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- Orchid announces the listing of OXT on Bithumb
- Orchid is currently working on its global expansion
- The platform is especially putting inputs to expand its business into Asia
OXT Finally Finds Space on Bithumb
Orchid, a decentralized VPN service provider, recently confirmed that its token OXT is finally listed on the primary Korean cryptocurrency trading platform, Bithumb. The platform uses the token in the mainstream format.
Orchid is currently working on its global expansion. At the end of 2020, it declared the listing on Indonesia’s biggest cryptocurrency trading platform Indodax and the primary Chinese cryptocurrency trading platform Huobi in consecutive format. The platform is especially putting inputs to expand its business into Asia. The listing on Bithumb, which holds 5 million registered customers, is expected to elevate Orchid’s recognition in Asia.
Regarding the listing, the CEO of Orchid, Dr. Steven Waterhouse, stated that he is excited about the listing of OTX on Bithumb. He added that Bithumb is an industry-leading platform. The respective listing of Orchid’s crypto tokens by Bithumb adds value to Orchid’s primary offerings of strong privacy.
Details of OXT
OXT refers to an ERC-20 standard digital asset that performs an economic incentive on Orchid’s network, concentrating on distributed VPN facilities. Customers who wish to access a VPN with the platform pay a service usage charge with OXT to the bandwidth supplier.
At Orchid, unlike various decentralized VPN facilities, customers do not depend on altruistic suppliers to provide the service. They instead establish financial incentives and promote competition in the form of digital assets.
Orchid customers can access Orchid’s unique payment design called Probabilistic Nanopayments to reimburse the provider only for the worth that they access. Thus, it seems to be more flexible than similar services that demand a monthly or annual contract.
Stochastic nano-payments refer to Orchid’s payment structures with the intent to minimize transaction charges for smaller transactions. In this framework, Orchid’s VPN service customers do not allocate OXT directly to the provider but instead publish a ticket that works like a lottery off-chain.
For example, a user can issue a ticket with a 1% possibility of collecting a $ 100 OXT rather than paying a $ 1 OXT directly to a provider. Only if the provider acquires a winning ticket it will be essential to retrieve the ticket on-chain. It then allows OXT to facilitate small payments in an economical format.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
