|All Time High:|
|Market Cap: |
|The price of #OXT today is $0.10 USD.|
The lowest OXT price for this period was $0, the highest was $0.102, and the exact current price of one OXT crypto coin is $0.10221.
The all-time high OXT coin price was $0.95.
Use our custom price calculator to see the hypothetical price of OXT with market cap of BTC or other crypto coins.
|The code for Orchid is #OXT. |
Orchid is 2.7 years old.
|The current market capitalization for Orchid is $73,076,862.|
Orchid is ranked #250 out of all coins, by market cap (and other factors).
|There is a big daily trading volume on #OXT.|
Today's 24-hour trading volume across all exchanges for Orchid is $4,153,610.
|The circulating supply of OXT is 714,962,287 coins, which is 71% of the total coin supply.|
Orchid’s Privacy Network Launches
Today we are proud to launch Orchid, the first incentivized, peer-to-peer privacy network. We welcome you to get set up at Orchid.com and start using it today for trustless digital privacy. The network features components designed to work together: the Orchid app (for download on Android), the Orchid VPN client that runs in the app, and the Orchid digital currency, OXT (available on Coinbase Pro) that powers the network, connecting buyers and sellers of bandwidth in an open marketplace. But the most important part of the network, what will enable it to offer users unprecedented digital privacy, is you. We built a privacy network because we believe that by bringing people together who value digital privacy in a world where it’s becoming scarce, and by pooling resources like Internet bandwidth — not just as altruists, but as fairly incentivized market participants — we can simultaneously protect ourselves and our communities. Read the rest here: https://blog.orchid.com/orchids-privacy-network-launches/ Orchid’s Privacy Network Launches was originally published in Orchid Labs on Medium, where people are continuing the conversation by highlighting and responding to this story.
Orchid’s Network: Random Selection + Stake Weighting
The web of providers running the Orchid Server software constitutes the Orchid Network. We’ve chosen to build an algorithm utilizing random selection and stake weighting as the core rule set that determines how the user software picks a provider. Our design evolved from proof-of-work and considers both attack models and user experience.. — Like Bitcoin, Ethereum, and most other decentralized systems, Orchid is designed as an open network built from open-source software; anyone can download the Orchid node software and run as many nodes as their resources permit. The viable defenses against systemic attacks in an open decentralized system are ultimately economic — a system is secure to the extent that the cost of an attack to an attacker outweighs the benefits to that attacker, or is too costly to execute regardless. Decentralized systems use these security parameters to secure their networks and provide incentives by which miners or participants can earn in return. Most open blockchains today use one of two models: proof-of-work, which requires electricity; or proof-of-stake, which requires coordination efforts and governance. The Orchid Network is expected to use a derivative of proof-of-stake, called stake weighting, to authenticate peer-to-peer bandwidth agreements combined with Ethereum’s consensus to settle transactions. This means that bandwidth providers stake Orchid cryptocurrency for commercial use on the Orchid Network (OXT) in time-locked deposits to prove identity and receive traffic in proportion to relative stake deposit size. We evolved our design to use stake-weighting after originally considering using proof-of-work, which is described in our original white paper as Medallions. We moved away from that system because:Proof-of-work creates an additional compute burden on end usersProof-of-work has far lower attack costs than stake-weighting with delay, even assuming rental marketsGeneral compute rental markets already exist with far more relative liquidity than we expect will exist in any future OXT stake deposit rental marketsThe Orchid Network The Orchid Network is designed to be a set of data structures stored on the Ethereum blockchain that allows clients to efficiently select bandwidth sellers’ nodes. Essentially, it forms a simple Orchid-specific overlay on the Ethereum network. At a high level, the Orchid Network is expected to provide the following key operations:A means for bandwidth providers to register their nodes via stakingA method for bandwidth providers to register custom services and metadataA means for clients to query nodes for custom services and metadataA method for selecting a random node, with probability proportional to stake The use of stake-weighting is intended to allow the economic security of the Orchid Network to scale linearly with the size of the total deposited stake. The stake-weighted selection process itself is implemented using an on-chain tree data structure, which is intended to allow a client to outsource the selection of nodes to other nodes in a scalable trustless manner, avoiding the need for lightweight clients to ever download, store, or process the complete node directory.Node directory tree To implement the scan function efficiently, we use an on-chain binary weighted tree data structure. Each node in the tree is expected to be a stake entry, which stores a stakee, an amount, and a delay, in addition to the tree pointers and stake subtotals for the left and right subtrees. This structure effectively forms a prefix sum tree over all the stake deposits, allowing a simple descent decision at each node to find the subtree (or internode) containing a given random point; finding the exact node containing the given random point is expected to require only a logarithmic number of steps.Node metadata registry The Node metadata registry is anticipated to allow providers to ‘tag’ nodes with metadata. Bandwidth providers can use this to store custom metadata associated with their nodes on the blockchain and advertise services. The metadata registry is structured to be generic in order to enable a simple means for future custom extensions. This is intended to allow node operators to advertise new services, which clients can then select for without code updates. Orchid App users interested in filtering service based on certain criteria, such as geography, are expected to be able to use tags to do so. Since tags are pieces of metadata added by providers, ultimately the Orchid App must check whether the provider is acting honestly. In many cases, we expect the checks will be automated. Examples of Metadata Tags:Geolocation: Providers are expected to be able to advertise their service in a particular region so that clients can filter based on location (similar to a typical VPN service). The Orchid App will use a public IP database to confirm the location.Latency: In some cases users will desire connections with lower latency than