Orchid (OXT) is a blockchain-based VPN service provider and marketplace that seeks to revolutionize the sector in some major ways. The protocol enables users to compete for payment flow by staking the platform’s utility token, OXT. The system then leverages a staking directory that randomly connects users with providers based on the amount of OXT staked. The more you stake, the more bandwidth you provide to users, the higher your rewards.
What Problems Does Orchid (OXT) Attempt to Fix?
The main problem that Orchid addresses is wasted and unused bandwidth. All across the planet, regular PC users are sitting on extra bandwidth. Under normal circumstances, the locked value of this bandwidth would be lost. Orchid enables you to offer your unused bandwidth safely. It was designed to provide those seeking more connectivity with access to a global pool of service providers to accomplish this task.
Another major issue that Orchid helps to alleviate is centralization. Currently, large internet providers control much of the world’s bandwidth. They act with near impunity in terms of setting the pricing and standards for the market. The decentralized structure of Orchid replaces these large data service providers with regular users.
Orchid also reduces centralization within the blockchain sector. Notably, Orchid accounts can use OXT on Ethereum or other EVM-compatible chains. To accomplish this task, the protocol relies on a chain-agnostic system called nano-payments. Notably, even though Orchid users can receive payments from multiple blockchains, staking is only available using OXT on Ethereum.
Orchid (OXT) removes humans from the equation completely. Instead, advanced smart contracts with algorithmic advertising and payment functions handle the core functionalities of the network autonomously.
Benefits of Orchid (OXT)
Orchid brings some unique benefits to the market. The platform provides unmatched transparency when compared to centralized data service providers. Notably, you can easily find vital data pertaining to the network’s functions. For example, there is information about the supply of OXT, addresses where OXT is located, and where it is available.
One of the main benefits of Orchid is that it provides anyone with the capability to earn a passive income from renting out their unused bandwidth. This strategy provides an open and secure way to secure an ROI with very little risk exposure.
One of the main concerns of Orchid (OXT) developers was to ensure that the platform remained secure. To accomplish this task, the developers introduced a variety of high-grade security protocols. They also conducted a variety of third-party code audits. The firm’s last audit was conducted on March 21, 2020, by Consensys Diligence. The results of the technical audit on Orchid’s batch send smart contract is publicly available.
Uniquely, Orchid users avoid the brunt of Ethereum gas fees due to the network’s design. Users pay using probabilistic nano-payments. This reduces costs because Ethereum transaction fees on packets are acceptably low. This approach has helped Orchid gain in popularity even during times of high network fees on Ethereum.
Orchid operates as a high-performance network that runs on top of WebRTC. WebRTC is a common web standard used to transmit video and audio from inside browsers. It’s designed to handle large bandwidth items while providing a smooth and responsive user experience.
How Does Orchid (OXT) Work
Orchid was built on top of the Ethereum blockchain. It is compatible with all ERC-20 DEXs, wallets, and more. Currently, Ethereum is the largest Dapp ecosystem in the market. As such, Orchid users enjoy unmatched interoperability in the crypto sector.
Orchid nodes are tasked with maintaining the registration information of service provides and stakers. The protocol incorporates a stake registry and provider directory to ensure this task completes in a secure manner. Both of these services directly interact with the Ethereum blockchain.
Orchid (OXT) Accounts
Users buy Orchid Accounts when they want to access additional bandwidth. These accounts are sometimes funded. They can hold OXT, or they can be funded with an amount of xDai.
The Provider Directory plays a crucial role in the Orchid (OXT) ecosystem. This system allows users to search through and connect to bandwidth sellers in an efficient manner. You can see all the relevant details of each service provider which helps to simplify the selection process.
The Orchid App is how users connect to the network. This mobile application features an easy-to-navigate interface to make sharing bandwidth easy. You don’t need any previous experience to use the Orchid App as it removes the technical barriers from bandwidth sharing.
Orchid (OXT) Staking
Users must stake OXT in order to capture additional bandwidth sales on the network. The amount you stake plays a vital role in determining your rewards. Users can only stake OXT at this time.
OXT operates as the main utility token for the platform. This ERC-20 token provides users with a secure way to interact with the features and services of the platform. Specifically, it provides a staking-advertising mechanism that aligns operator incentives to the benefit of the Orchid network. Notably, OXT issuance is set at one billion units.
History of Orchid (OXT)
Orchid Labs Inc., the company behind the Orchid protocol, entered the market in 2017. The platform is headquartered in Silicon Valley, San Francisco, and lists Dr. Steven Waterhouse, Jay Freeman, Brian J. Fox, Gustav Simonsson, and Stephen Bell as its co-founders.
Orchid (OXT) – A Better Way to Share Bandwidth
Orchid (OXT) reshapes the bandwidth sector via its decentralized approach. Users benefit greatly from being able to secure passive rewards so easily. Additionally, the lower fees and rates are another draw that has helped secure continued growth. For these reasons, you can expect to continue to hear a lot more from this innovative project in the future as more users seek out viable alternatives to the centralized data service providers dominating the market today.