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Orchid

OXT

Price
$0.0811
11/30/2022, 5:28:52 PM
diamondHands

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Market

Market stats

Market cap

$56.0M

Volume (24h)

$1.8M

Circulating supply

690.7M OXT

Typical hold time

24 days

Trading activity

Not enough data

Popularity

#126

All time high

$1.02

Price change (1h)

-0.84%

Price change (24h)

+1%

Price change (7d)

+1.5%

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Orchid is on the rise this week.

The price of Orchid has risen by 1.50% in the past 7 days. The price increased by 1.00% in the last 24 hours. In just the past hour, the price shrunk by 0.84%. The current price is $0.0811 per OXT. Orchid is 92.05% below the all time high of $1.02.

The current circulating supply is 690,690,083.775 OXT.

About

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.

What Is Orchid (OXT)?

Orchid (OXT) is a market-based decentralized system for private networking and anonymous communication. Orchid aims to build open-source software that keeps the internet open and accessible for everyone. Orchid (OXT) uses Web 3.0 technology (third generation of the internet) to offer users better digital privacy. The platform enables a decentralized virtual private network (VPN) that allows users to attain bandwidth from a global pool of service providers. Orchid makes use of a probabilistic nanopayment system, enabling a bandwidth market without a trusted central party. Probabilistic nanopayment scales to millions of transactions per second and is a way of reducing the transaction fees across numerous transactions.

According to the Orchid whitepaper, the platform is designed to cater to several challenges:

1. Traffic Analysis 

It is difficult to send a message without any information leak to others apart from the recipient. The routing design currently maximizes bandwidth and minimizes latency. Traffic analysis is still a potential problem, and Orchid aims to focus on low-latency circuits and high bandwidth at the expense of strong anonymity. Orchid allows for increased anonymity through bandwidth burning. Bandwidth burning is padding the packet stream with dummy data packets to erase detectable temporal signals. 

2. Sybil Attacks

In any open network, agents can present a large number of independent nodes by creating many fake identities, which in fact are all colluding. It can be difficult to retain the property of openness while preventing a single attacker from overwhelming the system. The platform aims to defeat Sybil attacks using a stake-weighting system and aligning rewards, providing key economic security advantages.

3. Random Selection 

To construct secure circuits with a low collusion probability, there should be a random selection from relay nodes in a way that is not susceptible to Sybil attacks. The platform caters to this problem with a linear stake-weighted random selection Sybil-orthogonal. In Sybil-orthogonal, an attacker does not gain any advantage by dividing their stake into multiple identities. 

OXT is the digital currency of Orchid. OXT is specifically tied to the consumption of bandwidth on the Orchid network. OXT is based on the ERC20 standard. Orchid aims to use OXT to decentralize trust between traders in the Orchid marketplace. Further, OXT functions as a tool to promote security and healthy market dynamics, as providers can adjust their OXT stake to remain competitive.

OXT provides value in the Orchid network in the following ways:

  1. A Bandwidth Provider: Who accepts nanopayments for traffic. By first staking OXT, anyone can operate an Orchid node. The more OXT is staked, the greater the chances of attaining reward in the network.

  2. A Bandwidth User: Who initiates proxy circuit connections. Users can pay on the fly for a secure, private internet connection using nanopayments. Nanopayments are tiny, and the user can turn them on or off at will. Users are allowed to add any supported cryptocurrencies or OXT to their Orchid account, which can be used to pay providers for service while the VPN is connected.

History of Orchid (OXT)

Orchid Labs was founded in 2017, and the peer-to-peer Orchid network was launched in December 2019.

Dr. Steven Waterhouse, Jay Freeman, Brian J. Fox, and Gustav Simonsson are the founders of the platform. Waterhouse is the CEO, Freeman is the CTO, and Simonsson is the advisor of Orchid. 

How Are New Orchid (OXT) Tokens Created & Earned? 

Orchid'sstaking directory randomly connects providers with users based on the amount of OXT staked. Providers that stake more OXT are connected to more users. The bandwidth that users on the Orchid network purchase is directly proportional to the incentive that node providers have to stake OXT to sell bandwidth and meet the demand.

OXT aims to provide a staking-advertising mechanism. This advertising mechanism involves Orchid bandwidth providers staking OXT in an Ethereumsmart contract to advertise their services to clients. Orchid clients then randomly select providers, weighted by a proportional stake. This ensures the probability of picking a particular provider is equal to their fraction of the total stake. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.

How Many Orchid (OXT) Tokens Are There?

The maximum total fixed supply of OXT is one billion OXT.

How to Buy Orchid (OXT)

OXT can be traded on Coinbase's centralized exchange on Coinbase.com and Coinbase app anywhere Coinbase is available.

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FAQ

What is the current price of Orchid?

The price of 1 Orchid currently costs $0.0811.

What is the market cap of Orchid?

The current market cap of Orchid is $56.01M. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Orchid?

The all-time high of Orchid is $1.02. This all-time high is highest price paid for Orchid since it was launched.

What is the 24 hour trading volume of Orchid?

Over the last 24 hours, the trading volume of Orchid is $1.83M.

What other assets are similar to Orchid?

Assets that have a similar market cap to Orchid include NKN, RSK Smart Bitcoin, Orbit Chain, and many others. To see a full list, see our comparable market cap assets.

How many Orchid are there?

The current circulating supply of Orchid is 691 million.

What is the typical holding time of Orchid?

The median time that Coinbase customers hold Orchid before selling it or sending it to another account or address is 24 days.

What is the relative popularity of Orchid?

Orchid ranks 52 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of Orchid?

Currently, 63% of Coinbase users are buying Orchid. In other words, 63% of Coinbase customers have increased their net position in Orchid over the past 24 hours through trading.