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What is Orchid (OXT)?
Orchid / OXT is a kind of cryptocurrency, which acts as a decentralized market for individuals who need telecom bandwidth and the individuals or entities who are providing the bandwidth to the consumers. The transactions between the parties are facilitated by Orchid Coin or OXT coin. The Orchid coins help the parties to trade the bandwidth among themselves and simply act as a medium for transactions between them.
The first type of individuals who are using orchids are the consumers who are looking to use VPN bandwidth for their usage. The second type comprises the sellers/service providers who are selling the VPN bandwidth either as a product or as a service. Both these types of people/parties use OXT coins as a medium to facilitate smooth transactions.
OXT network is a peer-to-peoperated and connected network, whose security aspects and maintenance aspects are overlooked by nodes that are involved in the governance of the orchid network. Once two peers, who are a part of the network, decide to transact, their peer to peer connection gets encrypted to provide a hassle-free, highly secured and swift transaction.
Who are the founders of Orchid (OXT)?
Orchid labs gave birth to Orchid or OXT coins in the year 2017. The masterminds behind the creation of Orchid are Brian Fox, Gustav Simonsson, Jay Freeman, Stephen Bell and Steven Waterhouse. As the world is getting increasingly digital by every second, privacy and digital independence of the users and consumers has been jeopardized.
Giving paramount importance to privacy and internet security, The masterminds behind orchid always wanted to strengthen the way VPN services are being offered to the users.
That’s why they have started the orchid crypto in the first place, to completely transform the way VPN solutions are being sold and bought. So they have decided to build a crypto network named Orchid, which works on Ethereum blockchain technology, to secure the transactions by using smart contracts technology.
By 2020, Orchid has secured a total of 48 million US dollars in investments, making it one of the most significant cryptocurrencies in the internet privacy domain. The official desktop version of the orchid was launched in 2020, boosting the usage of the network and adding more value to the tokens or coins. Investments have been procured by three series of token sales.
What makes Orchid (OXT) unique?
Orchid is one of the very few cryptocurrencies based on the VPN or internet privacy domain. Unlike the other cryptocurrencies and blockchain networks which provide a variety of functions, OXT is only aimed at creating a medium between the VPN bandwidth sellers and VPN bandwidth buyers. Simply put, Orchid is aimed at providing a trail-free browsing experience to internet users across the world.
How Many Orchids’ Coins (OXT) are In Circulation?
There are 1 billion OXT coins in circulation. The increase in the number of coins in circulation is impossible, but the decrease in the count is possible as the network periodically triggers the burndown of a specified portion of the coins to maintain the value of the coins and avoid rapid inflation.
51%of the total circulation is kept aside for incentivizing the nodes governing the operation, maintenance and security of the crypto network. 17.3% of the supply is dedicated to investors in exchange for investments they have poured into the development and enhancement of the Orchid network.
How does Orchid (OXT) Work?
The Orchid coins network uses blockchain technology to keep user data to an extent, which cannot be achieved through the orthodox VPN service providers.
As the mode of payments for gaining access to VPN service could be only achieved by the transactions made via orchid networks, it prevents malicious attempts at breaching the network protocol, data thefts and discrepancies in transactions.
If not by OXT coins, users would have to pay for the VPN services from their bank accounts, which becomes a loose end for the user and might probably expose the details of purchases to the persons with wrongful intentions.
Even after endless debates by the VPN providers and them portraying gift cards as a viable alternative to traditional bank transactions in buying the VPN services, users of Orchid are pretty confident that the security and privacy provided by the Orchid network or transactions made via orchid coins are matchless.
The OXT network does have some features, which add strength to the confidence of the creators of Orchid coins.
The most outstanding feature of orchid is its multidimensional approach in assigning hosts to govern the security of the blockchain. Instead of one single host taking care of the security of the entire network, a well-coordinated, decentralized system of nodes is assigned to look after the security of the chain.
The components of the security system of orchid networks are called hops. Hope refers to a specific connection between two peers transacting with each other. All such hops work independently to seamlessly convey the requisites to the right destination.
Conclusion
With the increasing concerns over internet privacy and cyber security, the value associated with VPN services and products also increases. To secure, enhance and transform the face of the VPN bandwidth transactions, the Orchid coin network was created.
Within no time, the coin has gained wide popularity as the Panacea for internet privacy concerns and threats. With the number of people using the internet increasing by every second, there is no conscious reason not to keep trust in the growth of the orchid coin.
Individuals who started to believe in a modern, decentralized, peer controlled and consensus mechanism based cryptocurrency can cater to the needs of the community which is looking for a partner to secure the transactions and have been voting for the validation of Orchid coins.
The widespread popularity of the orchid coin, which has got very limited functions, is nothing short of a miracle.
As long as the computer screens blink, as long as the electronic machines whir and as long as the digital wave engulfs the world, orchid coin keeps on growing, keeps on getting stronger and keeps on securing the VPN bandwidth transactions and thus internet as a whole.
