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CEO & Co-Founder, Orchid Labs

Dr. Steven Waterhouse

Dr. Steven Waterhouse is the CEO and co-founder of Orchid Labs. 

Cryptopedia - Dr. Steven Waterhouse - CEO & Co-Founder, Orchid Labs

Gemini-Cryptocurrencies Defi Orchid- The Digital Asset for VPNsE

A look at how Orchid seeks to resolve issues plaguing the Virtual Private Network industry through its focus on privacy and its OXT token-based payment system.

Orchid VPN: Built on ETH, Powered by OXT Tokens

Orchid is seeking to overcome shortcomings that have plagued virtual private networks (VPNs) by focusing on privacy and its OXT token-based payment system.

Orchid (OXT): The Digital Asset for VPNs

Orchid (OXT)

Explore our collection of Cryptopedia articles related to Orchid (OXT). Discover new topics and the latest insights.

Orchid (OXT) Articles - Cryptopedia

Gemini-Cryptocurrencies Orchid- Staking and (Nano)payments

How Orchid VPN connects crypto VPN providers and users via staking and micropayments of its OXT token.

Orchid VPN: Staking and Nanopayments via OXT Tokens

Orchid offers a highly secure and anonymous virtual private network (VPN) that empowers VPN providers and users alike.

Orchid (OXT): Staking and Nanopayments

We are pleased to announce that [Orchid (OXT)](https://gemini.com/prices/orchid), [Basic Attention Token (BAT)](https://gemini.com/prices/bat), [Chainlink (LINK)](https://gemini.com/prices/chainlink), and [Dai (DAI)](https://gemini.com/prices/dai) are now available for trading on the Gemini platform.


__It's Time to Take Back Control of Your Privacy__ 

Orchid allows you to browse the Internet privately. When you use the [Orchid VPN application](https://www.orchid.com/app/) while surfing the Internet, information like your IP address and location are shielded. Orchid helps you achieve this level of privacy by providing you with a decentralized, trustless virtual privacy network (VPN). If you want to start taking back control of your privacy, Orchid is the answer.

__You Deserve A Better Internet__
 
The Brave browser blocks ads and attempts to block ad trackers and other identifying software used by websites to trace visitors. This provides a faster and more private Internet experience. You can earn BAT by opting in to viewing ads as you browse the Internet. You can also pay publishers for services with BAT or use BAT to support content creators via BAT contributions.

__Bring Your On-Chain and Off-Chain Worlds Together__
 
Chainlink is a decentralized network that securely connects smart contracts to external data so that they can interact with real world events and information that exist off-blockchain. Chainlink was built to increase the potential applications and possibilities for smart contracts, reducing their need to rely on centralized third-party data providers.

__Borrow Digital Dollars With Your Crypto Assets__
 
DAI is a decentralized, crypto-collateralized stablecoin that aims to maintain a stable value relative to the U.S. dollar through a system of algorithmically managed smart contracts. Dai was built to be used as a global medium of exchange and to promote economic freedom and opportunity in the world.

These tokens — whether by increasing your privacy, improving your online browsing experience, bridging the gap between blockchain and real world data, or creating a global medium of exchange — compliment our mission to give you greater choice, independence, and opportunity.

Update the [Gemini Mobile app](https://gemini.com/mobile-app) to access OXT, BAT, LINK, and DAI trading and contact [support@gemini.com](mailto:support@gemini.com) with any questions. 


Onward and Upward,

Team Gemini



*__Please Note:__ In order to deposit OXT, BAT, DAI or LINK you must first create a new Ethereum deposit address by logging into Gemini and going to the [Digital Asset Transfers](https://gemini24.zendesk.com/hc/en-us/articles/209113666-How-do-I-deposit-digital-assets-into-my-Gemini-Account-) page. OXT, BAT, DAI or LINK deposits to existing Gemini Ethereum addresses are not supported.*


OXT, LINK, BAT and DAI Trading Now Available

We are pleased to announce that today, April 24, 2020, at 9:30am ET, you will be able to deposit [Chainlink (LINK)](https://gemini.com/prices/chainlink), [Dai (DAI)](https://gemini.com/prices/dai), and [Orchid (OXT)](https://gemini.com/prices/orchid) into your Gemini account with trading to follow soon thereafter.  
  
With these additional cryptos, Gemini will offer trading and custody support for a total of nine cryptos (BTC, ETH, BCH, LTC, ZEC, BAT, DAI, LINK, and OXT) and custody support for another 15 cryptos (ZRX, BRD, MANA, ENJ, FXC, GUSD, GNT, KNC, LOOM, MKR, NMR, OMG, STORJ, FIL, and CSP).

We will be offering the following new trading pairs and services for DAI, LINK, and OXT:


| |Continuous Trading     | Block Trading     | Daily Auction (4pm ET)           | Gemini Clearing     |
| ---------- | ---------- | ---------- | ---------- | ---------- |
| LINK/USD       | ✓      | ✓       | x       | ✓       |
| DAI/USD       | ✓       | ✓       | x       | ✓       |
| OXT/USD       | ✓       | ✓       | x       | ✓       |
| LINK/BTC       | ✓       | ✓       | x       | ✓       |
| DAI/BTC       | ✓       | ✓       | x       | ✓       |
| OXT/BTC       | ✓       | ✓       | x       | ✓       |
| LINK/ETH       | ✓       | ✓       | x       | ✓       |
| DAI/ETH       | ✓       | ✓       | x       | ✓       |
| OXT/ETH       | ✓       | ✓       | x       | ✓       |



These assets will provide our customers with a new way to interact with the crypto ecosystem.

__Chainlink__ is building a bridge between smart contracts and off-blockchain data, broadening their access to information and increasing their application potential.

