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.
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.
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