Orchid has unveiled the Orchid decentralized VPN network to the general public. The decentralized virtual private network (VPN) debuted its app, network, and token (OXT) in the first week of December.
According to the CEO, Steven “Seven” Waterhouse, they are currently excited about launching one of the first really consumer-facing experiences where the use of the OXT token is essential for the operation of the application. OXT token was available at launch and users of the Orchid decentralized VPN network will use the same to pay node operators for bandwidth.
However, the VPN network system completely relies on a staking model. According to the white paper, Orchid is a bandwidth market where node providers stake tokens to advertise their services leveraging the Ethereum Blockchain.
Waterhouse said that Orchid had between five to ten node providers at the launch. He also said that it will include players from both the traditional VPN world and “new entrants from the crypto space,” and that their intention with the initial group was to bootstrap the beginnings of the system.
Around the globe today, people use VPN to browse anonymously and bypass state controls, thus maintaining privacy. Meanwhile, in this 21st century, the VPN network already offers a stark reminder of the drawbacks of centralized authority.
Orchid raised approximately $48 million through a series of investment rounds as well as SAFT deals of 2017. The major investors in the development of this decentralized VPN network by Orchid include Blockchain Capital, Andreessen Horowitz, Polychain Capital, and VC giant Sequoia.
According to a press release, Brad Stephens, the managing partner at Blockchain Capital told Coindesk that the Orchid team is a known brand since 2014. Brad went further to state that the company was part of the very few earliest investors and advisors.
Orchid was founded in 2017 to restore the open and accessible internet for users across the globe. The company leverages the Ethereum Blockchain to build a decentralized web 3.0, thereby creating the internet of the people, managed by the people.
Therefore, the mission of the team is to use web 3.0 technologies to offer internet users better digital privacy. It has an incredible team, based in San Francisco and Berlin.
The founders of Orchid bring together deep experience in the open-source software community, technology management, jailbroken app package management, and security. Its decentralized VPN network allows users to buy bandwidth from a global pool of service providers.
Orchid makes use of an ERC-20 called OXT, a new virtual private network (VPN) for token-incentivized bandwidth proxying, and also allows for smart contracts with algorithmic advertising and payment functions. By using the provider directory, Orchid’s users are able to connect to bandwidth sellers.
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