The OXT price update as of now is $0.1262. In the previous 24 hours, its trading volume was $161,437,990, and its value has increased by 44.23%. As of now, OXT's live market cap is $126,197,351, and it is ranked as the #364 on the Coincu. OXT has a circulating supply of 1,000,000,000 and a maximum supply of 1,000,000,000.

The Overview of Orchid Protocol (OXT)

Orchid Protocol (OXT) is a decentralized network powered by the Ethereum Blockchain. It leverages a VPN service to establish secure and anonymous connections between users and bandwidth providers.

Established in 2017 by Orchid Labs, the main objective of Orchid Protocol is to create an open-source platform that enables convenient internet access, with a specific focus on decentralizing the VPN services market.

Key Features of Orchid Protocol

With Orchid Protocol, users can directly connect to the Orchid Market and pay merchants for bandwidth, allowing for the creation of a Proxy chain to access internet resources. The OXT coin utility token is used as a form of payment for the bandwidth.

The primary solution offered by Orchid Protocol is the P2P network known as Orchid Market. This network facilitates transactions between users and sellers, simplifying their ability to connect and engage in transactions.

The Orchid Labs team believes that traffic and payments on Orchid Protocol cannot be monitored by central authorities, ensuring data security and providing users and bandwidth contributors with a highly anonymous experience. This process eliminates the need for any third party involvement.

For example, when Orchid Protocol is enabled while logging into Facebook, the platform will be unable to identify the user's IP address and physical location, even though it is aware of the user's identity. Orchid Protocol also allows for the linking of multiple Nodes during internet queries, preventing VPN providers from collecting user information.

A VPN, or virtual private network, is a technology that hides a user's IP address and ensures the security of their information and data while browsing the internet.

The Problems Orchid Protocol Addresses

Enhancing Privacy

Users frequently encounter privacy risks when accessing the internet or using social networks, as their information can be collected and tracked, compromising their privacy and affecting their online activities.

Improving Security

Each individual possesses their own identifying information when accessing various online platforms, and hackers can exploit this information to steal data and engage in malicious activities that harm users.

Resisting Censorship

Certain countries impose strict control over user information, limiting their freedom to access the internet. This creates difficulties for users in freely browsing the web.

How Orchid Protocol Works

Typically, internet traffic is routed through central servers via ISPs and VPNs. However, Orchid Protocol supports random routing through a network of bandwidth providers. Network members share their excess resources by activating devices and connecting them as Nodes to the internet.

Orchid Protocol utilizes decentralized servers and implements Probabilistic Nanopayments to charge users for each IP packet they utilize. This means that users only pay for the bandwidth they actually consume.

Individuals who utilize bandwidth are considered to be accessing the internet without censorship, but they must pay participation fees to merchants using OCT coins on the P2P platform.

Nanopayments are integral to an offline system that enables any user to participate in the Orchid Protocol and exchange value with low transaction fees. Moreover, Orchid Protocol ensures enhanced privacy and security compared to traditional payment methods by leveraging Smart Contracts and Blockchain technology.

Furthermore, users have the ability to create Whitelists and Blacklists. In the past, the process of selling bandwidth involved compiling a list of assets that merchants were willing to deliver traffic to. The Proxy Router could deny or restrict access to certain websites, which can be seen as a form of censorship. The developer has empowered the user community with moderation permissions in this regard.