randomly chosen nodes. The Orchid App is designed to employ a ‘guess-and-check’ strategy by using the same public IP database to find routes with a shorter distance. Ultimately, the actual latency must be measured once a route is constructed. If the latency is higher than the target threshold, we expect that a new, different route must be sampled. The lightweight nature of Orchid routes and nanopayments is anticipated to allow for fast route setup and parallel route testing.Price: Providers are anticipated to set their bandwidth prices and the client can filter on price. The Orchid App intends to use a budgeting algorithm to determine a current spending cap based on the user’s balance and a target timespan representing how long the budget should last.Curated lists The Orchid App is designed to also filter based on arbitrary exit or relay node lists, which limits the viable nodes to a custom subset. Initial releases of the official Orchid App is expected to use this feature to prevent certain kinds of attacks from malicious exit nodes (e.g. SSL downgrade attacks) by using a default exit node list consisting of trusted VPN partners. Customized Orchid clients can use their own lists, and eventually we expect well known third parties to emerge as whitelist curators. Curated lists are a simple means for the importation of external reputational trust to supplement the economic, incentive-based trust provided by staking.How to sell bandwidth on Orchid The Orchid Market uses a decentralized architecture to connect users to bandwidth providers via tokenized, peer-to-peer commercial nano-transactions. To sell bandwidth, providers register nodes on the Ethereum blockchain, which clients select through calls to Ethereum smart contracts. The user running the Orchid App then initiates proxy chain connections, which connect through one or more relay nodes before an exit node to their destination. Clients are expected to pay bandwidth providers to forward packets using probabilistic nanopayments. Occasionally the seller is expected to receive a winning nanopayment ticket which they redeem for Orchid Tokens (OXT) through a smart contract function call. A requirement for registering a node in the Orchid Network is to stake OXT. The size of the stake is crucial for the stake-weighted selection and the more OXT that is staked, the greater the probability that the provider will receive requests for traffic from the Orchid App users. We anticipate that there are three steps to earning as a Node operator:Acquire OXT: Buy OXT tokens from an exchange or recieve OXT in a wallet through transfer, or earn OXT by registering as a node provider.Stake OXT: Deposit OXT tokens into the node directory contractProvide: Sell services to the Orchid App usersPayment: Receive OXT payment for services in a provider controlled walletUser stake deposit For Orchid App users to join the network, they must have a valid deposit in the nanopayment smart contract in order to issue tickets to a provider in exchange for bandwidth. A small portion of this deposit is intended to be held in escrow as a user “stake” to align their incentives with that of the network as a whole.How nodes are selected Apps are expected to select nodes for proxy chains using a two-step process of random relative stake-weighted linear selection followed by secondary constraint filtering. The first stage linear selection is designed to be performed by the scan function on the node directory tree. The App generates a random point locally and passes it on as the single argument to scan, which then descends down the node directory tree. The search terminates in the single unique leaf — or internode — whose stake segment intersects the chosen random point. Using a smart contract to implement the main node scan function allows the selection process to be easily outsourced to server nodes. A client requests one or more scan calls and a remote server node executes each scan locally and send back simple proofs of the execution trace. After selecting one or more nodes based on linear relative stake weighting, it is designed such that the client can then filter by additional criteria such as exit location, latency (ping), price, custom node metadata tags, and arbitrary whitelists.Stake withdrawal delay Orchid stake deposits can not be withdrawn immediately; they are subject to an intentional withdrawal delay limitation. The withdrawal delay is an important security restriction. It creates an obstacle for attackers attempting to acquire a large portion of Orchid App connection requests. In particular, it helps prevent a systemic takeover attack. This is an attack in which an adversary acquires a large fraction of the total deposit stake and then directs clients to malicious servers, which provide intentionally poor connections, log and report traffic, or attempt active connection attacks (e.g. SSL downgrades). We believe the main defense against systemic takeover attacks is the high cost barrier to acquiring and locking up a significant fraction of the total OXT stake. Without a withdrawal delay, this barrier becomes simply an issue of access to sufficient liquidity, with little actual net cost to an attack. A sufficiently long withdrawal delay is more likely to create an additional loss for the attacker when they finally end the attack and sell their large OXT position. The App software then filters based on withdrawal delay, ignoring stake deposits with delays that do not meet the App threshold. Orchid’s initial App software will accept withdrawal delays of three months or greater, but the flexible parameterization allows future App updates to change this parameter without the equivalent of a hard fork and associated coordination difficulties.Conclusion By adopting a stake-weighting approach to disincentivize attacks and creating an incentivized marketplace backed by the Orchid Token, we’re one step closer to achieving our ultimate goal: making the Internet a more open, inclusive space for users around the world. Whether you want to purchase or sell resources using the Orchid, the Orchid Network is designed to give users private and secure access to the internet, regardless of geographic location. If you would like to stay up to date with the latest Orchid news, sign up for our newsletter and be the first to try the network when it launches later this year.Follow the Orchid journey Website: www.orchid.com Twitter: https://twitter.com/OrchidProtocol Linkedin: https://www.linkedin.com/company/orchidprotocol/ Telegram (Announcements): https://t.me/officialorchidlabs Telegram (Community): https://t.me/OrchidOfficial Facebook: https://www.facebook.com/OrchidProtocol/ Medium: https://medium.com/orchid-labs Github: https://github.com/orchidsource Reddit: https://www.reddit.com/r/orchid Orchid’s Network: Random Selection + Stake Weighting was originally published in Orchid Labs on Medium, where people are continuing the conversation by highlighting and responding to this story.