*How It Works:* Currently, smart contracts can only use data found on their respective blockchains, which significantly limits their application. Chainlink solves this problem by allowing Chainlink nodes to fetch and organize data from the Internet and broadcast it onto the Ethereum blockchain for any Ethereum-based smart contract to use. These nodes set their own payment parameters and Chainlink uses Link to pay them. Chainlink can bring information from industries where outcomes are determined by parameters not exhibited on the blockchain, such as insurance, financial contracts, debt obligations, and many others, onto the blockchain.

__Dai__ is a decentralized, crypto-collateralized stablecoin that seeks to maintain a 1:1 soft-peg with the U.S. dollar. Its primary purpose is to provide you with stable crypto dollars to use on the Ethereum network.

*How It Works:* When you deposit ETH or any other supported ERC20 assets into the Maker platform, DAI is created and loaned to you at 66% of the value of your deposit. You can retrieve your collateral deposit by returning the DAI you generated and paying a stability fee. This stability fee increases or decreases based on DAI’s price relative to the U.S. dollar. Supply and demand dynamics are intended to keep DAI’s value close to $1 USD over time. 

__Orchid__ is a peer-to-peer marketplace for virtual private networking (VPN) providers. OXT is the token used to purchase VPN bandwidth.

*How It Works:* Built on the Ethereum network, Orchid is designed as an alternative solution to centralized VPN service providers and the Tor network. You can use OXT to pay for VPN services and VPN providers must stake OXT tokens in order to operate on the network and sell bandwidth. The staking structure incentivizes VPN providers to provide quality, secure, and private Internet access without the quality risks of Tor or privacy and centralization risks of centralized VPN providers.

These assets expand the range of our platform and further our mission to empower the individual through crypto. We have worked closely with the New York State Department of Financial Services to obtain approval to offer trading and custody services for these new assets and we look forward to continuing to bring mission-oriented projects to you in the future. 

Please contact [support@gemini.com](mailto:support@gemini.com) with any questions. 

Onward and Upward,

Team Gemini

__Please Note:__ *In order to deposit LINK, DAI, and OXT you must first create a new Ethereum deposit address by logging into Gemini and going to the [Digital Asset Transfers](https://gemini24.zendesk.com/hc/en-us/articles/209113666-How-do-I-deposit-digital-assets-into-my-Gemini-Account-) page. LINK, DAI, and OXT deposits to existing Gemini Ethereum addresses are not supported.*


Gemini is pleased to announce that Chainlink (Link), Dai (DAI), and Orchid (OXT) deposits are now live.

Chainlink (LINK), Dai (DAI), and Orchid (OXT) Deposits are Now Live on Gemini

Chainlink, Dai, and Orchid Now Accepting Deposits

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Orchid is a decentralized, peer-to-peer marketplace for virtual private network (VPN) providers.

[Orchid](https://www.orchid.com/) was first described in a [white paper](https://www.orchid.com/assets/whitepaper/whitepaper.pdf) published in November, 2019\. Orchid aims to give users back control of their privacy by allowing users to browse the internet with a decentralized, trustless VPN. It was built as a solution to the privacy concerns around centralized VPN service providers and the performance issues of Tor (“The Onion Router”), developed by The Tor Project.

### Improved Privacy

The Orchid VPN application can shield a user from a website seeing their real IP address and physical location. In addition, it can protect a user from an Internet Service Provider (ISP) peering into their traffic. It also renders IPS firewalls ineffective, which allows users to browse the entire Internet freely.

## Token

OXT is the digital asset token used to pay for VPN services on the Orchid network. It is built on [Ethereum](/prices/ethereum) in accordance with the ERC20 standard for tokens. OXT can be bought and sold for fiat currency or other digital currencies.

OXT can be purchased on a cryptocurrency exchange and stored in a crypto wallet and custodian like Gemini.

### The Orchid VPN Application

The Orchid VPN application allows a user (bandwidth user) to construct single or multi-hop onion router circuits. Nodes (bandwidth providers) are randomly selected based on the amount of OXT they have staked and then filtered by user-selected parameters such as price and location. Users can only purchase bandwidth with OXT tokens.

### The Orchid Nanopayments System

Payments for bandwidth occur via the Orchid nanopayments system which, like the Orchid’s data transmission protocol, was designed to be scalable, trustless, censorship resistant, and to minimize information leakage. The nanopayments system is currently pseudonymous, however, future implementations could provide users with complete anonymity with respect to payments.

### Staking

Bandwidth providers who wish to become an Orchid node and sell VPN services to users must stake OXT tokens in a time-locked smart contract (known as the “stake registry”). The amount of bandwidth a node may provide is proportional to the amount of OXT it stakes. The more OXT a node stakes, the more likely it is to be selected as a VPN provider. Providers are able to withdraw the OXT they have staked, subject to a time delay, which is initially defaulted to three months. Staking is designed to enhance network security (i.e., prevent Sybil attacks) and network quality (i.e., node selection).

[Orchid website](https://www.orchid.com/)

[Orchid whitepaper (2019)](https://www.orchid.com/assets/whitepaper/whitepaper.pdf)

Learn more about Orchid on [Cryptopedia](https://www.gemini.com/cryptopedia):

1. [What Is Orchid in 5 Minutes](https://www.gemini.com/cryptopedia/what-is-orchid-and-how-does-it-work)
2. [Orchid (OXT): Staking and (Nano)payments](https://www.gemini.com/cryptopedia/orchid-oxt-staking-payments-use-cases)
3. [Orchid (OXT): The Digital Asset for VPNs](https://www.gemini.com/cryptopedia/orchid-vpn-oxt-token)


View the latest Orchid price movements, charts, and supply details. Learn more about Orchid history, use cases, and learn how to buy & store

Orchid Price, Chart, & Supply Details - OXT Price

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