A VPN, or virtual private network, enables security across a network of computers, as if a group of users were all isolated in a secure bubble. Many offices with telecommuting workers use them. Orchid provides a similar service, by connecting computer users who need telecom power to a marketplace of service providers that put their surplus bandwidth up for sale.
People who use Orchid’s service pay node providers Orchid tokens, or OXT, in exchange for private access to the internet. The currency is listed on both centralized and decentralized crypto exchanges.
Bandwidth providers compete as sellers by staking their own capital, in OXT, upfront. This incentivizes virtual private networks to provide the best service possible. Orchid is one of the companies working on building what is called Web3.0, an entire internet based on open source, decentralized infrastructure that does not require permissions or a central authority to operate.