Orchid OXT Review: Complete Crypto Overview

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β–Ί Complete Review: https://www.coinbureau.com/review/orchid-oxt/
πŸ“© Get Top Crypto Tips In My Weekly Newsletter πŸ‘‰ https://signup.coinbureau.com/newsletter
BTC Tipjar πŸ™πŸ»: 35YDYtYAB999JxiXQXewzLvMGX4ki2d3WL

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⏰ Time Stamps ⏰

1:09 Introduction
2:08 Need for Decentralised VPN
4:27 Orchid Overview
4:54 Orchid Tech Stack
7:27 OXT Token & Dynamics
8:20 SAFT Sale & Token Issue
9:45 OXT Trading
10:26 Orchid Team
11:28 Conclusion

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⛓️ πŸ”— Helpful Links πŸ”— ⛓️

β–Ί Website: https://www.orchid.com/
β–Ί Whitepaper: https://www.orchid.com/assets/whitepaper/whitepaper.pdf
β–Ί GitHub: https://github.com/OrchidTechnologies
β–Ί Atlantic Article: https://github.com/OrchidTechnologies
β–Ί Techcrunch NordVPN: https://techcrunch.com/2019/10/21/nordvpn-confirms-it-was-hacked/
β–Ί PCMag VPN List: https://www.pcmag.com/roundup/296955/the-best-vpn-services

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πŸ“±οΈ Socials πŸ“±

β–Ί Official Blog: https://medium.com/orchid-labs
β–Ί Twitter: https://twitter.com/OrchidProtocol
β–Ί Telegram: https://www.t.me/OrchidOfficial

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πŸ“ Project Overview πŸ“

The Orchid network is built from open source software on the Etheruem blockchain. It’s a decentralised VPN that allows users on the network to buy bandwidth from a global pool of providers.

It has raised quite a bit of money from VCs and accredited investors over the past two years.

βš™οΈ Technology βš™οΈ

Firstly, you have the Orchid app. This is the VPN client that you will use on your device (phone, PC, etc). This is the program that will allow you to connect to the Orchid network and customise your connection settings.

Next, you have the Orchid Protocol. This is the custom protocol that the Orchid software is designed to use when connecting to the network.

The Nanopayments system was specifically designed to handle the high transaction throughput demands of the Orchid network. Its essentially a Orchid offchain scaling solution to address the throughput restrictions on the Etheruem main chain.

Service providers are the Orchid nodes that rent out their bandwidth. Orchid nodes maintain registration information in a stake registry and provider directory on Ethereum. These providers also have to stake OXT in order to run these nodes.

For consensus, Orchid uses stake weighting. Bandwidth providers stake OXT in time-locked deposits to prove identity and receive traffic in proportion to relative stake deposit size.

Stake-weighting is intended to allow the economic security of the Orchid Network to scale linearly with the size of the total deposited stake.

πŸ’°οΈ Token πŸ’°

OXT is an ERC20 token that was released earlier this month. As the utility token on the Orchid Network, it serves two primary purposes.

Firstly, users will pay for the amount of bandwidth that they consume on the Orchid protocol with OXT. This is a pay-as-you-go system and they will only pay for actual usage.

Secondly, OXT is used by the bandwidth providers to stake on the network.

According to regulatory filings, Orchid Labs had raised over $40 million from a number of well known VCs including Sequoia Capital, Andreessen Horowitz, Blockchain Capital and a few others through a SAFT sale.

The total supply of OXT is 1 billion and there is no inflation. There is slight deflationary pressure on the token. This is because contractual penalty mechanisms will “burn” OXT and take them out of circulation.

πŸ‘¨β€πŸ’»οΈ Team, Partners & Development πŸ‘¨β€πŸ’»

The Orchid Protocol is being built by Orchid labs which is based in San Francisco.

The CEO and a co-founder of the Orchid Protocol is Steven Waterhouse (a.k.a Seven). Jay Freeman is a co-founder and is perhaps best known for having developed the Cydia installer.

The Final co-founder is Gustav Simonsson who is a developer who was previously one of the core Ethereum devs on their security team.

πŸ“ˆ Trading & Wallets πŸ“ˆ

OXT is currently only listed on Coinbase Pro. Despite this, their appears to be quite a bit of volume taking place. Here are Coinbase Pro’s OXT USD order books. Decent liquidity and relatively deep. This implies easy execution with limited slippage.

In terms of storage, this is an ERC20 token so any wallet that supports Ethereum can be used.

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πŸ“œ Disclaimer πŸ“œ

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#OXT #Orchid #crypto #Ethereum #Review #ERC20 #VPN #Encryption #blockchain #CoinbasePro #trading #cryptocurrency

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