What is the virtual currency Orchid(OXT)? Summary of basic information, future potential, and price changes

“VPN (Virtual Private Network)” is known as a highly secure network connection method.

It is a mechanism that allows specific network participants to exchange important data by setting up a virtual dedicated line, but there are also problems such as being subject to many restrictions from the government and companies.

Cryptocurrency Orchi was born to solve the problems of traditional VPN using blockchain.

In this article, under the theme of “What is virtual currency Orchid?”, In addition to basic to latest information, we will provide a thorough explanation of future price changes.

Table of contents

  • What is the virtual currency Orchid?
  • Summary of the latest information on the virtual currency Orchid
  • The future of cryptocurrency Orchid
  • Price transition and future of virtual currency Orchid
  • Will the virtual currency Orchid (OXT) rise in the future?
  • What is the virtual currency Orchid? summary

Orchid (Orchid) and is, by using the block chain technology, to release the Internet from domination by the government and companies, is a project to try to achieve a safe and free communication.

Specifically, we will create a peer-to-peer bandwidth exchange market called Orchid Market and provide a VPN service to buy and sell bandwidth between users.VPN is a method of connecting to the Internet that can be used by specific people by creating a virtual private line.

VPN services are strongly restricted by governments and businesses. In some cases, the service became unavailable when going abroad, and access was monitored by companies. Boundaries are set on the Internet, which originally has no borders.

In addition, traditional VPN services have had many problems. Even if you don’t use the monthly service, you have to pay the same fee every month, so sometimes you may end up paying an amount that does not match the actual amount of communication. In addition, free VPNs may have problems in terms of security, communication speed, stability, and so on.

By using Orchid, you can use VPN in an environment without a specific administrator. You pay for what you use, you have your own line authority, and you have a truly free internet that ensures your privacy.

Summary of the latest information on the virtual currency Orchid

Release dateOverviewInformation source
December 22, 2020Orchid wins 2020 Innovation Awardshttps://blog.orchid.com/orchid-honored-with-cnet-2020-innovation-award/
February 12, 2021Orchid app version 0.9.23 releasedhttps://blog.orchid.com/orchid-learns-three-new-languages/
March 25, 2021Announcing an app for iOS / Mac OS integrated with xDAIhttps://blog.orchid.com/get-started-with-orchid-on-android-for-just-1/

Orchid wins 2020 Innovation Awards

On December 22, 2020 , Orchid was selected for the 2020 Innovation Awards by CNET .

CNET is a major American web magazine that publishes articles and blogs about home appliances and technologies. Every year, CNET wins the Innovation Award for outstanding products.

In 2020, we were selected for five Innovation Awards. Orchid is one of them. Other award-winning products include the COVID-19 mRNA vaccine, the PlayStation 5 Dual Sense controller, the Apple MacBook Air M1, and the Eero 6 mesh router. You can see that Orchid was as highly regarded as the latest technology and products on global and social issues.

Rae Hodge, a CNET reporter, wrote a review on Orchid, revealing more about Orchid in the global media.

Orchid app version 0.9.23 released

On February 12, 2021, Orchid announced the release of version 0.9.23 of the Orchid app. Version 0.9.23 adds new languages.

Prior to that, Orchid was available in four languages: English, Italian, Spanish and Portuguese. These four languages ​​alone can cover 750 million people.

However, there are a wide variety of situations required by Orchid. Orchid has also cited Ukraine, whose network is restricted by Russian companies, Dubai, whose connection services are restricted by the government, and Venezuela, which is in an economic crisis, and the importance of not being bound by the language barrier.

Version 0.9.23 now supports five languages, Russian, Chinese, Japanese, Korean, and Indonesian, for a total of nine languages. Especially in the new version, support for the Asian region is increasing, centering on Chinese, which boasts the largest number of native speakers in the world.

Announcing an app for iOS / Mac OS integrated with xDAI

On March 25, 2021, Orchid announced an Orchid application that integrates with xDAI and is available on iOS / Mac OS.

By using the application, you can easily use VPN from your smartphone.

What ‘s more , it’s cheap and you can use the service for as little as $ 1 . Orchid is the first blockchain-based consumer app that can be used for in-app purchases without having a token.

Orchid had a service on the Ethereum blockchain, but was suffering from increased costs due to soaring fees (GAS charges). So we partnered with xDAI, an Ethereum-based scaling solution, to reduce fees.