Orchid: A New Approach to VPNs
We’re building a next-gen VPN market powered by probabilistic nanopayments, with a design emphasizing these core tenets: scalability, decentralization, usability, simplicity, and extensibility.. — Orchid is a decentralized, market-based system for anonymous communication and virtual private networking, including a bandwidth market where node providers stake tokens to advertise their services using the Ethereum blockchain and receive payment in OXT (Orchid’s native cryptocurrency).Using a distributed system allows you, as a user, to distribute trust across multiple distinct VPN providers, thereby breaking apart the flow of your information so no single entity can see the entire picture. In the Orchid marketplace, incentives are used to create economic security and reliability between clients and servers in a permissionless way. This peer-to-peer marketplace is dynamic; clients can select single- or multi-hop onion routed circuits by selecting nodes randomly weighted on stake and filtered on secondary desiderata (price, location, etc.). A single hop route has the benefits of a normal VPN connection, creating a tunnel to route your traffic over a public network or your ISP, while a multi-hop connection provides additional privacy benefits by securing your network data from any one provider. Traditional VPNs today are limited; the centralized nature of their offering cannot compete with the distributed properties of combining multiple different providers to offer multi-hop level security. And even if a single company offers multiple hop VPN routes, there is still a single centralized entity you are placing your trust into. Using a distributed system allows you, as a user, to distribute trust across multiple distinct VPN providers, thereby breaking apart the flow of your information so no single entity can see the entire picture. Such a system is not possible when purchasing a VPN service from a single provider. Staking aligns incentives against operator malfeasance, and linear stake weighting in particular neutralizes sybil attacks. A stochastic nanopayment solution scales transaction throughput, enabling a highly liquid bandwidth market without a trusted central party. Nanopayments on the scale of packets allow high frequency, trustless interactions by reducing the implicit floated balances between transactors to miniscule levels.Core Technology Orchid’s technology is highly modular. Each component is intended to be somewhat separable, and to interact well with a particular role in the larger ecosystem. Abstractly, the system involves:Users who run the Orchid AppService providers who run the Orchid ServerA protocol that intermediates client/server interactionsSeveral smart contracts deployed to the Ethereum blockchain that support the economically sound and technically secure operation of the protocols In pursuit of security, we have tended to remove features and design elements that we did not think would continue to function basically “as is” for many years.Orchid Cryptocurrency (OXT) OXT is expected to be a “pre-mined” cryptocurrency based on the ERC-20 standard that will be used to decentralize trust between buyers and sellers in the Orchid marketplace. It also functions as a tool to promote security and healthy market dynamics, as providers can adjust their OXT stake to remain competitive. At launch we intend there to be a limited supply of one billion (1,000,000,000). We do not intend ever to create any additional OXT.Orchid Protocol The Orchid software is designed to use a custom VPN protocol, similar in scope to OpenVPN or WireGuard. The Orchid protocol is designed for high-performance networking and runs on top of WebRTC, a common web standard, widely used to transmit video and audio from inside browsers. Our protocol is intended to allow users to request access to remote network resources and pay for these resources using OXT via a nanopayments system.Orchid Server Design Service providers on Orchid are anticipated to run a server similar to a typical VPN daemon for protocols such as OpenVPN, but which speaks the Orchid protocol. Orchid servers maintain registration information in a stake registry and provider directory. The stake registry is optimized to enable the Orchid client to automatically discover random servers on behalf of users in a decentralized environment, while the provider directory allows server nodes to register metadata such as geolocation or additional services offered. Collectively, the Orchid Servers make up the Network.The Orchid Network Design Orchid uses a set of data structures stored on the Ethereum blockchain that allows clients to efficiently select bandwidth-sellers’ nodes. Clients are expected to select nodes for proxy chains using a two-step process of random relative stake-weighted linear selection, followed by secondary constraint filtering. The first stage linear selection is performed by the scan function on the node directory tree. The App generates a random point locally and passes it in as the single argument to scan, which then descends down the node directory tree. The search terminates in the single unique leaf, or internode, whose stake segment intersects the chosen random point. After selecting one or more nodes based on linear relative stake weighting, the app can then filter by additional criteria such as exit geolocation, latency (ping), price, custom node metadata tags, and arbitrary whitelists. Orchid’s Network: Random Selection + Stake WeightingThe Orchid App Design The Orchid App is a client similar to a typical VPN client for protocols such as OpenVPN, but which speaks the Orchid protocol. The Orchid network client is intended to go past the basic functionality offered by most VPN clients, with features such as the ability to analyze network traffic and to pick multiple providers in a multi-hop configuration. The Orchid client is accessible via iOS, Android, macOS, Linux, and (soon) Windows.Orchid Nanopayments Design Orchid’s structure uses a new probabilistic nanopayment system designed to allow the system to scale to potentially millions of transactions per second, enabling decentralized payments on a per-packet basis. This nanopayment system is the foundation of the Orchid peer-to-peer bandwidth marketplace where clients pay Node operators OXT lottery tickets for proxy bandwidth. The system is designed to lower the transaction costs for small payments by amortizing transaction fees across many transactions and even across multiple parties. See Introducing Nanopayments for more details.The Orchid Marketplace The Orchid Market is a decentralized peer-to-peer (P2P) network, which allows users running the Orchid App to purchase bandwidth from one or more sellers running the Orchid server in order to form a proxy chain to a specific resource on the Internet (such as a website). The main participant roles in the Orchid Market are:A user running the Orchid App who initiates proxy chain connectionsOne or more relay nodes who forward encrypted traffic (optionally)An exit node who provides the final connection to an external destination (e.g., a website)A bandwidth seller who accepts nanopayments for traffic (either a relay or exit) Bandwidth sellers register their nodes on the Ethereum blockchain and user clients select suitable nodes for routes through calls to Ethereum smart contracts. Orchid’s structure uses stake-weighting: sellers lock up OXT cryptocurrency to form stake deposits associated with their nodes in order to receive traffic in proportion to their relative stake.Conclusion The various components described above collectively form Orchid. When we put the pieces together, we are in the process of creating a new VPN product that harnesses the nature of decentralization to distribute trust across multiple providers and ultimately give the user far more agency and control than is available on the current market. By combining a decentralized design with a market-based incentive structure, we believe that users can protect their privacy and control their data while creating demand to support a healthy marketplace. We anticipate in the future that the open source community developing on our protocol will be working on solutions for traffic analysis resistance, payment anonymity, low-variance nanopayments, improved double-spend detection and prevention, traffic obfuscation, improved censorship resistance, whitelist surety bonds, and more. As both governments and corporations attempt to control our online interactions, the VPN market is skyrocketing. But in order to achieve what users desire in a VPN service, we need a new model. At Orchid, we think that a peer-to-peer marketplace and decentralized architecture on the Ethereum blockchain can help pave the way for a new era of online interaction, where individuals, not organizations, control the future.Stay Up to date with Orchid If you want to keep current on the latest Orchid news and be among the first to test out the network, sign up for our newsletter to receive launch updates. Website: www.orchid.com Twitter: https://twitter.com/OrchidProtocol Linkedin: https://www.linkedin.com/company/orchidprotocol/ Telegram (Announcements): https://t.me/officialorchidlabs Telegram (Community): https://t.me/OrchidOfficial Facebook: https://www.facebook.com/OrchidProtocol/ Medium: https://medium.com/orchid-labs Github: https://github.com/orchidsource Reddit: https://www.reddit.com/r/orchid Orchid: A New Approach to VPNs was originally published in Orchid Labs on Medium, where people are continuing the conversation by highlighting and responding to this story.
