Orchid coin (OXT) is the native token of Orchid, a cryptocurrency-powered virtual private network (VPN). The symbol of the cryptocurrency is OXT.
Orchid coin is a platform founded by 4 people. It was released in December 2019. Orchid’s goal is to overcome internet freedom limitations by using cryptocurrency payments to allow anyone to purchase bandwidth from any participating provider.
Built on the Ethereum Blockchain, the project developed various tools to get rid of the slow and costly nature of Ethereum. Transactions on the Orchid network occur off-chain. In this way, users are protected from Ethereum’s slowness and high transaction fees.
The token created with the ERC-20 smart contract on Ethereum does not have a maximum supply. This means that more tokens can be minted depending on the situation. However, OXT mining can be done on Ethereum. Miners earn token rewards by providing users with bandwidth.
How to Buy Orchid?
Key components of Orchid network include Orchid app, OXT coin, Orchid accounts, Orchid protocol, nanopayments, programmable network and passive income generation. By using the Orchid application, it is possible to track cryptocurrencies from anywhere with smartphones. Orchid client can be used easily on Android, iOS, Linux and macOS.
Orchid coin can be easily purchased from exchanges such as Binance or Kraken. Coin transactions can be made easily through these exchanges. Like other crypto assets, transactions such as Orchid coin trading and transfer can be carried out on a practically used exchange platform.
With purchased accounts, Orchid users can also purchase Orchid credits. So, what do users get with these loans?
- Bandwidth can be purchased over the Orchid network.
- After the purchase, some of it is set aside as a deposit. In this way, abuse is prevented.
- Small payments made for transactions made on the blockchain are called gas fees. Some of the loans are also used to cover the resulting fees.
- Orchid credits can also be used for transaction fees.
Generating Passive Income
A provider creates a stake deposit by staking some Orchid coins.
- Using the smart contract, anyone can stake OXT on nodes.
- Customers select new nodes based on their respective OXT deposit sizes.
- Larger stake deposits thus result in proportionally more users, bandwidth and revenue.
- Additional stakes will be wasted if the node is already at its maximum bandwidth.
Once tokens are locked for staking, they are immediately available for bandwidth provisioning. If the provider wants to withdraw tokens from the staking contract, they must initiate an “unlock” process, during which the providers cannot use or transfer their funds as a staking deposit for three months.
Regardless of the amount of value exchanged in the Orchid ecosystem, a particular vendor’s variable stake gives that person the same percentage of user traffic and transaction flow as a percentage of their total stake. With typical and honest selling behavior, this amount of transaction flow is reflected in total revenue. Sellers’ staking decisions are left to their own discretion.
