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OXT

Orchid (OXT) Price Index

$ 0.12435 Ƀ 0.00000240
  • MarketCap
    $ 74,046,107
  • Volume
    $ 28,412,786
  • Change
    1.27%
orchid-protocolOrchid Protocol
$ 0.12435
$ 0.12435
1.27%
0,114987
OXT
Orchid (OXT)
$ 0.12435
OXT
Orchid (OXT)
author
author
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
By Marcel Deer
author
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
on January 08, 2023 | 4 min
Updated on Dec 07, 2023

Overview: What is Orchid (OXT) Coin?

Orchid (OXT) is the Ethereum ERC-20 token of the Orchid Network. The Orchid Network is a blockchain-based peer-to-peer VPN service that connects users seeking private internet browsing with a decentralized pool of providers of surplus bandwidth.

The  token is used to exchange value on the network, used to pay for VPN services, and staked by bandwidth providers to list their services on the Orchid Network marketplace.

 

What Makes Orchid Coin Unique?

VPNs are a tool for routing web traffic that enables users to obscure details about their browsing and personal data. Traditional VPNs can still be a security risk for users as data can be improperly accessed, stolen, or compromised. The Orchid Network aims to resolve this trust issue by putting its VPN on the Ethereum blockchain and offering peer-to-peer decentralized VPN provision.

The Orchid Network application prevents a data trail left by users when they browse applications and websites. The Orchid Marketplace and OXT facilitate transactions between users who need bandwidth and the sellers of bandwidth. Once a transaction is made, the resulting peer-to-peer connection is encrypted and sent through the seller’s internet server. Hence, the bandwidth purchaser’s internet services provider or illicit actors cannot track their activity or discover their data.

 

What is the Orchid Protocol?

Orchid describes its service as a “VPN protocol for token-incentivized bandwidth proxying and smart contracts with algorithmic advertising and payment functions.” Orchid is basically a blockchain platform that incentivizes a network of user computers to maintain a decentralized Virtual Private Network (VPN).

 

History of Orchid (OXT)

Orchid Labs was founded in 2017 by Steven Waterhouse, Jay Freeman, Brian J. Fox, Gustav Simonsson, and Stephen Bell. Orchid Labs has raised $48 million in funding for the network via three initial coin offerings (ICOs) / token sales. The Orchid (OXT) token was launched in December 2019. The Orchid Network desktop VPN app was then launched in July 2020.

 

What is Orchid Crypto Used For?

Internet users use orchid (OXT) to pay for private bandwidth services on the Orchid Network through its peer-to-peer Marketplace. The Orchid (OXT) crypto is also bought, sold, and traded on cryptocurrency exchanges. OXT powers and secures the Orchid VPN. Orchid VPN users must hold the token to access and pay for services. Orchid bandwidth sellers must also keep (OXT) and lock up some tokens into a staked deposit.

Orchid staking is performed by bandwidth providers who must do so to provide peer-to-peer bandwidth services on the network. Orchid (OXT) is staked by bandwidth providers on nodes using smart contracts to create the stake deposit. Due to how the Orchid Network staking directory works, bandwidth providers with larger stake deposits are connected to more users.

 

How Does Orchid (OXT) Work?

In essence, Orchid (OXT) provides a staking-advertising mechanism for users of the Orchid Network. OXT powers and secures the Orchid VPN. Services on the Orchid Network are paid for in OXT to providers of bandwidth who stake OXT to become visible in the marketplace to customers.

 

What Factors Determine the Price of Orchid?

The Orchid (OXT) token is not a stablecoin, so the price of Orchid coin is determined by supply and demand as with any other cryptocurrency. The performance of Orchid coin price is also determined by its utility in the Orchid Network and, ultimately, by the success of the Orchid VPN platform. The following factors determine the price of Orchid (OXT).

  • Supply, demand, and scarcity of Orchid (OXT)
  • Liquidity of (OXT) on cryptocurrency exchanges
  • Orchid (OXT) market sentiment
  • Cryptocurrency market sentiment
  • Performance of the Orchid VPN
  • Performance of competing cryptocurrencies

What is the Orchid Price Prediction for 2030?

Cryptocurrency price predictions are notoriously tricky. An Orchid price prediction for 2030 is no different and will very much depend on the future of cryptocurrencies, too. Some cryptocurrency analysts put Orchid price predictions for 2030 between $0.42 and $0.53. Other forecasts are more bullish, and these analysts believe that the Orchid coin price has the potential to reach $0.73.

 

How Is the Orchid Network Secured?

Orchid (OXT) is an Ethereum ERC-20 token, and the Orchid Network is built on Ethereum and powered by the OXT token. The Orchid Network is ultimately secured by Ethereum’s blockchain technology and its proof-of-stake (POS) consensus mechanism.

 

Where Can You Buy Orchid (OXT)?

The Orchid token was launched in 2019, so has been around on the cryptocurrency markets for several years. Orchid  is available on major cryptocurrency exchanges, including Coinbase, Kraken, KuCoin and Binance. Orchid can also be found at some CFD brokers.

 

How Can You Store Orchid (OXT)?

Like other Ethereum ERC-20 tokens, Orchid can be stored in Ethereum-compatible hot and cold wallets. A cold or hardware wallet is the safest place to store Orchid OXT tokens.

 

FAQs

Is Orchid (OXT) a good investment?

Investors or traders should decide if Orchid (OXT)is a good investment based on thorough research of the Orchid (OXT) token, the Orchid VPN platform, Orchid competitors, and the cryptocurrency market as a whole. As cryptocurrencies can be incredibly volatile and high-risk, investors must be vigilant of their risk tolerance and only invest what they can afford to lose.

Does Orchid coin have a future?

The future of Orchid (OXT) is difficult to predict. The Orchid token has utility on the Orchid platform and is also a traded cryptocurrency. The future of Orchid (OXT) may depend on the success of the Orchid VPN and is intertwined with the overall success of cryptocurrencies.

Is Orchid VPN safe?

Traditional VPNs still risk exposure of user data to illicit actors and other parties.  Orchid Labs has created Orchid VPN to answer the issue of trust and security for VPN users using its blockchain peer-to-peer technology. The Orchid protocol is secured by Ethereum blockchain technology.

How many Orchid (OXT) coins are there?

OXT has a maximum supply of 1 billion tokens. OXT tokens are burned as part of network governance. 51.13% of OXT supply is held in the Orchid Treasury and allocated for network incentives, amongst other purposes.

What protocol does Orchid blockchain use?

The Orchid Network has its protocol for providing peer-to-peer VPN services. However, the Orchid VPN uses the Ethereum blockchain and is secured by Ethereum consensus and governance.

author
About Marcel Deer
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
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