When you wake up in the morning and flick on a light switch, do you pause to think about how many tiny fractions of a penny that electricity costs? Or do you just flick on the light so you don’t bump your head? And if you could pay for other kinds of services the same way you pay for electricity — a tiny flow of resources that could be turned on or off at any moment — what possibilities would that open up? Orchid’s novel layer 2 scaling architecture for Ethereum uses probabilistic nanopayments to allow users to pay for services in just this way. Nanopayments are what they sound like: they are tiny, and you can turn them on or off at will. But unlike a monthly electric bill, nanopayments transmit value as they move. We’re using this core technology to power our bandwidth marketplace, which is intended to offer users of the Orchid App a new way to construct VPN routes and manage them — just like flicking on a light switch.Scaling payments on Ethereum with Orchid The Orchid Network’s bandwidth marketplace is two-sided, comprising buyers (Orchid App users) and sellers (Orchid Server operators). The exchange of bandwidth requires a high transaction throughput to support both basic service and payments. Payments are expected to be made at a per-packet level with high frequency. Ethereum’s layer 1 would be too slow and expensive to settle nano transactions at the level of bandwidth exchange required between buyers and sellers in the ecosystem. To solve this issue, Orchid uses an advanced payments architecture known as probabilistic nanopayments for per-packet network payments.Existing layer 2 scaling solutions Several layer 2 scaling proposals already exist, including the Lightning Network on Bitcoin and the Raiden Network on Ethereum. Both of these approaches fall into the category of networked payment channels, which could, in theory, serve as the payments layer for Orchid’s bandwidth marketplace. However, networked payment channels have several key disadvantages. They require users to deposit and lockup funds with specific network nodes, creating counterparty risk. The cost of a payment using networked payment channels is essentially O(log N), compared with O(C) for probabilistic payments, making them less scaling efficient. Network channel payments can also fail to route or fail to deliver in a timely manner if a single node in the circuit fails. Finally, they leak payment information to more parties than stochastic payments. For these reasons, network payment channels are less practical than nanopayments for Orchid’s use case.Orchid Nanopayments: how they work Instead of sending a transaction worth $1 directly, with probabilistic payments the buyer could send a 1% chance of winning $100. Orchid’s design takes this to an extreme, with nanopayment tickets representing the value of thousandths of a penny, or smaller. The tickets are all sent off-chain; only when a winning ticket is redeemed would its receiver have to make an on-chain transaction to claim the face value amount, which is rare. The receiver has no way to know if a ticket is a winner beforehand, therefore giving all tickets implied value.The expected flow of nanopaymentsSender opens nanopayment account by depositing OXT into an Ethereum smart contract.Sender can then issue valid nanopayments, backed by the deposit, to any provider on the network that is accepting payments for service.Eventually, the user is expected to issue a nanopayment that “wins”, which allows the provider to redeem the ticket as a payment via an on-chain transaction.The user may or may not need to add more OXT to their nanopayment account, depending on the level of funds in the account.Over time, the value transmitted on-chain will in expectation match the value represented in the probabilistic nanopayments. The graphic above demonstrates how the Orchid App users are expected to be able to send nanopayments to multiple providers after incurring a single deposit setup on the Ethereum blockchain, as well as how the general flow of payments is intended to operate. We believe the general properties of this system are well suited for a bandwidth marketplace, where the user requires the ability to select different providers at will and for them to very quickly establish a payment-for-services relationship. Users should be able to quickly change VPN providers arbitrarily based on speed, availability, price and/or location. The setup of the nanopayment account on Ethereum is structured to be shouldered by the user, but is compatible with the current VPN market where users sign monthly, annual, or even multi-annual agreements with providers for VPN service. The Orchid user is expected to have the added benefit of being able to take back the deposit from the nanopayment account if they stop using the service.Balance Variance Orchid nanopayments do have one notable limitation: variance. Each time the Orchid App issues a nanopayment, there is a small independent probability of a winning ticket, which would decrease the receiver’s account balance. If the client’s balance was only large enough to cover a single winner, this would be a serious limitation. To illustrate this, imagine a client issuing tickets that have a 1-in-a-million chance of $2 at a rate of 1 million per week. While on average there will only be 1 winner per week, there is a reasonable probability that the winning ticket will be issued on the first day or even in the first few hours. On the plus side, there’s also a reasonable chance the winner won’t pop up for a few weeks. Fortunately we believe there’s a fairly simple solution: clients can just deposit a multiple of the face value, thereby smoothing out the variance. If we model this as a binomial distribution and if the client has $20 in their account instead of $2, the chance of their balance being depleted twice as fast as expected is reduced from around 10% to about 2%.Payment Anonymity Most nanopayment tickets do not “win,” and therefore would not be posted on-chain. However, rare winning tickets result in a public record on the Ethereum blockchain. Therefore, Orchid nanopayments are only pseudo-anonymous. For multi-hop circuits, it is anticipated that the Orchid client uses a separate account for each hop, which helps prevent anyone tracing the circuit using public payment information. As winning tickets are rare — anticipated to be approximately once per week in common circumstances — the public payment record from a multi-hop circuit is designed to appear essentially indistinguishable from that of a single-hop circuit. We expect that an adversary trying to trace the route will learn some of the payment providers associated with a payer’s public address, but the probability of two or more winning tickets to different nodes in the same circuit at the same time is vanishingly small, which reduces the traceability of transactions.Censorship resistance As on most public blockchain networks, Ethereum transactions cannot be censored unless their validators (miners in the Ethereum network) choose not to include them in their created blocks. As blocks are mined randomly among all miners in proportion to hash power, the vast majority of miners would have to actively censor Orchid payments to significantly disrupt the Orchid Network. For example, if 90% of the hash power chose not to include Orchid-related transactions, the Orchid Network would still function, albeit with transactions taking, on average, ten times longer to confirm. A more severe form of censorship would be possible if a large group of miners — say 51% — chose to censor Orchid-related transactions by rejecting blocks that included them. This would be valid according to the rules of the Ethereum protocol, and would effectively create a soft fork. However, organizing large-scale miner collusion to create such a soft fork carries significant risk of financial loss for the colluders; if the soft fork fails to achieve sufficient hashing power, the colluding miners would miss out on their block rewards. Even without the risk of financial loss, we consider this possibility extremely unlikely due to the decentralized nature of Ethereum mining communities and the lack of legal and regulatory limitations on blockchain mining strategies.Conclusion We believe that Orchid nanopayments have advantages over existing payment channel solutions and are optimized to provide a continuous service to users. The reduction in transaction fees makes it possible to support up to millions of users, without requiring any upgrades to Ethereum itself. Setup costs are not pairwise, but are only incurred by the user to start. This means providers are expected to be able to immediately begin servicing users without incurring setup costs and users are expected to have the ability to switch between providers on a whim, which we view as a design requirement for a modern-day VPN application.Stay Up to date with Orchid If you want to keep current on the latest Orchid news and be among the first to test out the network and use the Orchid Token, sign up to our newsletter for launch updates. Website: www.orchid.com Twitter: https://twitter.com/OrchidProtocol Linkedin: https://www.linkedin.com/company/orchidprotocol/ Telegram (Announcements): https://t.me/officialorchidlabs Telegram (Community): https://t.me/OrchidOfficial Facebook: https://www.facebook.com/OrchidProtocol/ Medium: https://medium.com/orchid-labs Github: https://github.com/orchidsource Reddit: https://www.reddit.com/r/orchid Introducing Nanopayments was originally published in Orchid Labs on Medium, where people are continuing the conversation by highlighting and responding to this story.
