There is a lot of market excitement surrounding Orchid, a protocol positioning itself as a crypto-powered VPN. This somewhat unusual business approach yields significant price momentum for OXT. There are also some recent developments to pay attention to.
A Brief Overview Of Orchid
For those unfamiliar with Orchid, the team wants to leverage blockchain technology to provide a better VPN (Virtual Private Network) experience. Rather than paying for subscriptions or contracts, Orchid maintains a pay-per-use model to help users maximize their usage at the lowest cost possible. Additionally, users can switch between providers with a few clicks, allowing for a more customizable user experience.
More importantly, Orchid lets users share their accounts with an unlimited number of devices and people. It is a great way to bring VPN and privacy solutions to friends and family without everyone having to pay a lot of money. It is intriguing to see how this open-source approach to building a better and more viable VPN ecosystem will evolve in the months to come.
Cutting Down On Gas Fees
When using any blockchain for services or products, there will always be a fee to pay. That makes pay-as-you-go services somewhat complicated, as no one wants to pay high transaction costs. Ethereum users often spend between $10 and $50 per transaction for various purposes, which is too expensive.
Orchid, on the other hand, uses the xDai asset to bring down the overall gas fees. Using the xDai blockchain is essential to provide users with the optimal service performance based on their credits. More and more projects look beyond Ethereum to achieve lower transaction costs, a trend that is likely to continue for some time to come.
The Priv8 Privacy Summit
Online privacy is an active topic of debate globally. Achieving this privacy has become very difficult, creating a lot of problems for many users. During the recent Priv8 virtual privacy summit – organized by Orchid – numerous speakers shared their views on improving this situation. Notable speakers include Edward Snowden, Cindy Cohn, Orchid CEO Dr. Steven Waterhouse, and many others.
Building a better future for privacy remains an ongoing struggle. Open-source VPN solutions using blockchain technology such as Orchid can make a meaningful impact on the situation. As thousands of people attended Priv8, it is evident many people worry about online privacy today.
Trading Volume Is Rising
It is interesting to note that traders show an increasing interest in Orchid Protocol’s OXT today. Following a 46% price increase in the past 24 hours across the USD, BTC, and ETH markets, one has to wonder what is driving this sudden demand for the asset. It is still impossible to set up a node yourself to earn OXT in exchange for providing VPN bandwidth. That technology is in development but there is no official roadmap to speak of.
With over $265 million in trading volume, most trading comes from Binance, VCC Exchange, and Coinbase Pro. No real surprises there as there are all popular crypto trading platforms. Intriguingly, both USDT and USD trading pairs are represented today. Even Korean traders on Bithumb show some excitement for OXT today, indicating that this uptrend may not yet be over.
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