Orchid Labs is an open source decentralized network. It was created to give users a chance to get rid of surveillance and censorship on the Internet. As an alternative to Tor, Orchid provides customers with more inclusive, liberal internet access. The Orchid app is designed for users as a VPN service for mobile phones or computers.
Orchid’s solution motivates people to share their bandwidth with other network members. At the same time, it is very difficult to figure out a particular user of the website.The OXT cryptocurrency is used to pay for VPN services. It is an ERC-20 standard token based on Ethereum.
The main purpose of the project is to provide the user with privacy, bandwidth and security in one currency. And since all transactions are carried out in the nano-payments category, the platform provides low fees and an easy development process.
Orchid may seem like a promising development, so let’s take a closer look at OXT.
According to data on CoinMarketCap (as of 14/04/2021):
- OXT price: $0.7642
- Market capitalization: $280,909,194
- Volume (24h): $57,574,154
- Circulating supply: 367,584,352 OXT
- Total supply: 1,000,000,000 OXT
- 24 Hour High: $0.7995
- 24 Hour Low: $0.7515
The history of the Orchid protocol dates back to 2017. It was created by Orchid Labs in San Francisco. The first incentivized privacy peer-to-peer network was launched in December 2019. Since launching Orchid in 2019, the network has made tremendous strides. It became faster, easier to use, and many partners were added to it. And currently, Orchid Labs continues to develop and contribute to this protocol.
Unfortunately, there is no project roadmap on the official Orchid website. But here are a few key points in its development.
- In October 2019, the platform announced on its Blog their intention to use nano-payments that the customer can turn on and off at any time.
- In January 2020, the company notified users of the new partnership. PIA (Private Internet Access) has become a key partner in protecting online privacy and freedom. By using OXT, customers can pay for byte-by-byte private bandwidth through the PIA.
- In February 2020, Orchid Labs began partnering with BolehVPN.
- In August 2020, the Orchid’s token (OXT) was fully integrated with Uphold, a multi-asset trading platform that allows people to buy, sell, and exchange a variety of assets, including fiat currencies, precious metals, and cryptocurrencies. Thus, people can now deposit and withdraw OXT through Uphold to external wallets, as well as buy, store and send on the platform.
- In September 2020, Orchid expanded its partnership with Chainlink, a network of decentralized oracles, by introducing a new tool that makes it easier for Orchid users to quantify VPN bandwidth costs.
- In July 2020, Orchid announced that users could earn OXT by participating in the new CoinList Rewards program. CoinList has created educational content. Thus, customers can learn more about Orchid & OXT, then complete several tasks (such as interacting with smart contracts) and receive $5 in OXT as a reward.
We can say that these days the Orchid project continues to develop successfully.
Crypto community about OXT
Here is what crypto enthusiasts are tweeting about the OXT token, discussing its possible growth in value in the near future. Many of them make rather optimistic forecasts, referring to the charts.
Some of the crypto traders are confident that the OXT cryptocurrency is one of the best altcoins to invest in.
But there are people who were worried about a certain drop in the value of the token.
Fortunately, this excitement evaporated when the OXT currency started to perform well on the charts again.
Mainly, the users see good potential in the development of this cryptocurrency.
Dave Portnoy, who is an American internet celebrity, blogger and founder of the sports and pop culture blog Barstool Sports, has tweeted a livestream where he announces that he has started investing in the OXT cryptocurrency and commented pump-and-dumps alluded to the lack of regulatory enforcement across the industry by the SEC.
OXT’s price became extremely volatile following Portnoy’s livestream: it rose 22% in a matter of minutes and immediately fell 16%.
OXT price prediction 2021
Now, after you have read about the key aspects related to the Orchid project, we invite you to take a closer look at the OXT token. Especially the OXT price prediction for 2021, which is offered by different services.
Let’s start with the WalletInvestor service. According to the information there, the price forecast for 2021 is as follows (as of 14/04/2021):
Minimum OXT price for 2021: $0.632
Maximum OXT price for 2021: $1.178
Average OXT price for 2021: $0.91
Year-end OXT price predictions 2021:
Minimum expected: $0.801
Maximum expected: $1.178
Average expected: $0.989
An alternative price forecast is offered by the Digitalcoinprice.com service (as of 14/02/2021):
Average OXT price 2021: $1.14
Average year-end OXT price expected: $1.16
Orchid price prediction 2023 – 2025
According to information posted on the WalletInvestor service, by the end of 2023 the price of the OXT token will be $1.776. By the end of 2025, the price is expected to be even higher – near $2.424.
Digitalcoinprice.com expects that the maximum the token can reach in 2023 is $1.57, and in 2025, judging by the charts, the expected maximum is $2.197, and by the end of 2028, the OXT can reach $3.36.
Experts of the coinarbitragebot.com service, based on historical data of the token price, predict that in the next 3 years the maximum price of the Orchid protocol may reach $4.11938, and the lowest price may be $0.35574.
As you can see, all the predictions of the OXT price are very different, but this is not surprising. It is very difficult to predict what price will be in a few years, even for professionals in this area.
Historical price analysis
- All Time High: $1.02 (Apr 05, 2021)
- All Time Low: $0.1059 (Mar 13, 2020)
Orchid is one of the smallest projects that has attracted the attention of investors. It is ranked 180th according to Coinmarketcap.com with a market cap of approximately $280 million.
Cryptocurrency public trading began in December 2019. The price quickly rose from $0.30 to $0.43, but then declined in the first quarter of 2020, dropping to a low of $0.13 in early April 2020. It then rose from $0.18 to $0.53 in August 2020.
The OXT price was around $0.20 in November and December 2020. But then it began to rally in January, rising from $0.23 in late December to a record high of $1.02 on April 5, 2021.
Let’s take a look at what some crypto enthusiasts predicted in October 2020 about a possible rise in the price of the OXT token.
So we see that people are expecting OXT to reach $1.50 by May 2021.
Orchid Labs has created the world’s first VPN on blockchain. The project has attracted considerable capital from private investors, and its token is now available to ordinary users. VPN services provided by Orchid are certainly a valuable commodity because online privacy and security are becoming increasingly important in the modern world.
At this stage, the platform is developing very quickly and confidently. Even though Orchid is still only a pioneer in the field of VPN, many people believe in its future success.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.