Pre-release Orchid App now available
Our initial feature is a local VPN traffic analyzer. The complete VPN service is coming soon.. — We’ve decided to distribute an early version of the Orchid app ahead of our network launch. This pre-release version analyzes network traffic on your phone and does not include VPN service yet (your IP address will not change). Visit Orchid.com/Download to get the apps now. One of the unique things about Orchid is its integration of cutting edge networking technology with cryptocurrency to create an incentivized network. This pre-release version allows us to test and audit our networking code on both iOS and Android prior to integrating the token and interfacing with the Orchid Network. Once we launch our network, we can update the Orchid App to provide complete VPN service. In its initial form, this app will only be focused on one thing: analyzing and reporting the hosts that the data on your device are connecting to. For now, our app includes the following features:Local VPN service providing network flow analysisAdvanced filtering to drill down on the data you care aboutIP address & port number for both source and destination It’s important to us that this app is both open source and localized to your device, meaning no third parties see your data and nothing leaves your phone. We believe that an Open Source approach embraces the core tenets of decentralization and provides the greatest opportunity to create a network capable of delivering the stability, capacity, and security necessary to provide users with the online experience they desire. We continue to make progress on the Orchid Network and are finalizing our Ethereum smart contracts ahead of internal audits. We’re excited to be able to release our app for iOS and Android now and get software into your hands. Our mission remains creating a suite of tools that provide privacy and access to return control and agency back into the hands of internet users. As new features become available, we’ll keep you updated. Download Orchid now and snag a front row seat as we ramp up to our network launch. Pre-release Orchid App now available was originally published in Orchid Labs on Medium, where people are continuing the conversation by highlighting and responding to this story.
The Commodification of You
How ISPs, apps, third parties, and websites are raking in the big bucks by tracking your clicks, emails, and purchases — and what we can do to control our digital identities.. — It’s ubiquitous and overwhelming. In our current system of the Internet, we’re asked to forfeit any modicum of privacy in a leveraged exchange, simply to access news, entertainment, and social interaction. While in the U.S. data mining is largely framed as a privacy issue, in Europe, the GDPR considers data collection a security issue. Realistically, they’re one and the same. You shouldn’t have to relinquish your right to privacy and security simply to access the online world. Take PayPal for example. In order to utilize their services for something as simple as sending $50 to a friend, you have to consent — whether you know it or not — to allow PayPal to share your personal data with over 600 companies. 600. From there, who knows what happens to your data? How do these companies use it? Do they sell it to even more third parties? And most importantly, how rigorous is the security of each of these companies? Because ultimately, while corporations in the U.S. see data harvesting in economic terms, for the end user, it’s a security issue. We’ve seen corporation after corporation — either willingly or mistakenly — spill our data and put us at risk over the last five years. So even if the companies harvesting and selling your data aren’t intentionally sharing it with adversarial governments or hackers, what’s the likelihood that 600-plus companies have the security sophistication to ensure that it doesn’t end up in malicious hands? But, as Bitcoin engineer Jameson Lopp points out, having your personal data available online doesn’t take a massive corporate blunder in order to expose you. Speaking to Forbes, Lopp explained “You don’t know who you might piss off, especially if you’re active on social media. It’s just not possible to fully comprehend the thought processes of everybody else out there who’s on the Internet who might read or hear something you might say and then what they might do as a result.” He’s speaking from experience. He was the victim of an unsuccessful swatting attempt where the attacker tried to extort him. And while he may have had a higher public profile than most, it should stop and give us pause. What happens if you share a political opinion, or criticize an authoritarian government, or, as Lopp says, simply piss someone off in a Facebook post or tweet? Because of the trove of information about you that corporations harvest and sell, simply sharing your opinion publicly now puts you at risk of having your data turned against you. I can only think of two groups that could possibly be happy about a system like this: corporations and criminals. For the rest of us, we’re left in the wind, told that this type of exploitation and insecurity is the price of admission. Buy your ticket, sign our terms and conditions, and deal with it. While individual states are moving forward with legislation to protect our online data, in 2017, corporate interests successfully lobbied a bill into law that allows them to harvest massive amounts of your personal and financial information without your consent. Americans are becoming increasingly aware and distrustful of this system. But few feel like they can do anything about it. Even for the aware and outraged, convenience often trumps any attempt at online independence. Because nearly every website and app that we rely on harvests our data for their financial gain, attempting to regain control can seem overwhelming. So, aside from supporting legislation and systemic change, what can you do? First, you can find an app that blocks ad trackers. But because in the background of your device a whole host of applications enable location trackers, page hijackers, data trackers, and more, something more robust is ideal than an in-browser ad blocker. A more complete way to thwart the various entities attempting to harvest your data is with a firewall that blocks all communications to known ad networks, trackers, and other third parties interested in your personal information at the packet level. That solves one part of the privacy equation. But in order to further protect yourself, this firewall should be paired with a VPN to connect to the Internet, which will encrypt your data and disable the ability of third parties to harvest your personal information based on your IP address. It’s simple, and you don’t need to be technologically sophisticated to do so. The key is selecting the right VPN. Many free VPNs actually harvest and sell your data in the same manner as an ISP as their business model. They aren’t going to include it in their marketing messages, but in the terms and conditions, you’ll find language asserting their right to do so in exchange for their services. Because this practice is so commonplace, Apple moved last month to ban VPNs that harvest your data from its App Store. Still, many of the VPNs available in the App Store will be forced to register to authoritarian governments that will monitor and harvest data in order to operate in countries where online censorship is comprehensive. Like VPN services that sell your data, this essentially undermines why we use VPNs. Thankfully, the rise in blockchain technology is starting to provide us with answers. In decentralized technologies, we can create solutions to both data harvesting and censorship. Decentralized apps and VPNs give users the ability to securely access an online experience while cutting out corporate or government middlemen that want to own your online interactions. Because they’re open source, the users are both aware of and in control of how the technology is used. While the technology behind the decentralized movement may be difficult to understand for the average Internet user, the intentions are not. Decentralized technologies aim to shift the power balance into the hands of the user, eliminating the ability of third parties to compromise our online experiences. As the current state of the Internet becomes more fractured and exploitative, technologists are working to give us what we want and deserve: an open, unrestricted Internet we can all enjoy and benefit from. The Commodification of You was originally published in Orchid Labs on Medium, where people are continuing the conversation by highlighting and responding to this story.
