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What is Orchid (OXT)?
The VPN market is exploding with worldwide growth as users fight to regain privacy and break out of state controlled firewalls. OXT is Orchid’s native ERC-20 digital asset that powers and secures a new approach to VPN service and providers compete for user payment flow by staking OXT. As more bandwidth is purchased on the Orchid network node providers can add and stake OXT in order to capture additional bandwidth sales on the network.
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How does Orchid (OXT) work?
The Orchid network enables a decentralized virtual private network (VPN), allowing users to buy bandwidth from a global pool of service providers.
To do this, Orchid uses an ERC-20 staking token called OXT, a new VPN protocol for token-incentivized bandwidth proxying, and smart-contracts with algorithmic advertising and payment functions. Orchid’s users connect to bandwidth sellers using a provider directory, and they pay using probabilistic nanopayments so Ethereum transaction fees on packets are acceptably low.
What is the Orchid (OXT) currency used for?
OXT’s primary purpose is to provide a staking-advertising mechanism that aligns operator incentives to the benefit of the Orchid network and mitigates certain risks.
The OXT digital currency provides value in the Orchid network in a number of ways:
- A Bandwidth Provider – Anyone can operate an Orchid Node, but must first stake OXT, with the more OXT that is staked, the greater the chances of reward in the Network.
- A Bandwidth User – For the first time, users can pay-on-the-fly for a private, secure internet connection using nanopayments. Users add OXT or any of the supported cryptocurrencies to their Orchid account which is then used to pay providers for service while the VPN is connected.
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