Ticker:
ORC
Token type:
ERC20
ICO Token Price:
1 ORC = 0.0200 USD
(0.00002 ETH)
Fundraising Goal:
47,100,000 USD
(40,000 ETH)
Total Tokens:
3,000,000,000
Table of Contents
What is Orchid Protocol?
The founders of Orchid Protocol believe that the internet is not the open and free platform that it was created to be, due largely to increased surveillance and personal data mining. That is why they have created their platform which is essentially a token-based bandwidth exchange that is designed to protect the privacy of internet users around the world.
They point out that 75% of the global population have their internet restricted or censored in some way, while ISPs are allowed to mine and sell their data. The protocol is essentially an overlay network that is built on the existing internet that protects your identity and information by routing your traffic through a network of bandwidth contributors randomly, rather than through a central source such as an ISP or VPN.
Though there is currently no roadmap provided by the ICO, it does provide some information regarding their plans in the future and how long they have been developing the platform. They state that currently private alphas of the protocol are available to selected recipients already, and that a public beta should be coming sometime in early 2024, and that sometime this year their software will become available through the open source community. The date of a public sale has not yet been announced.
How Does Orchid Protocol Work?
As people have become more conscious of the fact that they are being monitored and their personal data mined while they are on the internet, they have begun to take steps to protect their identities. The most common method is installing a VPN, and while that can be effective, it also routes your traffic through a centralized system where it is still at risk of being compromised.
Orchid allows users to create nodes that rent out bandwidth and provide anonymized internet access to those that require it. Those that seem the anonymized internet access can pay for using tokens. What separates Orchid from other methods of identity protection is that by running traffic through the bandwidth of the nodes it is randomized and not even Orchid knows the identity of the internet user. The traffic is relayed through multiple nodes before being released through a proxy. As a result, it is unable to be monitored by any central authorities and therefore cannot be mined.
Through the FAQ section on the platform website, the ICO is refreshingly honest about their effectiveness, stating that they do not know whether the protocols work currently, but they are simply instituting designs that they believe will be effective and then running it through audits to confirm its security and they will make adjustments as needed.
Features and Benefits of Orchid Protocol
The website does not offer practically any specific features regarding Orchid Protocol, but the potential benefits are clear. One of the biggest potential benefits is that the platform could provide free internet use for places like China that heavily restrict what can and cannot be viewed online within the country.
As far as benefits for the average internet user, it could help to empower them to control their reputation and how they use the internet. Research has shown that a vast majority of citizens support Net Neutrality and if something like Orchid Protocol is adopted it can help to ensure its survival.
The Orchid Protocol Token Sale
At this point a public token sale has not been announced and there are no plans for a whitelist that have been offered up either. The tokens will be referred to as ORC and they will be distributed as ERC20. The total amount of tokens being created is 3,000,000,000, but it is unclear how many – if any – will be made available for a public sale.
The fundraising goal for the ICO is set at $47.1 million which is equivalent to 40,000 ETH. ETH will be the only currency accepted as part of the sale. Because there are not many details available yet regarding the sale, there have been no announcement regarding bonuses or minimum and maximum contributions. 1 ORC is equivalent to
No details have been released regarding the allocation of the tokens that are created or how the funds it raises are going to be distributed. Through we research we found that because of the interest of many high-profile funds and VC’s in Silicon Valley that a public funding session may not be necessary at all.
Who’s Behind Orchid Protocol?
Orchid Protocol was founded by five people. The site provides miniature bios for all of the founders but does not go into detail regarding who holds what position within the company and if there are currently any other employees.
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Stephen Bell has started countries around the world, including the US, Europe, and China. While in China he founded Trilogy VC China which has been backing seed stage startups for over ten years. Brian J. Fox is described as an open source advocate and the first employee of the Free Software Foundation. Jay Freeman is a software engineer who developed the software distribution platform Cydia which is commonly used on jailbroken iOS devices.
Gustav Simonsson has worked as an engineer and developer and helped to launch Ethereum in 2024.
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Finally, Dr. Steve Waterhouse is primarily an entrepreneur and investor, and has served as a Partner at Pantera Capital while focusing on blockchain ventures. There is currently no advisory board that is identified, though that may come later as the platform is entering its token sale.
Conclusion
The appeal of Orchid Protocol is obvious and should be widespread, as internet privacy is one of the most discussed issues anywhere. If Orchid is effective it can potentially drastically change how we use the internet and even provide greater access to the free internet globally. Some have even mentioned it as having the potential to bring back net neutrality. The project was founded by five individuals that have substantial experience including one of the creators of Ethereum. Additionally, the project has captured the attention of several high-profile venture capital companies, meaning a public sale may not even be necessary.
What may be of concern are the lack of details provided thus far by the project. There have been very few ICO details shared, and no distribution details for either the tokens or the funds raised. The whitepaper offers many thorough technical details but there is no information provided regarding who makes up the development and technical side of the Orchid Protocol team.
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Also, by their own admission, the technology is still being developed and there is no guarantee it will work as planned. Still it has raised a lot of interest simply because if it does work it has a practically limitless appeal.