OXTBTC
Orchid / Bitcoin (BINANCE:OXTBTC)
crypto Binance

Orchid aims to serve a privacy-preserving role in Ethereum's web3 stack. It is an incentivized peer-to-peer privacy network and decentralized VPN application that enables private access to the Internet. Users pay Orchid node providers in exchange for bandwidth. These providers stake Orchid tokens, OXT, to sell bandwidth on the Orchid Network. Providers receive user requests for traffic in proportion to their stake weight. The foundation of the Orchid protocol is the Orchid Market, which facilitates peer-to-peer transactions of bandwidth among Relays, Bridges (Exit nodes), and Users. Relay nodes are intermediary participants that forward network traffic Bridge nodes are participants that connect to requested Internet sites Users are participants initiating transactions and requests Relay and bridge nodes can stake Orchid tokens to receive connection requests and earn fees for bandwidth from users. The staked OXT tokens also keep the system honest by serving as a decentralized reputation system. The list of nodes is stored in an Ethereum smart contract. Nodes on the Orchid Market can set whitelists of websites they will allow users to contact when using them as a bridge, and specify their whitelists in their responses to bandwidth requests. Users can connect and configure their VPN service through the Orchid app, which uses a probabilistic micro-payment system (second layer payment solution) to purchase bandwidth on the backend. This allows Orchid's VPN to feature multi-hop routing for connecting multiple relays and a peer-to-peer, pay-as-you-go model. Orchid aims to separate information about the source of the data and its destination so that no one relay or proxy holds both pieces or knows the identity of someone who does. The Orchid Network provides a novel payment framework that enables per packet payment of traffic. Node Providers are paid using probabilistic micropayments that are cashed in by these providers in return for Orchid Tokens. In turn, users can use their OXT tokens to access a decentralized bandwidth marketplace and select their routing path.