Why We Need a Better VPN
As dueling interests move to control the future of the internet, users around the globe are increasingly turning to VPNs. But what users don’t know is that many VPNs fail to provide the security and privacy that they advertise. It’s time for a product that we can trust — a truly decentralized solution that will deliver an open, inclusive internet free of censorship and data harvesting. In much of the world, we’re now well into our third decade of online connectivity. In Europe and North America, internet access is now nearly universal. In other nations, the possibilities of an online world are just emerging. But as access to the internet continues to expand around the globe, we’re seeing a troubling pattern: an increasing desire on the part of state actors and big corporations to own and control the internet. It should come as no surprise that authoritarian regimes want to restrict the internet. From their perspective, the availability of information on the internet poses the greatest threat to control since the advent of the free press. As Ray Bradbury wrote in Fahrenheit 451, “If you don’t want a man unhappy politically, don’t give him two sides to a question to worry him; give him one. Better yet, give him none.” This is the basic ethos of governments that embrace digital authoritarianism. And it goes well beyond stifling activists and dissidents. Under an authoritarian regime, anyone — journalists, comedians, musicians, and ordinary citizens — can be a target for daring to think differently or speaking out. Throughout the world, we see authoritarian governments attempting to control what types of information their citizens can access on the internet in an attempt to control their consciousness. In other places — also fighting for control — we have a corporately controlled internet. This model relies on the idea that in order to access information and connect with others, you have to give up the right to your digital self. Corporate interests monitor and harvest our every contact and click, exploiting the fact that we rely on the internet for nearly every facet of our lives. They delve deep into our digital selves so that they can commodify our identities. For years, they’ve succeeded with only a whisper of pushback. But recent scandals highlighting the dangers of this model have people paying attention. By 2017, research and polling showed that Americans no longer trusted the widespread policy of corporate data harvesting:95% of Americans are concerned about how companies use their data80% are more concerned than they were a year ago50% are looking for new ways to safeguard their data The desire for a better internet that allows us to communicate and collaborate without censorship or data exploitation is growing around the world. The pincer movement being deployed by authoritarian and corporate interests has people looking to escape these two failed models of the internet, and global citizens are increasingly turning towards technology that helps them regain control of their digital experiences. For many, the solution is the use of a virtual private network (VPN).The Rise of the VPN In their most basic sense, VPNs are intended to allow people to access the internet without fear of tracking, censorship, or having their personal information compromised. Because of this, we’re seeing a massive rise in their use. Approximately 25% of internet users in the world now use a VPN each month. And that rise in users has led to a massive market to capitalize on user demand. Industry reports show that the VPN market is growing by billions of dollars each year, and is projected to more than triple, from $15.46 billion in 2016 to $54 billion by 2024. Young people are a large reason for this projected increase; 68% of VPN users are under the age of 35. The reasons they’re using these services are relatable to anyone who has the internet. The primary reason people use a VPN is to access entertainment content; the secondary, to gain access to social networks and news. At its core, this increased usage should be a good thing. People around the world are finding ways to circumvent the restrictive, exploitative nature of the current internet. But the reliance on VPNs to help make a better internet relies on one basic premise: complete trust in the company behind the VPN. As the market for VPN services grows, consumers are presented with increasing options. We have to ask ourselves: Do each of these services really offer us the security and privacy that a VPN is meant to deliver? Sadly, the answer is no.Why Current VPNs Can’t Solve Our Biggest Challenges The problems go right to the core technology of most VPNs. Today, most VPNs rely on a centralized system, and this structure is inherently impossible to trust. Centralized VPNs are susceptible to firewall blockages and often rely on remaining compliant with governments in order to operate. By their very nature, they can’t provide the user with the benefits desired. For VPN users in nations with regimes attempting to control the flow of news and information, governments heavily regulate the VPN industry. Operating within many nations means that a VPN provider has to register or get licensed with the government. How is it possible to trust a VPN approved by a government attempting to control and monitor online traffic? For instance, roughly 60% of the top, free VPN services are based in China. Do we have faith that the Chinese government is allowing the services to operate without monitoring user behavior? In nations where the population enjoys unfettered access to news and information, another threat arises — a lack of transparency on the part of VPN providers. In a study of the world’s 115 most popular VPNs, 26 were found to be keeping tabs on their users. While marketing language may argue otherwise, the business model for many free VPNs is based on the provider harvesting and selling the users’ personal data. Buried in that fine print at the bottom of the terms and conditions is the acquiescence of consent. Sold as a way to ensure private, secure browsing, the companies behind VPNs are actually tracking user data related to bandwidth, connection timestamps, IP addresses, and websites visited. Users who rely on services like this are often unaware they are being monitored and tracked. We’re left asking: To whom is the data sold to and for what purpose? In other words, while internet users are attempting to gain access free of censorship and personal data mining, the services they use to do that are compounding the issue by exploiting their trust. At the heart of this problem is the issue of centralization. A centralized system requires complete trust on the part of the user, and with complete trust comes the ability to exploit it. Security and protection pose additional threats. The vast majority of VPNs rely on single-hop service, which allows interested parties to discover both where traffic is coming from and where it is going. Traditional VPN traffic also leaves a signature that is relatively easy to spot. For users in countries where attempting to access a news website, like the BBC, or a social network, like Facebook, presents the threat of imprisonment, this is a very real danger. While there have been genuine attempts to alleviate the above issues via the use of decentralized VPNs, the attempts thus far have fallen short. VPNs featuring the use of decentralized servers have relied on a system of volunteers to act as nodes to power the system. While these services have gained some traction, the lack of volunteers has led to systems that lack the bandwidth, computational capacity, and servers to create a truly secure, private online experience.Building a Better VPN As people around the world migrate towards VPNs, the need for a truly decentralized system with the capacity to provide everyone on Earth access to news, entertainment, and communication is increasingly evident. Over the past year at Orchid, we’ve had our heads down, working to develop a new online experience which delivers to everyone — regardless of geographic location or political reality — the internet they deserve: secure, unrestricted access to information and connectivity free of monitoring and data harvesting. The world deserves a better internet. At Orchid, we believe that a decentralized solution that eliminates the possibility of authoritarian or corporate control can help provide it. If you believe that everyone on Earth should be able to access the internet and enjoy an online experience free of repression and exploitation, we hope you’ll join us as we work towards that. Why We Need a Better VPN was originally published in Orchid Labs on Medium, where people are continuing the conversation by highlighting and responding to this story.
