orchid cryptocurrency - the crypto powered VPN

Orchid Cryptocurrency – An Interesting Project to Follow

How do you use your Internet?

Weird question? Perhaps. Many of us use it so often for so many purposes that it has become as natural as breathing. Although we don’t pay attention, it’s everywhere, almost every time, for free.

Almost.

Did you hear the saying?

“If you’re not paying, you are the product.”

3rd parties can sell your data without your permission. It may not seem like a big deal, except when you consider three scenarios:

  • Your Internet providers sell your data to an advertiser to increase conversions. They’ll know you better than yourself.
  • A hacker who breaks in will access all your data and steal your identity.
  • The Government can block or filter content based on your profile, making you see what they want you to see.

Luckily, we aren’t powerless. That’s precisely the problem that will solve Orchid, a decentralized network provider.

What Is The Orchid Network?

If you know anything about data privacy, you will have heard of VPNs. Secure, fast, unrestricted browsing worldwide. I’m sure you’ve seen ads from NordVPN, ExpressVPN, or Cyberghost.

Using VPNs is better than not using it at all, but again, that won’t solve privacy issues. VPNs are still that: providers.

  • Some platforms will sell data without your consent.
  • There’re reported hacker attacks to VPN companies, stealing people’s information.

Unlike VPN platforms, the Orchid Network sells decentralized VPN technology. In other words, you use a dynamic provider:

  1. You install the app and finish the sign-up
  2. You press the button and the app assigns you a VPN provider
  3. If your connection doesn’t go well, you can press again to reassign providers. You never work with a single source.

It looks like the solution to the no.1 problem online: privacy. Unlike subscription-based plans, you only pay for the Internet you use with OXT, which is Orchid’s cryptocurrency.

The initiative was so intriguing that Coinbase integrated OXT to trade on its platform (do you have an idea of how many altcoins appear each day?). Also, Orchid has raised $43 million last year and has been featured in ConsenSys (Reputable ETH Tech Company), Coindesk, TechCrunch, and CoinTelegraph.

Then, what makes it so great? Is it offering valuable technology, or is it “just another one of those?”

What Does The Orchid Technology Look Like?

Orchid Cryptocurrency would be just another VPN service if it wasn’t because of four ideas:

  • Provider Network: A user with an Orchid account can access a global pool of VPN providers, switching among them whenever you like. You install the free app and pay as much as you use it.
  • Orchid Protocol: You may ask, “how can Orchid access so many providers, and why does it need an OXT coin?” You use OXT to access the most remote network locations, which broadens the no. of providers available.
  • Nanopayments: Orchid is pay-per-use because of OXT nano payments. 1 OXT enables 6GB of data usage that pays providers automatically. It consumes ether (ETH) to add/remove funds.
  • Stake Weighting: Providers hold OXT on a locked deposit to prove their identity and receive traffic based on their amount. These incentives move more providers to stack OXT, which makes the network more secure.

Now that we’ve seen the features, here’s a simplified list of benefits that the average VPN brand can’t offer:

  • Surveillance-free, fast, secure usage of Internet
  • Only pay for the data you use
  • Once you link your ETH wallet to the OXT account, you don’t need to login to verify your identity (see WEB3 Wallets)
  • Switch providers freely in an instant

How Does One Get Started?

As we’ve gone through the technical features, one may look at Orchid as a complex system. Don’t worry: it takes five steps to set up, and once it’s active, it’s as easy as making one button click.

Step 1: Open An Ethereum Wallet

Orchid uses Ethereum, so any wallet that supports ETH will accept OXT. For decentralized applications, you’ll need a wallet like Metamask.

Step 2: Send The Funds To The Wallet

As pay-to-use, Orchid sends providers OXT to offer you a secure VPN. You can start with 1 ETH and 5 OXT, which is ~30GB of data usage. Buy these coins on large exchanges like Coinbase and Gemini.

Buying 50 OXT would cost no more than $20, which would give ~300GB of data usage, enough for almost a year. Orchid’s technology makes possible setting such low prices.

