Before we get into our Orchid crypto price prediction for 2021 lets first talk about what this cryptocurrency is. Founded in sunny San Francisco in 2017, Orchid is the first private, incentivized peer-to-peer network powered by blockchain. Running on the ERC-20 token OXT, Orchid provides private internet access akin to the likes of Tor, while creating an incentivized network on which providers can operate. As the internet transitioned ever further into Web 2.0, the rights of privacy to its users were steadily eroded as business models were incentivized towards the aggregation and sale of internet traffic information. With the horizon of Ethereum’s decentralized Web 3.0 looking brighter by the day, Orchid aims to serve its privacy needs with a robust obfuscation system.
In its infancy, the internet held great promise for openness and freedom of exploration. Inevitably, this ideal proved to be short-lived as the centralized nature of its underpinnings led to the shortcomings of Web 2.0 seen today. In the interest of protecting the privacy of dissidents and journalists, as well as the general privacy-keen public, VPNs emerged as some of the best tools available for this function. Despite this, the state of the web today highlights the need for a novel solution. Ethereum has provided a compelling foundation for building this new network, and Orchid delivers a means to secure its privacy.
Our Orchid crypto price prediction for 2021 is directly correlated to if the project has a real world use case. That use case is to provide functional and cryptographically secure privacy, Orchid has taken innovative steps to rebuild the VPN model. Based on a decentralized bandwidth market, users pay for network usage to a global pool of providers. A provider directory connects users to sellers, and payments are processed using probabilistic nano-payments to reduce the Ethereum main network load. Essentially, packets are sold for ultra-low probability “tickets” that limit actual transactions to the number of winning tickets. The sum of these “winnings” averages out to the approximate cost of services rendered while minimizing the number of transactions necessary to do so.
How It Works
On the supply side, providers stake OXT relative to the bandwidth they can provide using a smart contract, and in return are given their share of users and compensation. Providers can include metadata with their node’s listing in the directory to highlight the desirable aspects of their network. A three month cool-down period after unstaking before funds can be withdrawn also encourages an environment of quality. The result is a low-cost decentralized system for anonymized access.
Benefits To Using It
The benefits of such a system are many. Setup is relatively simple, and users can choose additional features such as geo location from the nodes listed. No central actor has access to this network’s routing information, so privacy is ensured from external parties. Users may also “hop” over multiple VPNs within the native application to further obfuscate their traffic. Following account creation, the QR code generated can be shared between devices and with friends or family, and the service can be toggled in-app. If a user is in any way dissatisfied with the provider they connected with, the connection can be quickly reset for a new, randomized provider. Since users only pay for the bandwidth they actually use, the need for expensive subscriptions is eliminated. As a next-generation privacy network, Orchid elegantly blends simplicity, efficiency, and affordability.
Price Prediction 2021
Currently Orchid sits at around $.50 cents shortly after reaching its new all time high of $1. If you were able to pick this coin up at between $.20 cents – $.40 cents it would be a good long term hold. Now this isn’t financial advice as you will need to do your own research and ultimately make your own decisions. Our Orchid crypto price prediction for 2021 is that this coin will reach anywhere from $.60 cents – $1.40 cents. Based on where its currently sitting that could be a solid double on your money.
With the rapid rate of modern innovation, novel solutions are in constant demand for the mounting problems of established systems. Blockchain seeks to alleviate many of them through decentralization, and Orchid has successfully navigated its integration into private peer-to-peer networking. Rarely an afterthought in the business of big data, the right to privacy has become a cornerstone of the movement for free and open internet access. Coupled with the promises of blockchain technology, Orchid presents a powerful tool for the future of the web. Which is what brought us to our Orchid crypto price prediction in 2021 of anywhere from $.60 cents – $1.40 cents.
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