Orchid Protocol (OXT) is a cryptocurrency that aims to create a decentralized virtual private network (VPN) and incentivized peer-to-peer privacy network. It uses blockchain technology to enhance privacy and security for internet users. The OXT token is a utility token used for bandwidth payments, staking, governance, and rewards within the network. The protocol employs a multi-hop architecture and probabilistic nanopayments to ensure secure and private online communication.
The Orchid Protocol (OXT) is a decentralized VPN service and marketplace that leverages blockchain technology to provide users with a secure and private way to access the internet. Here's how it works:
Staking and Node RegistrationProviders stake OXT tokens to register their nodes in a decentralized directory on the Ethereum blockchain. This directory stores metadata such as geolocation and additional services offered by the providers. The amount of OXT staked determines the likelihood of users being connected to a particular provider.
User Connection and PaymentWhen a user requests access to remote network resources, they are randomly connected to a provider based on the amount of OXT staked. The user pays for the VPN service using Orchid's nanopayment system, which involves sending "lottery tickets" that represent tiny fractions of a cent. This system allows for low-cost transactions with minimal processing fees.
Orchid Accounts and FundingUsers can fund their Orchid accounts with OXT or other tokens, which are used to purchase VPN services. The account balance determines the number of tickets available to spend. Users can also share accounts across multiple devices and people.
Probabilistic NanopaymentsThe nanopayment ecosystem is the core of the Orchid marketplace. Instead of sending full transactions, users send probabilistic tickets that represent a chance to win a larger payment. This system enables low-cost transactions and reduces the need for trust between users and providers.
Decentralized MarketplaceOrchid's decentralized marketplace allows users to purchase bandwidth from a global pool of service providers. Users can change providers at any time, and they only pay for the VPN service while it is in use. The Orchid protocol is designed for high-performance networking and runs on top of WebRTC, a common web standard.
OXT TokenOXT is the native ERC-20 token of the Orchid protocol, built on the Ethereum blockchain. It is used for staking, nanopayments, and other transactions within the Orchid ecosystem. OXT is available on various exchanges, including Binance, Kraken, and Coinbase.
To store Orchid Protocol (OXT) tokens, you can use a web3-enabled browser plugin such as Metamask or a DApp-enabled wallet like Trust Wallet. These tools allow you to set up and manage your OXT funds for services within the Orchid ecosystem. Specifically, you can use the Orchid Labs-hosted wrapper for the nanopayment smart contract at https://account.orchid.com to easily manage your OXT funds.
To buy Orchid Protocol (OXT) tokens, you can follow these steps:
Create an Account:
- On platforms like Bit2Me, Coinbase, or CoinList, create a free account. This typically involves providing identification and proof of address.
Add Funds:
- Deposit funds into your account using various payment methods such as bank transfers, debit cards, or cash. Some platforms also support digital gift cards.
Select Orchid (OXT):
- Navigate to the platform's marketplace or asset list and search for Orchid (OXT). Select it to proceed with the purchase.
Enter Purchase Amount:
- Enter the amount you want to spend in your local currency. The platform will automatically convert this to the equivalent amount of OXT tokens.
Finalize Purchase:
- Review the purchase details and confirm the transaction. Once the order processes, you will have successfully bought Orchid (OXT) tokens.
Additionally, you can also purchase OXT on other exchanges like Binance and Kraken.
