What is Orchid?
Orchid offers a decentralized VPN (virtual private network) service that connects individual internet users to a global pool of bandwidth providers. These providers can stake Orchid tokens to share their surplus bandwidth, acting as network nodes (staking is not currently supported for Orchid on Coinbase). The list of nodes is stored in an Ethereum smart contract that is decentralized and accessible to anyone around the world. Payment for bandwidth is done entirely with an ERC-20 token called OXT. To use Orchid, users need OXT, the Orchid app, and a Web3 crypto wallet.
Note: Orchid refers to the entire project, as well as the token (OXT) and the network. Orchid’s vision is to build open-source software that keeps the internet accessible to everyone, everywhere.
There are two parts to Orchid:
The Orchid app is a peer-to-peer VPN tool that allows users to use the internet privately and securely. All browsing data and history will be private using the Orchid app. Learn how to download the app under “How do you download and use Orchid?” below.
Orchid token (OXT) is a cryptocurrency that runs on the Ethereum blockchain. OXT is used to pay for the VPN services that Orchid provides from anywhere in the world. You can buy and trade OXT on Coinbase. Some cryptocurrencies may not be available in some regions—please see this help page for more information.
How does Orchid work?
Orchid uses decentralized servers that run on the Ethereum blockchain. You will be charged per IP packet using a unique innovation from Orchid called “probabilistic nanopayments.” This means you will only be charged for the bandwidth you use. Nanopayments are part of an off-chain system that allows all Orchid participants to exchange value without paying high transaction fees. This system is also more private than traditional payment methods. And it’s only possible with smart contracts and the blockchain.
Will there be Staking?
As of right now, staking is not currently supported for Orchid on Coinbase.
How do I send and receive OXT?
You can send OXT to Coinbase the same way you send all other cryptocurrencies to Coinbase (to the correct address). For receives, you can find your wallet by selecting Receive (web) or selecting the QR Code (mobile) next to your OXT balance. Incoming transactions show up almost immediately, but you won’t have access to your crypto until 35 confirmations have been completed on the blockchain (generally takes 8.5 minutes.
Please note: if you send OXT to an external (non-Coinbase) address or wallet that does not support OXT, it will be lost and Coinbase will not be responsible for that transaction.
How do you download and use the Orchid app?
To set up Orchid, follow these steps:
Purchase OXT on Coinbase
Send OXT to a Web3-enabled crypto wallet
Send Ether to the Web3-enabled crypto wallet to pay for the Ethereum network’s transaction fees
Connect to Orchid through the crypto wallet
Tap the dapp-browser icon in the wallet’s UI to connect to Orchid
Type account.orchid.com/earn into the URL bar
Follow the on-screen instructions to fund your account with OXT
Download the Orchid mobile app (Orchid is entirely Web3, so no username or password)
The term Orchid refers to the project at the highest level, as well as the token and network. The team is referred to as the Orchid team.
The users of the network and the buyers of bandwidth. Examples include users on iOS, Android, Windows, Linux, etc.
The providers of the network. Examples include a VPN company running the Orchid team’s Linux package on the Linux server infrastructure.
The providers of the network and anyone running the Orchid Server. This is the list of decentralized nodes stored in a data structure on the Ethereum blockchain and that interacts, via smart contracts, with the Orchid Marketplace. Examples include a VPN partner running exit nodes or relay nodes, or an anonymous node running a relay.
The “rules” and mechanisms that allow the two sides of the market to interact.
The payment issued from the Orchid App to an Orchid Node, which is guaranteed by the Nanopayment Account. Each nanopayment has a proveable probability of paying out and payments that win go on the blockchain.
The collateral for the nanopayment lottery tickets sent from the user to the provider. Other terms being used for this: escrow (engineering) and membership deposit (app)
Another description of the nanopayment.
A ticket redeemable by the receiver that transfers OXT, on-chain, from the Orchid App to the Orchid Server that is providing the service to that user.