What is the issuance and circulation of Orchid Protocol (OXT) coins?

Orchid Protocol's OXT coins, issued through an ICO in 2017, are used to power the decentralized VPN network, facilitate bandwidth payments, and reward node staking, with factors like network demand and market conditions influencing their price.

Dec 01, 2024 at 12:25 pm

What is the Issuance and Circulation of Orchid Protocol (OXT) Coins?

Orchid Protocol is a decentralized VPN network that enables users to access the internet privately and securely without compromising speed or bandwidth. The Orchid network is powered by the OXT token, which is used to pay for bandwidth and other network services.

Issuance of OXT Coins

OXT coins were first issued in November 2017 through an initial coin offering (ICO). The ICO raised $4.7 million in ETH and sold a total of 1 billion OXT coins. Of the 1 billion OXT coins, 60% were sold to the public, 20% were allocated to the team and advisors, and 20% were reserved for future development.

Circulation of OXT Coins

As of September 2023, there are approximately 630 million OXT coins in circulation. The majority of OXT coins are held by investors and traders, with a smaller portion being held by active users of the Orchid network.

Uses of OXT Coins

OXT coins are used to pay for bandwidth and other network services on the Orchid network. When a user purchases bandwidth, they pay for it in OXT coins. The OXT coins are then used to compensate the bandwidth provider for the service provided.

In addition to being used to pay for bandwidth, OXT coins can also be used to stake nodes on the Orchid network. Nodes that provide bandwidth to the network are rewarded with OXT coins. The amount of OXT coins that a node is rewarded with depends on the amount of bandwidth that they provide.

Factors Affecting the Price of OXT Coins

The price of OXT coins is determined by a number of factors, including:

The demand for bandwidth on the Orchid network
The supply of OXT coins in circulation
The overall market conditions for cryptocurrencies

Conclusion

OXT coins are the native currency of the Orchid Protocol network. They are used to pay for bandwidth and other network services, and can also be used to stake nodes on the network. The price of OXT coins is determined by a number of factors, including the demand for bandwidth on the Orchid network, the supply of OXT coins in circulation, and the overall market conditions for cryptocurrencies.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Fear & Greed Index

Trade Now

Biggest Gainers

VVV

$6.2872

34.75%

Trade Now
MNT

$0.2667

17.91%

Trade Now
NEURAL

$6.5482

16.94%

Trade Now
AUDIO

$0.1146

14.69%

Trade Now
VINE

$0.1438

14.57%

Trade Now
TEL

$0.0070

11.52%

Trade Now

Latest Crypto News

Bitdeer Purchases 19-Acre Site in Alberta, Canada, to Build Natural Gas-Powered Plant and Bitcoin Mining Data Center
2025-02-06 05:41:02
Official Trump ($TRUMP) Is One of the Top Crypto Gainers Today, Having Registered a Double-Digit Increase in the Last 24 Hours to Reclaim the $18 Level.Â
2025-02-06 05:41:02
Can XRP Recover and Regain Its Bullish Momentum?
2025-02-06 05:31:02
XRP Ledger Suffers 1-Hour Outage, Root Cause Unknown
2025-02-06 05:31:02
Ripple Analyst Warns XRP Holders: It All Changes For You! Here Are Next Big Cryptos to Buy
2025-02-06 05:31:02
What to Expect After the XRP Rally?
2025-02-06 05:31:02

Related knowledge

When was Litecoin issued?

Feb 04,2025 at 02:36am

When was Litecoin Issued?Key Points:Litecoin's inception and developmentLitecoin's launch date and market dynamicsLitecoin's technical specifications and key featuresLitecoin's Inception and DevelopmentLitecoin, conceived by former Google engineer Charlie Lee, emerged as a fork of Bitcoin in October 2011. Inspired by Bitcoin's revolutionary blockchain t...

Which is better, Litecoin or Tron?

Feb 04,2025 at 10:30pm

Key Points:Similarities between Litecoin and Tron: Decentralized, open-source blockchain platformsDifferences between Litecoin and Tron: Use cases, consensus mechanisms, transaction speedsFactors to consider when choosing between Litecoin and Tron: Investment goals, risk tolerance, specific use casesPotential benefits and drawbacks of Litecoin and Tron:...

How to buy and trade Litecoin?

Feb 04,2025 at 12:24pm

Key Points:Understand the Basics of LitecoinSelect a Suitable Cryptocurrency ExchangeCreate an Account on the ExchangeFund Your AccountPlace a Buy Order for LitecoinSecurely Store Your LitecoinUnderstand Litecoin TradingHow to Buy Litecoin?1. Understand the Basics of LitecoinLitecoin (LTC) is a decentralized digital currency similar to Bitcoin.Created i...

Which has better potential, Litecoin or Ethereum?

Feb 04,2025 at 05:30pm

Key Points:Litecoin and Ethereum are two of the most popular cryptocurrencies in the world.Both coins have their own unique advantages and disadvantages.Litecoin is a faster and cheaper transaction coin than Ethereum.Ethereum is a more versatile platform than Litecoin, and it can be used to create decentralized applications (dApps).Litecoin has a long h...

What country is the founder of Litecoin from?

Feb 04,2025 at 05:55am

Key Points:Litecoin's Founder and the Relationship with Charles LeeLitecoin's Technical Features and Similarities to BitcoinLitecoin's Role in the Cryptocurrency Ecosystem and Its PopularityComparative Analysis of Litecoin with Major CryptocurrenciesLitecoin's Community Involvement and PartnershipsArticle Content:Litecoin's Founder and the Relationship ...

Which is better, Litecoin or Ripple?

Feb 04,2025 at 08:00pm

Key Points:Litecoin: a decentralized, peer-to-peer cryptocurrency based on the Proof-of-Work consensus mechanismRipple: a centralized, enterprise blockchain solution designed for fast and low-cost paymentsDirect comparison of Litecoin vs. Ripple in terms of technology, market capitalization, use cases, and transaction feesPotential benefits and drawback...