Open, unrestricted internet that’s owned by users.
Meet the Orchid protocol. A decentralized, open-source, uncensored internet.. — We’re open-source developers who believe in the power of collaboration and community. At Orchid Labs, we’re working to ensure that everyone on Earth has unrestricted access to information and communication on the internet, without surveillance or censorship. One of the founders of the web, Sir Tim Berners-Lee, once said “I imagined the web as an open platform that would allow everyone, everywhere to share information, access opportunities, and collaborate across geographic and cultural boundaries.” During the first days of the web, we used the internet as a communications platform to learn, express ideas, and build communities. The internet was a tool for freedom and collaboration. There were no limits — only possibilities. Berners-Lee’s dream of a collaborative, open-to-all internet has been replaced by today’s realities of government firewalls, ISP surveillance, and corporate data harvesting. Some of the brightest minds in the world lack access to Google and Wikipedia. And, in some countries, a blog post can get you jailed, or worse. Wherever you live, your personal data — your every click — is sold to the highest bidder. The internet doesn’t have to be this way. At Orchid Labs, we believe:The internet should be decentralized and free of censorship and surveillanceEveryone deserves access to the internet, regardless of nationalityThat everyone should be able to control their own personal data That’s why we’ve created an open-source protocol to open the internet to the whole world. By developing a decentralized protocol that uses an overlay network built upon the existing internet, which is driven by a peer-to-peer tokenized bandwidth exchange, we’ll create a more inclusive, liberated internet.Why we need a decentralized movement for a better internet Today, 76% of the world lives with restricted or censored access to the internet or has no internet access at all. Our current system — a centralized internet that monitors users interactions, blocks access to information, and harvests personal data — is restricting the ability of people around the world to freely communicate and access information. We need an internet that’s inclusive and not controlled by centralized organizations, whether that’s corporations or countries. The citizens of the world have a fundamental right to speak to each other and access information. At Orchid Labs, we’re tackling this problem by utilizing an open-source protocol that protects users from being monitored, while allowing them to access the entire internet. In order to make this a reality, we need the help of enthusiasts, developers, policy-makers, media, and ordinary internet users who believe in the same ideals. When you join the Orchid community, you’re helping create access to a decentralized and secure internet. By sharing your expertise, your story, or your extra bandwidth, you can help your fellow citizens of the world break through the restrictive barriers of censorship and surveillance.How the Orchid protocol works The orchid protocol is an open-source overlay network that runs on top of the internet. Its fully decentralized, because rather than traffic being routed through central authorities — your ISP or your VPN — it’s instead routed randomly through a network of bandwidth contributors who sign up to share their surplus bandwidth and activate their internet-connected device as a “node.” Users that want to access an uncensored internet (bandwidth consumers) pay the bandwidth contributors in Orchid tokens through a peer-to-peer exchange. Because neither the traffic nor the payments can be monitored by central authorities, both contributors and consumers of bandwidth enjoy a fully anonymous, surveillance-free experience. We’re excited to be doing our part to help solve issues related to censorship and surveillance that have so far remained unsolved. By bringing a new approach via the Orchid network, we believe that as a community, we’ll finally be able to create an internet free of monitoring and personal data harvesting. The economic infrastructure of the Orchid network is a free market economy, driven and owned by Orchid users. We’re 100% open source. Orchid Labs have filed patents for the sole purpose of making them available in the public domain for unrestricted use. Orchid Labs will never own any other IP.An internet for everyone If you live in a country without censorship, you’re fortunate. But that doesn’t mean that you can’t contribute to — and benefit from — the Orchid protocol. For those of us with unrestricted access to the internet, Orchid is a chance to safely and securely share your bandwidth — and get paid for it — which helps bring internet freedom to the rest of the people on the planet. The need for a censorship- and surveillance-free internet is clear. Throughout the world, there are dedicated, talented, passionate people fighting to make this ideal a reality. The Orchid protocol is an open-source contribution to that fight. If you believe, like we do, that the people on this planet — regardless of nationality — deserve unrestricted, uncensored access to information and communication, then join us in this open-source movement. There’s a way for everyone to contribute. Technologists can show their support by lending their expertise. Any internet user can help by sharing extra bandwidth. You can help make the internet a space for the exchange of free ideas and information. To find out how, visit OrchidProtocol.com. Follow us at @OrchidProtocol Open, unrestricted internet that’s owned by users. was originally published in Orchid Labs on Medium, where people are continuing the conversation by highlighting and responding to this story.
More Orchid (#OXT) News
|Arbitrum Rewards Hacker With 400 ETH For Detecting a Critical $400M Vuln...
On September 19, Arbitrum, one of the most popular Layer 2 solutions for Ethereum, paid 400 ETH (about $560,000) to a white hat hacker who found a potential vulnerability in its code.
The white hat hacker, known on Twitter as Riptide, finds vulnerabilities within smart contracts written in Solidity. Riptide said the 'multi-million dollar vulnerability' could potentially affect anyone who wanted to exchange funds from Ethereum to Arbitrum Nitro.
No big deal just bridging a cool $470mm through the same Inbox contract
Definitely should be eligible for a max bounty
— riptide (@0xriptide) September 20, 2022
Arbitrum Prevented Millions of Dollars in Losses
The hacker thoroughly scanned the Arbitrum Nitro code a few weeks before it was released, checking the contracts so they could 'see if the update had been a success.'
After the upgrade, Riptide noticed some errors that prevented the bridge from working correctly. Upon further inspection, Riptide noticed that the inbox sequencer was experiencing a delay.
