What is Orchid?
Orchid is a decentralized, market-based system for anonymous communication and virtual private networking, including a bandwidth market where node providers stake tokens to advertise their services using the Ethereum blockchain and receive payment in OXT (Orchid’s native cryptocurrency)
What is the purpose of Orchid?
Orchid’s mission is to build Open Source software that keeps the internet open and accessible — a natural resource for everyone, everywhere.
How does it work??
In the Orchid marketplace, incentives are used to create economic security and reliability between clients and servers in a permissionless way. This peer-to-peer marketplace is dynamic; clients can select single- or multi-hop onion routed circuits by selecting nodes randomly weighted on stake and filtered on secondary desiderata (price, location, etc.). A single hop route has the benefits of a normal VPN connection, creating a tunnel to route your traffic over a public network or your ISP, while a multi-hop connection provides additional privacy benefits by securing your network data from any one provider.
When will it go live?
We anticipate to launch the Orchid network in Q4 of 2019.
How does the Orchid token (OXT) work?
OXT is a “pre-mined” cryptocurrency based on the ERC-20 standard that will be used to decentralize trust between buyers and sellers in the Orchid marketplace. It also functions as a tool to promote security and healthy market dynamics, as providers can adjust their OXT stake to remain competitive. At launch we intend there to be a limited supply of one billion (1,000,000,000). We do not intend ever to create any additional OXT.
How does Orchid distinguish itself from VPNs?
Traditional VPNs today are limited; the centralized nature of their offering cannot compete with the distributed properties of combining multiple different providers to offer multi-hop level security. And even if a single company offers multiple hop VPN routes, there is still a single centralized entity you are placing your trust into. Using a distributed system allows you, as a user, to distribute trust across multiple distinct VPN providers, thereby breaking apart the flow of your information so no single entity can see the entire picture. Such a system is not possible when purchasing a VPN service from a single provider.