Step 3: Create An Orchid Account

Use the browser of your WEB3 wallet to visit account.orchid.com and follow the steps. It will show you how to transfer OXT to the account and use ether to power the transactions.

Step 4: Connect The Account With The App

You can download the Orchid app on any device for free. As soon as you connect your wallet-account to the app, the software will be active.

Step 5: Turn On. Ready To Use!

You can turn it off and on again to connect to a different server. It’s pressing one button and starting browsing on the Internet as you’d normally do.

What You Should Know Before Using Orchid

#1 Does it make you invisible online?

No.

Mind that VPNs aren’t 100% anonymous. Your provider knows your identity, but they can’t know your IP address or the websites you visit. Those websites also know your identity, but they can’t access your IP address.

You still leave traces, but Orchid removes them for your providers. They call it “bandwidth burning.”

#2 How much does/should it cost?

The average VPN prices go from $3 to $10 a month based on your contract length. But Orchid is pay-to-use, meaning that $4 spent could last you either three days or three months, depending on your data usage.

5 OXT is the minimum amount to start, which makes less than $2. If you buy 30 OXT or 50 OXT, you’ll have enough to not worry about renewals for a long time.

Remember that we spend 1 ETH for every two-three transactions. Long term speaking, sending larger OXT amounts will save you ETH. Expect your data usage to go up by 10%, which is the average spent for VPN encryption.

#3 Is Orchid the first company doing this?

After Orchid started in 2017, V Systems followed in September 2019.

V Systems invented the Proof Of Stake (PoS) that uses Orchid, which V used to create Tachyon, a decentralized VPN network. Aside from the technical features, any user would find both apps similar.

Orchid has its differences. It uses stake weighting, a variation of the PoS, and nano payments. Tachyon uses a more complex payment channel. Plus, it’s cryptocurrency IPX only trades on the Bithumb exchange.

#4 Can you trust a large exchange to protect privacy?

Yes.

You’ll need a large exchange to get Ethereum and Orchid Tokens. Although the exchange recognizes your identity, they can’t trade your transactions. Once you move the tokens to your Web3 wallet, data usage remains anonymous.

#5 What about large VPN providers?

Orchid must be a real game-changer in order to make loyal customers switch brands. Not only it has to be better. Their users should clearly notice the difference. Think about it: what does Orchid have that NordVPN or CyberGhost don’t?

Orchid wins by a large margin, either by price and value. Nobody has heard of them until very recently, so it’s a matter of time that the word spreads. Great news for investors!

#6 Can you expect to profit trading OXT?

For the average investor, Orchid may look like another penny stock. One OXT makes less than a dollar in 2020 with a low market cap and decent liquidity.

Short-term thinking, this coin is too volatile to expect good consistent returns. It’s as easy to win as it’s to lose.

When thinking long-term, conditions change. We’ve seen that Orchid brings real value to the market. The team behind it is experienced with cryptocurrency and has the company vision to make the Internet free and accessible worldwide. Those leaders are Steven Waterhouse, Steve Bell, and Gustav Simonsson.

Yet, that won’t be enough to make OXT a safe bet. We still need to observe how well it manages their three current challenges:

  • Will Orchid beat larger providers and win customers’ trust? If so, who would win, Orchid or Tachyon?
  • How fast can this technology spread? When can we expect the OXT chart to stabilize for trading?
  • OXT trades at Coinbase and Gemini, which are crucial for its expansion. Will other exchanges accept OXT, and how soon? These events may lead to volume and price spikes.

Wrapping Up

Innovation can sound abstract at times. But as we’ve seen, there’s a quite real technology behind Orchid’s Network. The message is simple: better Internet for everyone, everywhere, all the time.

Now, don’t get excited too early, because that neither makes Orchid perfect. As a VPN provider, OXT is still at risk of the common threats of VPN companies: traffic fingerprinting.

As for 2020, Orchid has already got a great reception by ConsenSys, Gemini, Coinbase, and a bunch of other crypto platforms. If the sector’s giants bid so heavily on such a new project, then something serious must be going on, don’t you think?

Don’t take our word from it. You can learn everything you need to know in the Orchid Official Site. Also, check the ConsenSys’ audit for a complete technical analysis.

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