What is Orchid (OXT)? All about OXT - Coin98 Finance

Orchid is a decentralized system built on the Ethereum Blockchain. It allows anonymous and secure communication on the internet between users.

Orchid is a project founded and developed by Orchid Labs in 2017.

What does Orchid solve the problem?

Here are some of the current internet access issues that the Orchid development team wants to address:

  • Privacy: Users can be monitored when using social networking sites.
  • User data is stolen by hackers when logging into websites.
  • Access to the internet is difficult in many countries, most of which are censored. Statistical data shows that only 24% of the internet population is completely free to access.

How Orchid (OXT) solves the problem

To solve the problems on Orchid Labs came out with a peer-to-peer P2P network called Orchid Market.

Orchid Market includes:

  • Organize bandwidth sales: Act as a node in the Orchid network.
  • User bandwidth.

The way it works is as follows:

First, users need to download the Orchid app and participate in the Orchid Market. The application is available on AppStore and CHPlay. You can see the instructions here: https://www.orchid.com/join

After participating in Orchid Market, users will buy bandwidth from bandwidth sellers. Bandwidth organization acts as a VPN for users to access the internet safely and anonymously.

Once the bandwidth purchase is completed, the user can access the internet through that VPN. Bandwidth is sold by OXT token.

For example: If you log in to Facebook when you turn on Orchid, Facebook still knows it is a brother but cannot detect your IP address or physical location.

Orchid allows users to combine nodes together during internet access. This helps prevent every single VPN provider from collecting enough user information.

You can understand VPN is a virtual private network with the function of hiding users' IP addresses when accessing the internet.

What is Orchid (OXT)?

OXT is the official token operating on the Orchid platform to be released and built on Ethereum's Blockchain platform according to ERC-20 standard.

OXT was released to the market on December 10, 2019. Previously, it was held Private Sale (sold separately) twice.

Basic information about Orchid Copper (OXT)

  • Ticker: OXT
  • Contract: 0x4575f41308EC1483f3d399aa9a2826d74Da13Deb
  • Decimal: 18
  • Blockchain: Ethereum
  • Token Standard: ERC-20
  • Token type: Utility Token
  • Total Supply: 1,000,000,000 OXT
  • Initial Circulating Supply: 65,807,277 OXT

Allocation Orchid Token (OXT)

With a fixed supply of 1 billion tokens, OXT is distributed by the development team into five parts with the following ratio:

  • 452 million tokens for Orchid Labs to be used for future token sales.
  • 180 million tokens for founders.
  • 163 million tokens were reserved for SAFT investors in 2017.
  • 120 million tokens for the team and advisors.
  • The remaining 85 million tokens were reserved for SAFT investors in 2018.

Orchid Sale Token (OXT)

ICO issue through two Private Sale sales:

1st:

  • Private Sale took place on October 26, 2017, the project sold out 163 million tokens and collected $ 4.7 million.
  • ICO price: 1 OXT = $ 0.03.

2nd:

  • Private Sale takes place on November 20, 2018 - July 5, 2019.
  • Orchid sold 85 million tokens and collected more than $ 43.2 million.
  • ICO price: 1 OXT = $ 0.51.

After two private sales, the project has successfully earned $ 48 million. Investors took the token in the form of a Simple Agreement of Future Tokens (SAFT) - Simple agreement for future tokens.

Maybe you are interested in: What is an ICO? A Complete Guide to Investing ICOs from A-Z

Token Release Schedule Orchid (OXT)

Below is the project's token unlock time:

  • 2017 SAFT Investors: no specific information.
  • 2018 SAFT Investors: investors can choose 1-year or 18-month unlocking schedule, most choose 18 months to buy OXT at a lower price.
  • Founders: no specific info.
  • Team & Advisors: no specific information.

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What is orchid (OXT) used for?

Based on the way Orchid (OXT) works, I explained above, OXT tokens are used for the purpose of being tied to their ecosystem.

Staking Rewards

OXT tokens are used as staking rewards for nodes that maintain the Orchid network.

Payment

OXT is used as a means when users buy bandwidth from VPN providers on Orchid Market.

It is estimated that 5 OXT will provide 10GB of VPN services.

Gas fees

OXT is used to pay transaction fees on the Orchid network. Transaction fees will depend on the number of transactions and gas fees of Ethereum.

It is estimated that $ 1 will pay for 2-3 transactions.

How to earn OXT token?

You can earn OXT tokens by participating in staking on the Orchid network. To become a node, you need to own a certain amount of OXT in the Ethereum smart contract.

The larger the share size, the more attract the node is, more bandwidth is traded and more revenue for the node.

Additionally, you can own OXT tokens by buying on listed exchanges.

Maybe you are interested in: What is staking? A basic guide on staking for beginners

Orchid storage wallet (OXT)

OXT is an ERC-20 token, so you can store it on wallets that support this standard of Ethereum such as:

In addition, you can store on the PRESTIGE exchanges that support OXT listing.

You may be interested in: Top 6 reputable Bitcoin and Crypto exchanges in the world

Orchid Trading Platform (OXT)

After more than 4 months of launch, currently OXT token is ranked 293 on Coinmarketcap.

The average total trading volume in the past 30 days reached about 1.8 million. This shows that OXT's liquidity is quite good at the moment.

OXT is currently the most traded on two major exchanges, CoinbasePro and MXC.

Brothers refer to the article: What is MXC floor? Instruction to register and use MXC floor from A-Z

The Future of Copper Orchid (OXT)

Market potential

Statistics show that the size of the worldwide VPN market will reach US $ 35.73 billion by 2022.

Competitors

Orchid faces strong competition from traditional VPN providers: ProtonVPN, Betternet, Opera, Private Tunnel, Lantern ...

In the Blockchain world, Orchid has almost no competitors.

Should we invest in Orchid (OXT)?

I believe that you have also grasped the basic and necessary information about OXT. I will note some main ideas for you to make investment decisions.

Roadmap

The project has not yet announced the roadmap, you can follow the project's activities from its launch (December 16, 2019) to the present by following the link here: https://blog.orchid.com/tag/company-updates/

Products

Currently, the only product of the project is the Orchid application. In the future, the project will launch many new products to increase the user experience.

Remember that Orchid only debuted in December 2019.

Partners

In Q1 / 2020, Orchid has gained many major partners to join the network such as:

  • VPN providers: BolehVPN, VPNSecure, LiquidVPN
  • Exchanges: Bittrex, CoinbasePro, OKEx, Gemini.
  • Wallet: imToken, Ledger, BRD, TrustWallet.
  • Blockchain Project: Ethereal, BitGo.

Token

OXT is a Utility token used for the following purposes: staking rewards, gas fees, payments.

summary

Hopefully, my last post helped you to have an overview of the Orchid project as well as the OXT token.

Orchid is a newly launched project, the speed and quality of the project is very good compared to other Blockchain projects.

And what do you think of the coin after this article? Please share your opinion in the comment section or discussion in Coin98 Finance group.

Hello and see you in the following article!