What is Orchid?
VPNs, a frequently used technology for routing online traffic, let users change how their data is routed through the internet, masking facts about their browsing and data transfer. Users, particularly those attempting to avoid hostile local networks, may profit from this.
VPNs, on the other hand, may still put users’ security in danger. Users must have faith in their VPN provider to not steal, snoop, or otherwise unlawfully access, breach, or monetize their data.
By dispersing the functioning of its VPN over a network of users on the Ethereum blockchain, Orchid hopes to address this problem of trust. Its particular goal is to create an app that prevents users from leaving a data trail when browsing applications and websites.
Orchid does this by matching customers in need of bandwidth with merchants eager to sell it. Payments between these buyers and sellers are made using Orchid’s OXT cryptocurrency.
The seller’s internet servers encrypt the peer-to-peer connection and send it to the buyer. This implies that the user’s own internet providers won’t be able to trace their online activities. Third-party access to the user’s data is further restricted.
How Does Orchid Work?
Orchid’s basic concept is to employ blockchain technology to improve the current VPN experience.
Users may benefit from anonymous VPN use that does not depend on a centralized server or the hazards associated with a certain country’s infrastructure by using cryptocurrency-based probabilistic nanopayments.
OXT offers a trading incentive to hold and increases network value for owners as an ERC-20 token that is freely exchangeable.
Users may buy so-called “Orchid credits” using fiat cash using a different function. OXT can’t be withdrawn or converted elsewhere in this case; it can only be spent with network providers. This is intended to appeal to individuals who do not want to use cryptocurrencies to do business.
Orchid’s attraction, however, is not limited to bitcoin users. In the face of rising global tensions and municipal constraints, developers point to a growing desire for internet freedom.
Web 3.0 technology is utilized to give a semblance of an open internet, as it was envisioned in the early 1990s when consumer access became more widespread.
What is the History of Orchid?
Orchid was formed in 2017 by privacy-focused engineers Brian Fox, Gustab Simonsson, Jay Freeman, Stephen Bell, and Steven Waterhouse as a for-profit firm.
Waterhouse is a well-known personality in the cryptocurrency sector, having co-founded venture capital firm Pantera Capital, which has invested in some of the sector’s most well-known businesses.
Freeman is the inventor of Cydia, an alternative Apple App Store for jailbroken Apple devices that has over 30 million users. In the mid-1990s, Fox was responsible for the development of Wells Fargo’s first interactive online banking system.
Meanwhile, Simonsson is one of the Ethereum network’s primary security engineers, having assisted with the network’s first launch in 2015.
Orchid has generated $48 million in at least three token offerings as of 2020, giving investors the option to buy its OXT cryptocurrency at a later date.
Orchid’s desktop app will be available in July 2020.