The use cases of the blockchain technology are unlimited. The blockchain technology is still considered to be in its infancy which means there are a lot of untapped and unexplored opportunities. The bull run of 2021 has increased the popularity of the crypto market by many folds which has led to the inception of newer applications of cryptocurrencies.
Orchid is the Virtual Private Network of the cryptocurrency market. Like all products and services provided by centralized firms, traditional VPNs also have limitations which is why Orchid created a decentralized version of the network in order to provide the service more efficiently to users.
What exactly is Orchid?
Orchid is a Virtual Private Network which is open to the general public. Anyone can utilize the VPN services of the network by paying through the native token, OXT. Utilizing the blockchain technology, Orchid network aims to eliminate the problems related to security that traditional VPNs face. Traditional VPNs utilize a centralized platform to which all of the traffic is routed to. However, Orchid has created a distributed VPN through multiple users on the blockchain of Ethereum. The network employs a multi-hop configuration along with layered encryption through a decentralized application. This makes the network completely secure with little to no chance of users’ data being leaked.
Orchid is essentially a decentralized marketplace. It connects users who want to use the VPN services of the network with the nodes of the network. The buyers are connected with the sellers and an exchange of bandwidth occurs through the OXT token. As all payment occurs through OXT token, this adds another layer of privacy and security to the network because users do not have to link their bank accounts.
OXT future outlook
As people grow more conscious of their right to privacy, a surge in networks like Orchid can be expected. The multi-faceted security system of the network also makes it popular among users. The cryptocurrency has had period bursts to the upside since 2020. The performance in the bull run of 2021 was also phenomenal. Currently, the bullish momentum of Orchid has slowed down. At the time of writing, the cryptocurrency stands at a price of $0.324; however, the future outlook for OXT is bullish.
According to the estimates of Wallet Investor, OXT token is expected to be operating at a price level of $0.464 in a year’s time. The price is expected to continue with its upward trajectory and reach towards $0.989 in five years’ time. Digital Coin Price projects a price of $1.13 by 2026.