactions per second.
Users can turn off the VPN at any time so they only pay for services while actually using them. What’s more, they can change network providers instantly whenever they like and share their account across an unlimited number of devices and people. All these services can be accessed through the Orchid app which is available on iOS, Android, macOS, Linux, and soon Windows.
The native digital currency of the Orchid network is called OXT and keeps track of who has used and provided computing services. Those who want to use bandwidth can pay with OXT on the fly for a private and secure internet connection. This can be done from anywhere in the world by simply installing the Orchid VPN and adding OXT to a wallet.
Also, anyone can operate an Orchid node and become a bandwidth provider by staking OXT. The more OXT they stake, the greater their chances of receiving network rewards are. The staking incentives discourage operators from misbehaving and protect the system from certain risks such as sybil attacks.
The token has a total supply of 1 billion OXT, with just over half of that being held in the Orchid treasury for network incentives and other purposes. There is no inflation rate for the token and the possibility of token burns could make OXT deflationary. As VPN adoption increases, Orchid and OXT could become staples of internet users around the world.
Kriptomat is continuing to list new cryptocurrencies and new tools for our users to improve the overall investing experience. Customers can sign up for a Kriptomat account here to buy, sell, convert, send, receive, or store OXT today.
This text is informative in nature and should not be considered an investment recommendation. It does not express the personal opinion of the author or service. Any investment or trading is risky, and past returns are not a guarantee of future returns. Risk only assets that you are willing to lose.