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

Orchid Protocol's decentralized VPN service aims to enhance internet privacy and security while revolutionizing the VPN industry through a secure connection powered by blockchain technology.

Nov 29, 2024 at 11:04 am

1. Understanding Orchid Protocol and its Token, OXT

Orchid Protocol is a decentralized VPN service that utilizes blockchain technology to provide users with a secure and private internet connection. It aims to revolutionize the VPN industry by eliminating censorship, enhancing privacy, and creating a more accessible and affordable VPN service. The protocol's native token, OXT, plays a crucial role in the operation and governance of the Orchid network.

2. Orchid Protocol (OXT) Coin Issuance Price

The initial issuance price of Orchid Protocol (OXT) coins was set at $0.15 per OXT. This price was determined during the token's initial coin offering (ICO) held in October 2019.

3. Orchid Protocol (OXT) Coin Issuance Volume

The total issuance volume of Orchid Protocol (OXT) coins is capped at 1 billion OXT. Of this total supply, 500 million OXT (50%) were made available for purchase during the ICO. The remaining 500 million OXT (50%) were allocated to the following purposes:

• Orchid team and advisors: 125 million OXT (12.5%)
• Ecosystem development: 125 million OXT (12.5%)
• Foundation and community: 250 million OXT (25%)

4. Distribution of Issued OXT Coins

Upon issuance, the OXT coins were distributed as follows:

• ICO participants: 500 million OXT (50%)
• Orchid team and advisors: 125 million OXT (12.5%)
• Ecosystem development: 125 million OXT (12.5%)
• Foundation and community: 250 million OXT (25%)

The Orchid team has implemented a vesting schedule for the OXT coins allocated to team members, advisors, and the ecosystem development fund. This vesting schedule helps prevent excessive selling pressure on the OXT market and fosters long-term commitment to the project. The foundation and community allocation will remain unlocked and available for governance and ecosystem growth initiatives.

5. OXT's Role in the Orchid Protocol

OXT is an integral part of the Orchid Protocol ecosystem, serving multiple vital functions within the network:

• Service Payments: Users pay for VPN bandwidth and services using OXT. Providers are compensated in OXT for offering their bandwidth and providing secure connections.
• Governance: Holders of OXT tokens have the power to participate in the governance of the Orchid Protocol. They can vote on proposals that affect the future direction and development of the protocol.
• Staking and Incentives: OXT holders can stake their tokens to earn rewards and contribute to the stability and security of the network. By staking OXT, users can support the protocol and earn additional OXT tokens.

6. Acquisition of Orchid Protocol (OXT) Coins

Interested individuals can acquire Orchid Protocol (OXT) coins through various methods:

• Cryptocurrency Exchanges: OXT is listed on several reputable cryptocurrency exchanges, including Binance, Coinbase, and Huobi Global. Users can purchase OXT directly from these exchanges using fiat currencies (e.g., USD, EUR) or other cryptocurrencies (e.g., BTC, ETH).
• OTC Trading: Over-the-counter (OTC) trading platforms facilitate large-volume trades of OXT outside of traditional exchanges. OTC trades offer more discretion and customizable terms for experienced investors.
• Earning OXT: Users can earn OXT by participating in the Orchid network as providers or contributors. Providers offer their bandwidth and provide secure connections, while contributors can support the protocol through development, community engagement, and various other initiatives.

7. Storage of Orchid Protocol (OXT) Coins

To ensure the security of their OXT coins, users should consider storing them in a reputable crypto wallet. Several hardware wallets, such as the Ledger Nano X and Trezor Model T, provide secure storage solutions for OXT and other cryptocurrencies. Software wallets like MetaMask and Trust Wallet offer convenient access and management of OXT coins for everyday use.