Orchid OXT coin – VPN powered by crypto
There are many cryptocurrencies you may not have known, like the OXT coin. It’s not famous as Bitcoin, Ethereum, and Dogecoin, but it does have exciting features. OXT coin boosts the Orchid VPN provider with the power of crypto!
We’ll start with the basics of cryptos and VPNs for those who aren’t familiar with either. Then, we’ll go through the details of the Orchid network and OXT coin. More importantly, we’ll see whether you should invest or not.
Nowadays, we hear so much talk regarding bitcoin. What we often forget is that the technology powering cryptos is far more interesting. See how altcoins like Orchid are finding new blockchain applications.
Basics of cryptocurrency and VPNs
Before we get into OXT coin, let’s get up to speed with cryptocurrency and VPNs. In 2009, Bitcoin launched as a peer-to-peer digital currency.
It uses blockchain, a decentralized network of computers around the world. This allows people to use a system of decentralized finance (DeFi).
Cryptocurrency removes the need for a central bank or government in the system. Instead, the blockchain confirms the transactions and earns more cryptos with each verification.
Cryptos like OXT coins enable people to buy and sell stuff without third-party monitoring them. Most people are in it to earn huge returns! Some invest in this future for its innovations.
On the other hand, virtual private networks (VPN) give privacy in another way. It lets people hide their physical location and IP address when browsing the internet.
Back then, it’s mainly used on PCs. Nowadays, you may subscribe to VPNs for your mobile devices. You may not have heard of this service, though. After all, most are fine without them.
For some, it’s a means of hiding criminal activity on the internet. In contrast, it’s a means of positive change for activists around the world.
Take the recent Myanmar uprising. Its military has been imprisoning Burmese people for using social media. In response, more of them use VPNs to communicate with each other.
What is the Orchid crypto?
Orchid (OXT) is what you get when you mix a VPN with crypto. The “OXT” in the OXT coin stands for Orchid Tokens. Later, we’ll explain how the Orchid network uses these.
In 2017, a group of computer experts wanted people to browse the internet freely once again. These were Steven Waterhouse, Gustav Simonsson, Jay Freeman, and Brian J. Fox.
They became the founders of the Orchid app, with Waterhouse as CEO. The Orchid Protocol powers their app. It works differently from regular VPNs.
This old method is not as effective nowadays. Most of them only place you in one network. If you’re in the US, it may put you in London. That’s why more people can still identify you.
In contrast, the Orchid Protocol regularly switches your VPN location. If you’re in the US, it might change to Japan, Bangkok, then to Berlin. It makes it harder to pinpoint your location.
Related Article: How to Purchase Bitcoin for the First Time
What is an OXT coin?
Orchid uses its cryptocurrency to power its VPN services. You’ll need to buy OXT coins if you want to use the Orchid app. Buy them from a crypto exchange platform. Here’s how:
- Make an account in Binance, Coinbase, Kraken, or other platforms.
- Follow your platform’s steps to verify your account.
- Link your bank account, credit card, or debit card.
- Choose OXT coin among the list of cryptos. You’ll see the latest price on your screen.
- Confirm your purchase. The coins should appear on your account.
Afterward, you’re ready to use the Orchid Network. It’s the decentralized, peer-to-peer marketplace where you’ll purchase bandwidth for the VPN.
The network will only charge you based on how much data you’ve used. However, randomly selected bandwidth users will get deductions from their OXT coin.
Orchid uses a system of probabilistic nano payments since it uses the Ethereum blockchain. In simple terms, it’s hard to settle nano transactions without this method.
The VPN assures that being chosen for the extra payment is rare. Still, it recommends buying additional bandwidth. This will make sure you still have some if it does deduct coins.
Since it uses the Ethereum network, you’ll need to buy Ethers (ETH) too. It’s necessary for many essential functions. For instance, you need ETH to add or take funds from your Orchid account.
How to earn more OXT coin
Investing isn’t the only way to earn from crypto. For others like Bitcoin, you could include your computer in their blockchain. It will confirm transactions done using your chosen crypto.
This is called mining, and It earns more coins as it goes along. However, you’ll need a powerful computer to serve as your mining rig. Otherwise, you might as well forget it!
