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As digital privacy and censorship concerns rise around the world, Virtual Private Networks (VPNs) become more popular. More people want privacy and security from their internet.
Some are flocking to a cryptocurrency for that. And it's a large part of what's driving Orchid crypto price prediction for 2030.
Orchid (OXT) happens to be one of more than 50 VPN services available, but it's the first built on a blockchain. It's changing how we think about the technology.
Let's take a look at the crypto powering the network and where its price could go.
What Is Orchid?
Orchid is a crypto-powered VPN service built on the Ethereum blockchain.
Founded in 2017, its creators believe that harnessing the power of the blockchain can result in the best and most secure VPN experience for users.
They set out to eliminate the most important problems classic VPN services face, mainly security.
With other providers, the user's data is collected on a central server where it's vulnerable to hackers or scrutiny from government agencies. It almost defeats the purpose of a VPN.
Orchid's protocol takes care of this problem by allowing users to buy bandwidth from a global network of providers. The result is a decentralized, secure, and scalable VPN.
It's a pay-per-use service, so users only pay while they're using the VPN. When you're not using it, you can turn it off, and there are no charges or monthly fees.
This is different from most VPN services which charge an annual fee. For example, SurfShark, one of the cheaper options, charges about $2.50 a month to have access to its network.
Orchid's VPN is also more complex than other VPNs available. If you're on the network and don't like the provider or connection you're operating through, you can simply reconnect and get randomly assigned to another.
Another new feature Orchid's VPN offers is the ability to connect unlimited devices to the network. Other VPN services have a cap on how many devices can use their network.
Express VPN, for example, only allows five devices simultaneously.
With Orchid, you can share your account with as many devices as you want. Unlimited.
Big names in tech recognize the potential in Orchid's network.
CNet said, "This is the future of VPN tech looks like. And you gotta see it."
TechCrunch thinks Orchid is taking a step toward the future too, saying, "In a world where one assumes the Cambridge Analytica scandal is merely the tip of the iceberg when it comes to data abuse, it's easy to see the project's appeal."
It's worth noting that Orchid's five founders have interesting backgrounds. It includes longtime experience in digital currency investments, a former Ethereum Foundation developer, and Brian Fox, the man credited with building the first interactive online banking software for Wells Fargo.
It's reassuring to know who is behind huge projects with the potential Orchid has, but it's also good to have a basic understanding of how it operates.
How the Orchid Token Works
Orchid enables a decentralized VPN by allowing users to buy bandwidth from a global pool of service providers.
This is where its native token, OXT, comes into play.
Orchid users connect to bandwidth sellers using a provider directory, and they pay using OXT through what they call "probabilistic nanopayments."
It sounds more complicated than it is.
Nanopayments are tiny payments that transmit value as they move. You can turn on or off at will, hence only paying for the service the network provides while you're using it.
Nanopayments also keeps the Ethereum transaction fees acceptably low. They're compared to flickering the light switch on and off, rather than permanently keeping the light on.
OXT's primary and fundamental purpose is to keep track of who has used computing services, who has provided computing services, and whether the average user is fairly compensating the average provider.
Anyone can be a provider and operate an Orchid Node, but they must stake OXT to be eligible. The more OXT that is staked, the greater the chances of reward in the network.
It operates as a peer-to-peer bandwidth market and is run in an entirely decentralized manner with no reliance on any central party.
The currency is tied to consumption of bandwidth on Orchid, but it also incentivizes operators toward benefitting the network. This helps to constantly improve the network from within its community of users.
Now, here are some projections for the Orchid token a few years out.
Orchid Price Prediction
OXT is up 62% this year from $0.23 to $0.43, after hitting a high of $0.92 in March.
After a good year, the experts are mostly bullish on the Orchid token.
The algorithm-based forecasting site Wallet Investor projects the coin to average $0.58 by the end of 2022 and reach $0.70 in 2025. The site forecasts the crypto could average $1.55 in 2028, hitting a high of $1.61.
Price Prediction is a little more bullish on the coin, projecting the coin could average $0.56 in 2022, and move up to $1.55 in 2025. It predicts the coin will average out at $11.17 by December 2030, hitting as high as $13.59. That's a potential 3,060% gain by 2030.
Perhaps the most bullish on OXT is Cryptocurrency Price Prediction, which expects the coin to hit $1.38 by the end of 2022 and end 2025 at $6.09. That's a 1,316% gain in the next four years. However, the site projects the coin's biggest growth in 2030, ending the year at $17.17, a 3,893% gain in the next eight years.
As it is with all cryptocurrencies, it's hard to predict where coins may rise and fall with the volatile winds known to sweep the market. The best we can do is look at the makeup of the coin, its purpose, the network it's attached to, and the problems it aims to eliminate.
OXT and the Orchid network checks all those boxes and has the potential to hit these projections.
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