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Coinbase has announced that Orchid is set to launch on Coinbase Pro. The platform will start accepting OXT deposits starting today.
In what has been seen by many to be a resurgence of the crypto space, decentralized virtual private network project Orchid (OXT) is set to be launched on the Coinbase professional platform – Coinbase Pro. Sources indicated that the ERC 20 based token will be introduced in phases to the platform. A blog post on the premier cryptocurrency exchange’s website indicates that support for OXT will be made available to all clients of the exchange in the supported jurisdictions except the state of New York. The post also noted that other regions will be probably added at a later date.
The cryptocurrency exchange has further indicated that it will start accepting inbound transfers of OXT on Coinbase Pro from today and that trading will begin after deposits have been accepted for twelve hours before this. This is to enable different users to be able to purchase VPN bandwidth from other users using the OXT token. Trading will start once sufficient liquidity has been established on the platform and post only trading orders will be available at first before the full launch process can then commence.
Orchid was founded in 2017 to create a decentralized internet where anonymity could be guaranteed using the transfer of internet bandwidth among users who then act as nodes as they stake their tokens (OXT) per the bandwidth that they are providing. The nodes can be used by just about anyone on a global scale and the node master list is stored within an Ethereum smart contract that allows for bandwidth payments using the OXT token which is an ERC20 token running off the Ethereum blockchain. Users are also required to use the Orchid App and a Web3 Crypto wallet which is a strategic part of the project.
The launch is going to be initiated in four phases which will run sequentially to maintain the technical parity of the launch. The transfer only orders start today which will allow for the inflows of the token into the Coinbase Pro platform. This will also allow for liquidity buildup and the testing of the order book. The twelve-hour window will only allow for transfers and not for any kind of orders by customers.
The post-only stage will allow customers to create post-only orders that have no completed orders. This stage is the beginning of the order process of the launch. The order books will be in this phase for about one minute.
The Limit Orders phase will allow customers to create limit orders but won’t permit them to make any market orders. This phase will last for ten minutes after which full trading then will take off with all the limit, market and stop orders available for customers.
Decentralized internet to protect anonymity is not a new concept. What’s new though is running the framework within a blockchain-based setting; one of the many advantages of decentralized ledger technologies. Orchid may be filling a niche that provides anonymous internet access via a decentralized virtual private network not for nefarious purposes such as in the case of the dark web, but for privacy reasons as well.
How this plays out with regulatory authorities remains yet to be seen but these are certainly interesting times to be in.