Key Takeaways
- The trading volume of Orchid Protocol (OXT) is $454,155,885 in the last 24 hours denoting an increase of 1623.40% from the previous day
- In the past 7 days, the price of the token has increased by 49.80%. The token is outperforming the global cryptocurrency market
- Orchid is a decentralized marketplace where users trade bandwidth for OXT cryptocurrency.
- Orchid created a VPN whose managers have no incentive to harvest user data and server locations of Orchid are selected randomly by the server.
The trading volume of Orchid Protocol (OXT) is $454,155,885 in the last 24 hours. The trading volume of the token has increased by 1623.40% from the previous day. At the time of reporting the price of the Orchid Protocol (OXT) is $0.1205.
Virtual private networks are gaining popularity as the internet becomes more fractured monitored and censored. Users are being conscious about their anonymity and privacy. The current VPN services have their disadvantages and commercial VPN services have a centralization risk. The performance and security of free peer-to-peer services are also questionable. Orchid utilizes cryptocurrencies to address the core challenges faced by VPNs.
The users of Orchid can buy bandwidth from a global pool of service providers. The Ethereum blockchain technology that provides backend services to Orchid avoids leaving a data trail of users on the platform. Orchid also provides users in its native crypto OXT as an incentive against malicious behavior.
Users can access the VPN by downloading the application to run the Orchid client. The platform allows users to share the VPN services. The providers can be shifted randomly from one another by just a click. Orchid charges its users only when they are using the services. There is no charges when the VPN service is turned off.
Orchid: Overview of the Project
The Orchid software uses a custom VPN protocol that utilizes the web standard WebRTC. Orchid protocol enables user payments in cryptocurrencies. It is designed to provide high-performance networking to access remote networking resources. The nodes of bandwidth sellers are registered in a private directory on the Ethereum blockchain. The metadata such as geolocation and any other additional services offered are stored in the blockchain.
Orchid users can switch between providers easily and quickly if one is blocked or slow. The quality and performance of the service are improved through crypto-economic incentives and ensuring that the bandwidth supply can scale elastically with the growth in demand. The platform uses a probabilistic nano payment system to scale payment throughout and lower the transaction cost on small payments.
Current Performance Data Analysis of Orchid Protocol
The trading volume of Orchid is $454,155,885 in the past 24 hours. This indicates an increase of 1,623.40% compared to the previous day. The rise in the trading volume of Orchid indicates a rise in market activity. The market capitalization of the Orchid Protocol is $71,600,159. The circulating supply of the coin is 591,544,728 with a total supply of 1,000,000,000
The fully diluted valuation of a project is found under the assumption that the total number of tokens in circulation is 1 billion with the strategic representation of the maximum market capitalization. As per the analysis, the fully diluted valuation of Orchid is $120,775,382.
The OTX tokens are available for trade on centralized crypto exchanges. If you are looking forward to the most popular option, you can go for Binance. The leading crypto exchange platform has a trading volume of $132,863,973 for the past 24 hours. The active trading pair for OTX in Binance is OXT/USDT. There are other crypto exchange options available as well. You can explore other options like OKX and Ourbit.
Historical Performance Data Analysis of Orchid Protocol
The all-time high price for Orchid Protocol is $454,155,885.The all-time low price for Orchid protocol is $0.04666, The current market price of the token is 160.09% higher than the all-time low price.
In the past 7 days, the price of the token has increased by 49.80%. The token is outperforming the global cryptocurrency market which upsurges by 8.80%. The token also outperforms other similar proof of stake cryptocurrencies which upsurges at 12.40%.
Final thoughts
Orchid is a decentralized network of volunteer-maintained nodes that lets you browse the internet anonymously. Orchid reinvents the bandwidth sector through its decentralized approach. The user has the advantage of being able to secure passive rewards easily. The platform allows the users to compete for the payment flow by staking OXT tokens.
The lower charges and rates are another feature that supports the growth. Orchid is likely to evolve in the future as more and more users seek these alternatives to centralized data service providers in the current market.
