At the time of writing Orchid, Coinbase’s newest addition to its ranks is up more than 150% on its value since the time of launch yesterday.
So what is Orchid and why has it been chosen ahead of other better-known crypto’s?
Well, Orchid is an incentivised, peer-to-peer privacy network and it basically allows people to create their own virtual private network configurations.
Put simply it’s a decentralised VPN service.
It’s protocol provides high levels of anonymity and privacy.
VPNs are secure private connections between an individual computer and the network so that third-party is can’t check up on what you’re doing.
Orchid’s CEO Stephen Waterhouse told decrypt magazine in November,
“I don’t think we are like any other crypto project. We wrap all the network in traffic inside WebRTC which is an open protocol and is just coming onto the Internet today,
“Orchid is basically a fusion of networking technology and crypto currency technology that makes it harder to detect that somebody is using it.”
Waterhouse feels it’s necessary for people to have protection over their information especially in parts of the world where freedom of speech is lees tolerated than in the west.
“The way we are initially curating the network, we are intending it to be a tool for freedom of speech, and for free access to information,“ Waterhouse said.
Orchid has been audited by Consensys Diligence, an independent auditor.