Orchid is the world’s first VPN on the blockchain. This project has been able to pick up a considerable amount of interest since the OXT Tokens have been listed on Coinbase Pro. There is something completely revolutionary being done by Orchid protocol with the decentralized Virtual Private Network. A considerable amount of capital has been raised by the private investors’ project, and its token is readily available for the users.
What is an Orchid?
The majority of the blockchain projects look to make something more accessible, and in Orchid’s case, they believe that the internet must be more open and accessible to every individual. They do this by offering a Virtual Private Network (VPN) solution using a global pool of bandwidth providers to connect individuals and maintain privacy.
The bandwidth providers can stake the Orchid Tokens (OXT), and they act as a network node by sharing excess bandwidth. A list in the Ethereum Smart Contract stores each node, while the Orchid users can access the list of nodes. The OXT token is used for the bandwidth payments in this network.
The Orchid Protocol
The Orchid app’s functioning was designed quite similar to OpenVPN, by using its Custom VPN protocol. It is designed for high-performance working and runs on the widely used web standard WebRTC, which is used quite commonly to transmit audio and video within a web browser.
The Orchid Nodes
Those who run the Orchid Nodes also run a software VPN daemon that tends to speak the Orchid protocol. There is registration information in each node saved in the provider directory and stake registry in an Ethereum smart contract.
Staking with Orchid
To create a new node, the user stakes a certain amount of the OXT tokens in the Ethereum smart contract. Any user can stake, and the service clients select the new nodes in proportion to the OXT stake size. Therefore, a larger stake size may also lead to more users, more delivered bandwidth, and more revenue for the node operator.
Orchid Token (OXT)
The main reason for the OXT token existence is to track who uses the computing services, which offers those services and make sure that the average user compensates the intermediate service provider adequately.
- Bandwidth providers
Anyone can take the bandwidth provider and node operator’s role for the Orchid network, but they need to stake the OXT tokens for that. The more the staked OXT tokens, the greater the chance of getting rewarded.
- Bandwidth users
The Orchid Network helps internet users to pay for a private and secure connection on the fly. The users must download the Orchid VPN app, add OXT to the wallet, & choose the path they wish to use for a secure connection.
Although the Orchid Project started in 2017, with the launch of the public network and OXT token sales, it is still a new commodity. For the OXT token, the first days have been very volatile, and this is the result of the market feeling the token out. As more traders are getting into the market and more exchanges are listing the token, the price discovery is likely to take hold. Using blockchain for VPN services is new and untested, making Orchid a pioneer in the space.