Orchid users could earn more by staking OXT coins on Orchid nodes. In effect, you become a bandwidth provider for Orchid! You could become a node provider by using smart contracts.
Those with the more enormous stakes earn higher revenue. Although, the total supply of OXT coins is fixed at 1 billion. Orchid said it would not increase the circulating collection.
According to the Orchid Network’s blog, staking serves the following purposes:
- Protecting the network – The OXT blockchain chooses who will pay for their bandwidth at random. We mentioned that it lets more people use the features. However, it also protects the network from Sybil attacks. It’s when a person creates multiple nodes to take control of a crypto network.
- Maintains order among users – Staking means depositing your OXT coins for the network. This ensures stakeholders have something to lose if they harm the network. On the other hand, it encourages them to act properly. If they do, they can continue earning from the OXT blockchain.
- Promotes the OXT network – The prospect of earning more OXT coins may entice more users. More people joining the network helps its stability and scalability.
What’s more, you may earn passive income from an OXT bandwidth provider. You may stake coins on their address to get a bit of revenue in return.
You and the provider may exchange funds using any on-chain or off-chain method. For example, use an Ethereum smart contract that will automatically handle payments.
Note the risks involved in stake rentals. You’re not always sure a provider will honor staking agreements. Even if they do, getting any returns is still not guaranteed.
Choose your provider carefully. Getting your OXT coins back from your current one will take about 3 months. You might want to start with small amounts first.
Plan your staking strategy wisely. This way, you won’t have to risk so much money. You might be more willing to wait for the withdrawal delay too.
Related Article: Is Cardano the Next Bitcoin?
Pros & cons of Orchid
Applying blockchain tech as a VPN is an excellent move by Orchid. As we get more uses for blockchain, the OXT coin and other cryptocurrencies may increase further.
Most VPNs have slow connections. It’s hard to use media like videos. Meanwhile, the Orchid app could reach 45.5 Mbps, more than the US average of 66 Mbps.
Still, its flaws shouldn’t be ignored. Perhaps it needs to be more user-friendly. Most people don’t use virtual private networks. You may need more users to further Orchid’s development.
Moreover, it relies too much on the Ethereum network. It would help if you had Ethers to use some of the features. An Orchid blog admitted that they could only scale further once Ethereum 2.0 comes.
Should you invest?
It’s a promising investment that might not pay for a long time. At the time of writing, the OXT coin ranks 199th among other cryptos. It has a long way before it nears the likes of bitcoin.
Keep that in mind when buying OXT tokens. Its price is $0.65 at the time of writing. You could invest in Orchid without spending too much.
Still, you might want to purchase more Ethereum. Orchid depends on its network, so why not buy Ethers too? Unlike Orchid, Ethereum is nearest to Bitcoin at the number 2 spot.
If you’ll buy OXT coins, it’s best to get more Ethers. You may keep Orchid tokens as a super long-term investment. It may grow eventually, but other altcoins will outpace it.
Related Article: When is the Right Time to Sell Stocks?
Orchid is an excellent application of blockchain technology. It allows people to browse the internet in private with the power of cryptos. OXT coins let you buy bandwidth and earn more tokens.
Still, it would help if you researched Orchid and other cryptos yourself. Find out how they work, and see if they’re a worthwhile addition to your portfolio.
Check the Orchid price and other cryptos’ by checking CoinMarketCap. It shows their price trends within 24 hours. You could toggle the settings to arrange cryptos by market cap.
The current OXT price is relatively cheap now. Still, it may increase significantly like all cryptocurrencies. They have volatile price movements, so that they can be pretty risky.
That doesn’t mean you shouldn’t get into crypto investing. Learn all you can beforehand to minimize risk and maximize profits.
Learn more about OXT coin
Is OXT a good investment?
It could be a good investment if you’re willing to wait. As it stands, other digital assets are doing better for investors.
How does OXT work?
You buy OXT coins to use the Orchid app. It lets you browse the internet without anyone finding out your IP address or location.
How do I get an OXT coin?
You buy OXT coins from cryptocurrency exchange platforms. You have several options, such as Binance and Coinbase. Some of them might not be available in your country.
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