What is Orchid?
This blog post will cover:
- What is Orchid?
- Where did Orchid come from?
- What are the advantages of Orchid?
- What are the disadvantages of Orchid?
- How to buy Orchid on SimpleSwap?
What is Orchid?
OXT is a cryptocurrency based on Ethereum. It was created by the Orchid network as an ERC20 token. The Orchid Protocol uses an overlay network built on top of the existing internet, which is driven by peer-to-peer tokenized bandwidth exchange. It creates a more inclusive, free Internet.
The main goal of this project is to use blockchain technology to do away with the control and censorship of the Internet by the authorities and regulators. Customers use the Orchid app as a VPN service for their phones or home computers. Users can change providers based on speed, price, location, and market availability. The Orchid Protocol uses a new approach to digital confidentiality with a privacy-focused, peer-to-peer network.
The OXT token is used by customers to pay commissions, make payments within the network, and get staking rewards. On the network, any interested person can buy and sell bandwidth with the help of the Orchid Token (OXT). Users, regardless of their location, have access to content watching due to multi-tier architecture, and the principle of open source.
Where did Orchid come from?
Orchid was founded in 2017 with the goal of making the Internet open and accessible for everyone. The team based in San Francisco and Berlin has grown over the years and the first incentivized peer-to-peer privacy network was launched in December 2019.
The developers also provided incentives for users to manage relay and egress sites that allow users to browse anonymously. According to them, this will end censorship and restrictions on Internet access.
What are the advantages of Orchid?
- Convenient to use
On Orchid, you only pay for the actual use of the VPN. You can turn it off at any time without having to pay monthly fees.
- Network providers
You can easily change providers on the Orchid Network.
- Unlimited devices
You can manage one account across unlimited devices and share it with everyone.
What are the disadvantages of Orchid?
- Lack of acceptance
The project still requires widespread acceptance, which is of paramount importance in the cryptocurrency area.
There is a lot of competition coming from traditional providers of VPN which users trust more than a new project.
How to buy Orchid on SimpleSwap?
Thank you for reading the information about Orchid. If you are interested in this project and wondering how to purchase this token, then we made it easier for you. You just need to take a few steps. We suggest you go to the SimpleSwap homepage and follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select Orchid in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. OXT will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
Thank you for choosing SimpleSwap!