Orchid (OXT) is an Ethereum token that powers the Orchid network, a peer-to-peer privacy tool that includes a decentralized VPN and other features designed to give users more control over their Internet connection. OXT can be used to pay for bandwidth or staked by bandwidth providers in order to operate a node.
How it works
There are two categories of users in the Orchid network:
Bandwidth users are the customers who use the VPN. (It’s available for Android, iOS, and Mac.)
Bandwidth providers are Orchid Nodes that have staked OXT tokens in order to supply their surplus internet bandwidth to users. In exchange, they receive compensation in OXT tokens. The more OXT staked, the greater the chances for a reward.
Bandwidth providers are required to stake OXT to give them incentive to behave responsibility.
But you don’t need to be a full bandwidth provider to benefit from staking OXT. Any holder of OXT can stake some of their tokens in a pool with a full bandwidth provider.
Keep in mind
Orchid aims to provide a distributed network of trusted, high quality bandwidth providers, allowing users to access the internet privately, and instead of relying on relying on one centralized VPN service.