Orchid

Orchid (OXT) is a digital asset that powers the Orchid network, a decentralized, peer-to-peer privacy network. Orchid aims to address internet freedom limitations by enabling anyone to purchase bandwidth from any participating provider using cryptocurrency payments. Orchid's native token, OXT, is an ERC-20 standard token on the Ethereum network, which is used for probabilistic nanopayments. Orchid's service is pay-per-use, meaning users only contribute funds when they connect, rather than paying recurring fees. This approach strives to enhance the user experience of VPNs by offering anonymous usage that doesn't rely on a centralized server.

Orchid operates by using blockchain technology with the aim of improving the VPN experience. Through the use of cryptocurrency-based probabilistic nanopayments, users can enjoy anonymous VPN usage that doesn't depend on a centralized server or the risks associated with a specific country's infrastructure. Regular payments to providers occur off-chain, which allows Orchid to bypass issues related to congestion and gas fees on the Ethereum network. Orchid also offers a feature that allows users to purchase "Orchid credits" with fiat currency. In this case, OXT cannot be withdrawn and converted elsewhere, only spent with network providers. This feature seeks to appeal to those who do not wish to transact in cryptocurrency.

Orchid's potential use cases extend beyond the cryptocurrency community. Developers highlight a growing trend for internet freedom in the face of increasing geopolitical tensions and local restrictions. Orchid uses Web 3.0 technology to provide some semblance of an open internet, as it was conceived when consumer access began to go mainstream in the early 1990s. Orchid's approach to VPN usage, which doesn't rely on a centralized server, aims to offer users enhanced privacy and security. Additionally, the ability to purchase bandwidth from any participating provider using cryptocurrency payments can provide users with greater flexibility and control over their internet usage.

Orchid was launched in December 2019 by four co-founders with backgrounds in the blockchain and financial sectors: Dr. Steven Waterhouse, Jay Freeman, Brian J. Fox, and Gustav Simonsson. Waterhouse, a figure within the cryptocurrency industry, also co-founded venture capital firm Pantera Capital. Freeman is the creator of Cydia, an alternative Apple App Store for jailbroken Apple devices, while Fox created Wells Fargo’s first interactive online banking system in the mid-1990s. Simonsson is one of the Ethereum network’s core security developers, having helped with its original launch in 2015. The idea for Orchid was born out of Waterhouse's personal experience with a SIM-swap attack, which led him to research VPN technology.