On May 24, 2021, following iOS / MacOS, we released an application compatible with AndroidOS, and the service continues to expand.

The future of cryptocurrency Orchid

In the future, Orchid is expected to gain market share as a distributed VPN service by leveraging its strengths that existing VPS services do not have. It is highly regarded by CNET, and its future is promising.

Orchid’s core service is a decentralized bandwidth marketplace called the Orchid Market.

In traditional VPN services, there is a one-to-one relationship between the customer and the line provider. Therefore, we were able to easily monitor and collect usage data.

However, in Orchid Market user Wakarema to providers and users of bandwidth it is.

Therefore, in order to protect the privacy of both parties and prevent fraud such as tampering, we have put in place a mechanism for exchanging bandwidth and charges via a relay point and even a proxy.

From this mechanism, Orchid completely protects the privacy of users, and realizes the use of the Internet with a high degree of freedom and anonymity. However, it can be said that there is a risk that the line will be abused and used for hacking, etc., which is a big issue.

Orchid’s native token “OXT”

The native token Orchid (OXT) plays a major role in the Orchid Market.

OXT was developed using ERC20 and is used in Orchid for usage fees and block approval.

First of all, payment at Orchid Market is a typical use of OXT. V PN of the user, create an account of Orchid app will be available for purchase and VPN use by payment of OXT to the wallet.ERO20 is a token project that can be created on the Ethereum blockchain. Many projects and companies use it to issue their own virtual currency (tokens).

On the other hand, if you want to provide bandwidth on the Orchid Market, you have to stake OXT into a fixed amount account.

Then, the price purchased by the user will be added to the staking. In addition, OXT introduces PoS as a consensus algorithm, so the bandwidth provider also acts as the block approver.

Bandwidth providers can get staking rewards in addition to the profits of selling bandwidth. The more OXT you deposit, the more opportunities you get for rewards, and this incentive ensures the bandwidth available to the Orchid Market.

Price transition and future of virtual currency Orchid

* Prices and other information are quoted from Coinmarketcap as of June 25, 2021.

Let’s pay attention to the price transition of the virtual currency Orchid (OXT).

The main trading market is OXT / USDT pairs, and overseas exchange Binance trades as much as about 20% of the total.

Since the listing, there has been a temporary expansion of over 1OXT = 1USDT, but since March 2021, the price has been changing around 1OXT = 0.2USDT in a form that correlates with the stall of Bitcoin.

In the virtual currency market ranking, it is classified as a minor altcoin with about 150th place, and it is characterized by a sharp price movement due to the small volume.

With a volatility of over 700% over the last year, the expected value is a big impression from a speculative point of view.

Will the virtual currency Orchid (OXT) rise in the future?

Cryptocurrency Orchid (OXT) formed a “head & shoulder top” conversion sign centered on the April highs and generated a major downtrend.

However, as of June 2021, it is highly likely that the price has hit a bottom.

The latest low price has reached the lowest price range since the listing of Binance on the major exchanges, and there was a movement to buy two consecutive positive lines at the daily level.

With the technical tool RSI, you can see the repulsive movement with the oversold level of 30%.

Therefore, it is possible that the bottom price has been reached once.
On the other hand, as mentioned above, the OXT token, which is a minor issue among virtual currencies, is an Ethereum-based ERC20 token, so it is unlikely that the price will rise on its own.

It is better to decide the strategy comprehensively from the price movement of Bitcoin or Ethereum.

What is the virtual currency Orchid? summary

This time, the theme was ” What is virtual currency Orchid? Basic information, future potential, price transition summary “.

The points of this article are as follows.

  • Cryptocurrency Orchid is a project to develop VPN services that are not controlled by the government or companies
  • In Orchid, users and providers operate a VPN network by utilizing blockchain.
  • Orchid’s original token is “OXT” created by ERC20 standard
  • VPN users can use OXT for payment, and providers can get OXT and stake
  • The Orchid app has been released and is in the practical stage

Surprisingly, the deployment of VPN services by Orchid can be said to be a market where there is no competition in cryptocurrencies. In cryptocurrency projects, there are many cases where we look at browsers that utilize networks such as Brave, and there are no cases where we mention the fundamental network structure like Orchid. However, due to the nature of blockchain, users will support the operation of Networkon, so the focus will be on how much Orchid can increase its share in the future.

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