Exchange Orchid (OXT)

Orchid is a decentralized, open-source project focused on providing a privacy-focused and censorship-resistant internet experience using blockchain technology. Orchid aims to create a decentralized Virtual Private Network (VPN) marketplace where users can purchase bandwidth from a network of providers using the Orchid token (OXT). This network is intended to help users browse the internet securely and anonymously by routing their traffic through multiple nodes to obscure their IP addresses.

Orchid's approach is to create a marketplace where bandwidth providers can compete to offer their services, and users can choose providers based on factors like speed, location, and price. The idea is to create a more dynamic and decentralized VPN network compared to traditional VPN services.

The Orchid project was co-founded by Steven Waterhouse, Jay Freeman (also known as saurik), Brian J. Fox, and Gustav Simonsson. It was officially announced in December 2017. Steven Waterhouse, who has a background in technology and venture capital, played a significant role in the project's creation and development. The project was aimed at leveraging blockchain technology to create a more secure and private internet experience through the use of decentralized VPN services.

Orchid is an open-source project, meaning its code is publicly available and can be audited by the community. This transparency helps ensure the security and integrity of the project. Orchid's commitment to open-source principles fosters transparency and community involvement, allowing users and developers to audit the code and contribute to the project's development.

Orchid's marketplace approach to VPN services is relatively unique. By allowing users to select from a variety of providers and pay with cryptocurrency, Orchid creates a competitive environment that differs from traditional centralized VPN providers.

Orchid's use of nanopayments and multi-hop architecture is a novel way to achieve enhanced privacy and security. The multi-hop routing obscures user IP addresses, while nanopayments enable users to pay for only the bandwidth they use, offering a more granular payment system.

Orchid's decentralized network aims to provide users with a means to bypass censorship and access information freely. This focus on enabling uncensored internet access sets it apart from traditional VPN services.

The Orchid Token (OXT) is the native cryptocurrency of the Orchid network. Users use OXT to pay for VPN services on the network. Providers also receive OXT as compensation for offering their bandwidth.

The primary use case of OXT is as a payment method for accessing VPN services within the Orchid network. Users purchase OXT tokens and use them to pay for bandwidth provided by VPN node operators on the network. These payments are made in real time as users browse the internet, and they correspond to the amount of bandwidth consumed during their sessions.

OXT is used to compensate VPN providers who offer their bandwidth and resources to the Orchid network. Providers receive OXT tokens in exchange for contributing to the network's functionality and allowing users to route their traffic through their nodes.

Providers are required to stake a certain amount of OXT as collateral in order to participate in the network. This collateral helps ensure that providers offer reliable services and discourages malicious behavior. If a provider is found to be delivering subpar service or acting maliciously, they can lose part of their staked OXT.

As an ERC-20 token with open trading capabilities, OXT serves as an incentive for trading, contributing to the growth of the network's value for its holders. Additionally, a distinct functionality enables users to acquire 'Orchid credits' using traditional fiat currency. These credits can be spent exclusively with network providers and cannot be withdrawn or converted to other currencies, making them an attractive option for individuals who prefer non-cryptocurrency transactions.

OXT has a total supply of 1 billion tokens. The Orchid network operates without inflation, while the potential for deflation is upheld through the potential occurrence of OXT token burns as an integral part of the network's regular operations. Out of the entire token supply, 51.13% is allocated for network incentives and other designated purposes within the Orchid Treasury. Meanwhile, 17.3% was distributed to investors through the initial seed offering known as Simple Agreement for Future Tokens (SAFT), with 4.49% allocated for SAFT 2a and 3.38% for SAFT 2b

Like many cryptocurrencies, OXT can also be traded on various cryptocurrency exchanges. 

Average Fees on the Orchid Network

The average fees on the Orchid network can vary depending on several factors, including the amount of bandwidth consumed, the number of nodes involved in routing the traffic, and the current market conditions. Orchid uses a nanopayments system, where users pay for VPN services in real time based on the bandwidth they use and the number of nodes their traffic passes through.

Specific average fee figures might not be readily available due to the dynamic nature of the Orchid network and the varying costs associated with different usage scenarios.

OXT Token Wallets

Orchid's OXT token is an ERC-20 token, meaning it is built on the Ethereum blockchain. This allows you to store OXT in wallets that support ERC-20 tokens, such as MetaMask, MyEtherWallet, Trust Wallet, Ledger Nano S, Ledger Nano X, Trezor, Trust Wallet, Coinomi, Exodus, Atomic Wallet, etc.