Crypto Corner: a profile on OXT

We’ve got another new token to introduce you to! Today, we’re shining the spotlight on the blockchain-based VPN service provider, Orchid, and its native utility token, OXT.

What’s it all about?

OXT is the staking asset for the VPN marketplace app, Orchid. Orchid’s aim is to let users take control of their privacy by allowing them to browse the internet with a decentralised, trustless VPN (an encrypted network connection).

Orchid prevents websites from seeing users’ IP addresses and physical locations, and protects users from Internet Service Providers (ISPs) seeing which sites they’re visiting.

What can you do with OXT?

OXT is the token used to pay for VPN services on the Orchid network.

It can also be staked, which means that you can list your VPN service to other users - Orchid will match those who need bandwidth with those who are willing to share theirs.

OXT issuance is set at 1 billion units.

You can buy and exchange OXT in the Wirex app at unbeatable live OTC rates, or spend it in real life with your Wirex card. Want to earn up to 20% AER interest on it, instead? Simply add it to an X-Account and start saving.

Who came up with the idea?

Orchid was created by Orchid Labs in 2017. The company was founded by developers Brian Fox, Gustab Simonsson, Jay Freeman, Stephen Bell and Steven Waterhouse. By 2020, Orchid had raised $48 million through three ICOs of OXT. The app was released in July 2020.

Any fun facts?

Orchid’s main aim is to connect VPN bandwidth sellers with VPN bandwidth buyers. To achieve this, it uses a variety of high-grade security protocols and manages to avoid high Ethereum gas fees due to the network’s design. This has helped Orchid gain popularity even in times when Ethereum’s network fees are particularly high.