Internet privacy is becoming more in demand than ever. The VPN industry is already worth $35 billion and is set to grow to $84 billion by 2030. One interesting crypto project looking to bring VPNs onto the blockchain is Orchid. It’s a decentralized marketplace that allows users to buy internet bandwidth from a global pool of service providers. It’s an ambitious project with some revolutionary technology.
Here, we’ll look at the details of the Orchid Project, an OXT price prediction, and decide if it’s worth adding to your crypto investment portfolio.
Orchid — The Project Details Explained
Orchid is a blockchain-based market system for connecting those that want to use VPN bandwidth with those who can provide it. The stated mission of Orchid is to “reclaim the internet.” They want to bring back the ideals of digital privacy that were common in the early internet but have become lost in the last decade as corporations and governments track and control our browsing. Orchid’s key components are its VPN Protocol, Server system, Accounts, and Nanopayments.
Orchid VPN Protocol
It works similarly to popular VPN protocols such as WireGuard or OpenVPN. The main difference is that it allows users to access and use remote network resources using the Ethereum network. The OXT token is an ERC-20 token hosted on the Ethereum network. Providers are rewarded with OXT for staking and providing bandwidth on the network for others.
Orchid Server is the software that providers run to earn rewards for staking OXT. When running the software, Orchid Server operators can accept incoming connection requests. For the connection requests they serve and provide VPN services, they receive instant payment. The payments are made using OXT and the innovative Orchid nanopayment system described below.
OXT funds are stored in Orchid Accounts, which are similar to a regular crypto token account or wallet. They also have public and private keys. Orchid accounts are managed using the Orchid decentralized application available for download on the Orchid.com website. For a faster way to get started, you can also purchase a prepaid account.
Nanopayments are where the Orchid network has really innovated to improve user experience. Transactions on the Ethereum blockchain are expensive, so paying for every packet of data would be too costly. Instead, the Orchid network sends “probabilistic” payments. Rather than sending a $1 transaction, you send a 1% chance of a $100 transaction. If the transaction “wins,” it can be settled on the Ethereum blockchain at a reasonable price. This reduces the number of (relatively) expensive on-chain transactions required while still providing fair payments overall.
OXT Price Prediction
In the second half of 2022, the OXT price has been fluctuating around $0.11. Here are some expert price forecasts for OXT between 2023 and 2030, along with the average prediction for that year.
- PricePrediction.net: $0.21
- DigitalCoinPrice: $0.16
- Cryptopolitan: $0.20
- Average prediction: $0.19
- PricePrediction.net: $0.47
- DigitalCoinPrice: $0.21
- Cryptopolitan: $0.44
- Average prediction: $0.37
- PricePrediction.net: $1.54
- DigitalCoinPrice: $0.36
- Cryptopolitan: $1.37
- Average prediction: $1.09
- PricePrediction.net: $3.22
- DigitalCoinPrice: $0.50
- Cryptopolitan: $2.93
- Average prediction: $2.21
The average OXT price forecast sees the price nearly doubling by 2023 and achieving 20x its 2022 level by 2030.
Internet privacy is growing in importance to consumers. Orchid intends to capitalize on the $50 billion increase in the VPN industry by creating a blockchain marketplace for remote internet access. Orchid has developed some innovative technology for this project that helps solve the scalability problem in the Ethereum network while maintaining fair payments.
The price predictions all point to the OXT price growing significantly over the next decade. So, OXT seems to be a fascinating crypto project with a real use case. It’s definitely a good addition to any crypto investment portfolio. To buy OXT tokens without disclosing your identity, use an anonymous exchange such as Godex.