$0.009413

Orchid (OXT) serves as the native cryptocurrency for Orchid, a VPN service powered by blockchain technology. Introduced in December 2019, it is positioned as the first incentivized, peer-to-peer privacy network. The platform aims to enhance internet freedom by enabling users to pay for bandwidth from any provider using cryptocurrency, specifically through probabilistic nanopayments. These payments are made with OXT, an ERC-20 token on the Ethereum blockchain. Transactions with providers occur off-chain to avoid network congestion and high fees. The service operates on a pay-per-use basis, meaning users only spend when they connect, rather than committing to recurring subscriptions.

Orchid was co-founded by four individuals with diverse backgrounds in blockchain and finance. Dr. Steven Waterhouse serves as CEO and also co-founded Pantera Capital, a notable venture capital firm in the crypto space. Jay Freeman created Cydia, an alternative app store for jailbroken Apple devices, used by millions. Brian J. Fox developed the first interactive online banking system for Wells Fargo in the 1990s. Gustav Simonsson is a core security developer who contributed to Ethereum's original launch. Waterhouse's interest in internet privacy was sparked by a personal SIM-swap attack, leading him to explore VPN technology.

Orchid stands out by integrating blockchain technology into VPN services. It uses cryptocurrency-based probabilistic nanopayments to enable anonymous VPN usage without relying on centralized servers, reducing risks tied to specific countries' infrastructure. As an ERC-20 token, OXT can be freely traded, offering incentives for ownership and network value. Additionally, users can buy 'Orchid credits' with fiat currency, which are restricted to spending with network providers and cannot be withdrawn or converted, catering to those unfamiliar with crypto. The project also addresses broader internet freedom concerns amid geopolitical tensions, leveraging Web 3.0 to promote an open internet.

The total supply of OXT is fixed at 1 billion units, with no inflation mechanism. However, deflation is possible through token burns as part of network operations. Of this supply, 51.13% is allocated for network incentives and other purposes, held in the Orchid Treasury. Investors received 17.3% through the initial SAFT, with additional allocations of 4.49% for SAFT 2a and 3.38% for SAFT 2b. The remaining tokens are distributed among four development teams, each subject to different vesting schedules based on their role and allocation.

Security for Orchid primarily relies on the Ethereum blockchain, as OXT is an ERC-20 token. The main risks involve potential attackers attempting to harvest user data from the platform. Since smart contracts used for payments contain minimal information, the weakest points are user-side. For instance, if users purchase tokens through third parties like exchanges, attackers might trace transactions to identify them. Thus, user privacy depends on how they acquire and use OXT, with official guidance cautioning against involving intermediaries that could link identities.

OXT can be purchased on several major exchanges, including Binance, Kraken, and Coinbase Pro, where it is traded against cryptocurrencies, stablecoins, and fiat currencies. For those new to buying digital assets, resources are available to explain the process and options. This allows users to acquire OXT through various pairs, making it accessible to a wide range of investors.