What is Orchid (OXT)?
is a crypto project that has created a decentralized VPN network. A VPN (Virtual Private Network) allows users to use the Internet in a secure and anonymous way. Normally, a user would connect to, say, a web server via a router. The web server can see the IP address of the router and user. Data that is exchanged is not secured, which means that hackers can see the data if they intercept it.
By using a VPN, Internet data is sent from the router to a VPN server before it reaches the web server. So you can think of the VPN server as an intermediate stop. This keeps the user's IP address protected. The traffic is also protected by cryptography, which means that data remains hidden during transport.
Of course, users must be able to trust the VPN provider. For example, a VPN is not secure if the VPN provider can view or resell users' data. However, as a user you never really know if such a provider does what they say.
Orchid wants to solve this problem by setting up a decentralized network for providing VPN services. The VPN runs on Ethereum's blockchain, where a special application is also built to ensure that users leave no traces that could lead to identity.
Anyone can use the VPN services offered by Orchid. Or rather: the services offered by other users. In fact, Orchid encourages other users to dedicate bandwidth to the VPN network. The users of the network pay OXT tokens to the bandwidth providers. A peer-to-peer connection is then established that is fully encrypted. This makes it impossible for the bandwidth providers to access data created by the users.
What can you use Orchid (OXT) for?
You can use Orchid when you want to use the internet anonymously through a decentralized VPN service. If you use a public WiFi network, a VPN might be smart to use. Your data will be encrypted, preventing other parties from viewing your data. A VPN can also be useful if you simply do not want to use your IP address to surf the Internet, for example because you are abroad.
Orchid makes sure your VPN connection is set up by a decentralized network of nodes. As a result, there is no need to worry about third parties reselling your data. Within the Orchid app, you only pay for the time you use the VPN, so there is no need to take out a subscription.
How does Orchid work?
Orchid runs on the Ethereum blockchain. This blockchain is mostly used for the development of decentralized applications (dApps)
. Orchid ensures that two types of participants are linked together:
Users of the VPN. These are the people who have installed the Orchid app and thus want to establish a VPN connection.
Providers of the bandwith. These are nodes that sell bandwidth to the users of the VPN. For this, they receive OXT tokens.
More privacy than traditional VPNs
With Orchid, you experience a higher degree of privacy than with traditional and centralized VPN services. Orchid has ensured this in the following ways:
- No link to your bank account. Normally, your VPN account is linked to a bank account from which money is debited monthly. With Orchid, you pay directly from your crypto wallet with the OXT token.
- Orchid uses multi-hop configuration. This means that incoming and outgoing data is encrypted multiple times. This makes it virtually impossible to trace data back to the end user.
Orchid application for smartphones
Anyone can use Orchid quite easily. To do so, you just need to download the Orchid app, which you can find in Apple's Google Play Store and App Store. From your device, search for 'Orchid: Secure Networking' and you can immediately download the application.
Before you can use the VPN, you will need to purchase OXT tokens. You can do this within the application. You buy OXT here by paying directly with Apple Pay, credit card or PayPal. It is also possible to connect an external crypto wallet to the application. Here you will have to store your own OXT tokens, which you can first buy at Coinmerce for example.
If you have enough OXT crypto coins in the application, you can immediately start using the VPN service.
Orchid cryptocurrency: OXT token
Orchid has its own cryptocurrency. This is the OXT token
, which is used for a variety of situations. The main function of OXT is to serve as a means of payment between the users of the VPN and bandwidth providers. In total, there are 1 billion OXT tokens. Orchid has indicated that the number of tokens will never increase.
Where to buy Orchid (OXT)?
It is not only when you want to use the Orchid app that you could buy OXT tokens. In fact, the value of OXT could increase in the future, allowing you to make money with Orchid. Of course, we don't know what the Orchid price expectation is, so we will always recommend doing your own research and beware of dangers and risks.
If you want to buy Orchid, you can do so at Coinmerce by clicking here. You can buy Orchid (OXT)
using iDEAL, SEPA, Giropay and MyBank. Before you can buy Orchid, you need an account at Coinmerce, which you can create here. After we have verified your account, you can begin purchasing Orchid tokens immediately.
How to store Orchid (OXT)?
Orchid can be safely stored in your Coinmerce wallet. This is where they are safe, as we store most of our customers' crypto tokens in cold storage.
It is also possible to send OXT from Coinmerce to an external wallet. It is important that this wallet has support for ERC20 tokens. You can also store Orchid on a hardware wallet from Ledger or Trezor, for example.