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Highlights
- The Orchid network boasts of being a decentralised marketplace focusing on VPN providers
- The network is powered by the OXT token
- The crypto is available on a majority of cryptocurrency exchanges
Many cryptos are foraying into the crypto space with distinct and unique features so as to attract tech-savvy investors. One such relatively new crypto is Orchid.
Source: © Alexanderushkevich | Megapixl.com
Making a debut in 2019, Orchid is a decentralised, peer-to-peer marketplace, focusing on a brighter, freer and empowered future. In other words, the platform aims to overcome internet freedom limitations by allowing its users to browse the internet with a decentralised, trustless VPN.
How does Orchid work?
The Orchid network runs on the Ethereum blockchain and was created as a solution to privacy concerns pertaining to centralised VPN service providers.
Hence, unlike conventional VPN providers that route user traffic via a single platform, Orchid enables a trustless, distributed VPN with the help of a network of users on the Ethereum blockchain, and for using this service, users use the Orchid crypto for paying for bandwidth.
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The decentralised nature of Orchid’s network allows users to maintain their privacy and security as they surf the internet. Bandwidth users and providers are required to hold the network’s token so as to use the services. Here, users can keep costs at reduced levels by paying for only the bandwidth which has been consumed by them and, at the same time, can switch between providers to customise their experience.
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Further, the platform boasts a layer 2 scaling, which enables high-frequency, trustless interactions and ensures simple application for managing funds.
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Know the price of Orchid crypto
Orchid’s native coin is known as OXT, which is used to pay for VPN services on the network. At the time of writing, Orchid was trading at US$0.1451, gaining 1.35% over the last 24 hours.
Currently, it has a market cap of more than US$99 million. Around 690 million OXT coins are in circulation as of now. However, the total supply is not known.
Where to purchase OXT token from?
The Orchid crypto is available on all the top crypto exchanges worldwide. The token can be bought from Binance, Bithumb, Kraken, Coinbase, Gemini, and heaps more.
Bottom Line
As per Orchid’s whitepaper, the platform provides a better solution than traditional VPNs; however, investors must be cautious and conduct appropriate research while investing in cryptocurrencies, as the crypto market is prone to extreme price fluctuations and volatility.
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