'A client can send a message to the Sequencer by signing and publishing an L1 transaction in the Arbitrum chain's Delayed Inbox. This functionality is most commonly used for depositing ETH or tokens via a bridge.'
After rescanning the contract, Riptide confirmed that the inbox sequencer bug allowed a critical vulnerability in the contract by which Riptide or another malicious hacker could have obtained millions of dollars by diverting incoming ETH ...
|Another 5,000 Bitcoin Sourced From Mt Gox Wake up After Close to 9 Years...
Last week Bitcoin.com News reported on two old bitcoin addresses created in 2013 sending 10,001 bitcoin to a myriad of wallets. Heuristics and clustering techniques indicate that the bitcoins were associated with Mt Gox, roughly around the same time the exchange was hacked in June 2011. Five days later, 5,000 bitcoins were transferred from a wallet created on the same day in 2013, and the stash of coins were also connected to Mt Gox in some type of fashion.The Onchain Tale of 15,001 Bitcoin Associated With the Mt Gox Saga
Another 5,000 so-called 'sleeping bitcoins,' from a wallet created on December 19, 2013, were transferred on September 4, 2022. The action, caught by Btcparser.com, took place five days after 10,001 bitcoin (BTC) moved from two bitcoin addresses created close to nine years ago on the same day in 2013. The 5,000 BTC sent on Sunday, September 4, 2022, have a mysterious history as they are associated with the now-defunct Mt Gox bitcoin exchange right around the same time the exchange was hacked in June 2011.
When our newsdesk reported on the 10,001 BTC associated with Mt Gox, there wasn't much fanfare about the coins moving. Coindesk columnist Jocelyn Yang, however, discussed the situation with a data engineer at Coin Metrics. The engineer said the bitcoins from 2013 may have been associated with 'an old Kraken cold storage address, a Kraken OTC (over the counter) deal, [or] a Kraken user.' Then on September 3, 2022, the OXT researcher Ergobtc published a Twit...
|Coinbase Sued for Allegedly Selling 79 Unregistered Crypto Securities &m...
A class-action lawsuit has been filed against the Nasdaq-listed cryptocurrency exchange Coinbase alleging that the platform lets customers trade 79 cryptocurrencies that are unregistered securities, including XRP, dogecoin (DOGE), and shiba inu (SHIB).Lawsuit Claims Coinbase Sold 79 Unregistered Crypto Securities to Customers
A class-action lawsuit was filed last week against Coinbase Global Inc., Coinbase Inc., and CEO Brian Armstrong.
Lead plaintiffs and Coinbase users Christopher Underwood, Louis Oberlander, and Henry Rodriguez allege that from Oct. 8, 2019, to the present, Coinbase let customers buy and sell 79 different cryptocurrencies without disclosing that they are in fact securities. The plaintiffs added that these crypto securities are not registered with the U.S. Securities and Exchange Commission (SEC) or any state regulators, and Coinbase is not registered as a securities exchange or a broker-dealer.
The plaintiffs claim that 'Coinbase's sale of these tokens violates both federal and state law.' The class covers all persons or entities who transacted any of the 79 crypto tokens on Coinbase or the Coinbase Pro platform during the class period.
Without registering these crypto assets with the SEC and state regulators, the plaintiffs said:
Purchasers do not have access to the disclosures that accompany the issuances of traditional securities. Rather, investors receive - at most - only the so-called whitepapers, which describe the token, but do not satisfy the requi...
|De-Mixing Wasabi Coinjoin Transactions: A Deep Dive Into Chainalysis&rsq...
On Tuesday, journalist Laura Shin published a story that claims to identify the 2016 Genesis DAO hacker who siphoned 3.6 million ethereum from the decentralized autonomous organization. While the story surprised the crypto community, one of the biggest eye-openers was the blockchain analysis methods leveraged, and the claim that Chainalysis allegedly 'de-mixed' Wasabi transactions.Community Shocked by Chainalysis 'De-Mixing' Wasabi Transactions, Samourai Wallet Criticizes Wasabi's Coinjoin Scheme
An article published by the journalist Laura Shin has revealed a so-called shocker about the use of Coinjoin transactions. Specifically, Shin's report highlighted how she used a 'powerful and previously secret forensics tool from crypto tracing firm Chainalysis.' According to the report, Chainalysis discovered the attacker sent 50 bitcoin to a Wasabi wallet, and the blockchain intelligence firm was reportedly able to 'de-mix' the transactions. This piece of information was unexpected to a great number of crypto supporters. After the article was published, bitcoin advocate Nic Carter wrote:
Lots of crazy stuff in the DAO hacker piece this am, but the part that stood out to me was Chainalysis being able to demix Wasabi [transactions].
Furthermore, the team behind the Samourai wallet criticized Wasabi's mixing scheme on Tuesday as well. Wasabi has been under fire in the past over privacy concerns and the team has been debating Samourai developers over the issue for years.
If you are us...
|Sequoia Capital Designates $500-600 Million to Crypto Fund Focused on Li...
On February 17, the venture capital firm Sequoia Capital announced the launch of a new $500 million to $600 million sub-fund dedicated to 'liquid tokens and digital assets.' The company noted during its announcement that the new fund highlights Sequoia's strategic 'commitment to crypto.'Venture Firm Sequoia Capital to Launch a Fund Focused on Liquid Tokens and Digital Assets
The American venture capital firm headquartered in Menlo Park, California, Sequoia Capital is starting a fund that will be focused on investing in crypto assets. In a blog post dubbed 'A Block Step Forward,' Sequoia says the new liquid token fund 'complements' the firm's ongoing crypto investing. Sequoia's announcement further discussed prior partnerships with crypto movers and shakers like FTX CEO Sam Bankman-Fried and Michael Shaulov the co-founder of Fireblocks.
The venture capital firm also mentioned blockchains like Ethereum, Solana, and 'major' decentralized finance (defi) protocols. While investing in these technologies, Sequoia mentioned learning a great deal along the way. 'Today, we are doing just that with a new $500–600M sub fund focused primarily on liquid tokens and digital assets,' the blog post published on Thursday notes. Sequoia Capital continued:
Sequoia Crypto Fund complements our broader commitment to crypto. Our goal with this fund is to participate more actively in protocols, better support token-only projects, and learn by doing ourselves. We remain committed to working coll...