Orchid’s Decentralised VPN Network Set to Launch in Early December
By Luke Flowers – Crypto Broker
Orchid, a decentralised Virtual Private Network (VPN) provider, will debut its network, token, and app (OXT) in the first week of December as reported on Yahoo News.
Stephen Waterhouse, CEO of Orchid said in an interview, "The thing we’re most excited about now is to be launching one of the first really consumer-facing experiences where the use of this native token is essential for the operation of the application." The same could be said when someone looks to buy Ether to power and execute the smart contracts on the network.
Users will be able to use OXT tokens – generated at launch – to pay node operators for bandwidth. Users will be able to buy crypto native to this blockchain on the open markets and the system will be relying on a staking model.
A new white paper that was published by the company this week wrote, "Orchid is a bandwidth market where node providers stake tokens to advertise their services using the Ethereum blockchain." As detailed, the Ethereum network is to be used for this service which could require users to buy Ethereum to send their transactions at first.
Waterhouse said that at launch orchid will have between five and 10 node providers, including those from the conventional VPN world as well as new comers situated in the crypto space.
Waterhouse further stated that his intention with this group was to bootstrap the beginning of the system.
Back in 2017, Orchid raised about $48 million through a series of SAFT deals and investment rounds. Some of the biggest investors included venture capital giant Sequoia, Polychain Capital, Blockchain Capital, and Andreesen Horowitz.
Many advocates that buy and sell Bitcoin have preferred the use of VPN services to provide them with greater anonymity and security when transacting. Now we see VPN’s making moves into the blockchain industry with the potential to provide even better protection.
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