Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.
This Sunday we are going to introduce Orchid (OXT)!
A few weeks ago, in a comment under an article in this E&S section, a reader asked for a review of Orchid and here we are today with a first article to better understand what it is all about. For this reason, I always invite you to leave a comment, telling me what cryptocurrencies you want to see analyzed and, if I think the project is valid, the request will be satisfied with a E&S explanation.
Now let’s start with this Orchid review!
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 utility 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 packages are acceptably low.
Orchid's mission is to enable people to understand and control the network activities of their computers without worrying about censorship, surveillance or intermediaries. In order to achieve this mission, they are using open source software to build solutions for a broad audience to create a probability-driven decentralized VPN market powered by probabilistic nanopayments on the Ethereum blockchain. Orchid inherits some current limitations from Ethereum in terms of payment anonymity, scalability, and censorship resistance. Additionally, their initial focus on affordable high bandwidth, low latency routing currently limits Orchid’s ability to defend against the most sophisticated theoretical traffic analysis attacks.
Orchis has 5 main goals:
- Scalability: The Orchid nanopayment system scales to a few million users sending probabilistic transactions once per second on the current Ethereum blockchain, and could potentially scale to billions of transactions per second using sharding with Ethereum 2.0.
- Decentralization: All components, from nanopayments to node directory and discovery, are decentralized. There is no special trusted party with outsize influence or control in Orchid, assuming OXT stake is well distributed.
- Usability: Usability is key to wide adoption, and the anonymity the system provides per user increases with the size of the user base. For most users, using Orchid to protect their network connection is almost as simple as pressing a button.
- Simplicity: The protocol is simple to ease comprehension, implementation, and security analysis.
- Extensibility: Our core mechanisms are separable and orthogonal as far as possible to allow for easier future extension as well replacement. The nanopayment protocol and the smart contract do not interact directly with other systems.
Orchid users run a client similar to a typical VPN client for a protocol similar to OpenVPN, but using the Orchid protocol. The Orchid web client goes beyond the basic functions provided by most VPN clients and has the ability to run traffic through an integrated personal firewall. The Orchid client can be accessed via iOS, Android, macOS, Linux and (soon) Windows.
How can you create an account?
There are three ways to get access to an Orchid account right now:
- Someone could share one with you
- You can buy an account on iOs
- You can create an account with OXT
In the screenshot below you can see all the 5 steps to create and connect your account.
If you want to find out more details about this cryptocurrency, I suggest you to follow me on Publish0x to receive the notification on the next article, which will be released next Sunday, dedicated to OXT!
In the next article we will talk about the OXT token, some limitations of Orchid, OXT staking and much more!
Suggest me with a comment some crypto you would like to see analyzed!