Orchid Raises a Total of $43 Million Via its Token Sale Event to Build a TOR Privacy Competitor

As per an all-new report released by a respected crypto media outlet yesterday, Orchid — a blockchain-based project that aims to provide its client with a secure internet browsing experience — has been able to procure another $7 million during its ongoing token pre-sale event.

To be a bit more specific, we can see that till date, the project has been able to raise a combined sum of $43 million on an offered $125 million pre-sale.

More On The Matter

According to a blog post released by company co-founder Steven Waterhouse on Medium, the goal of Orchid Labs is to devise an “open source framework” that can help people utilize the internet in a completely uncensored and free manner.

Additionally, it is also worth recalling that back in Q1 2018, the firm had been able to rope in a cool $4.7 million via another token sale that saw big-name entities such as Andreessen Horowitz and Blockchain Capital back the company.

A Closer Look At Orchid

In its most basic sense, we can see that Orchid is designed to provide internet users with a host of incentives for sharing their bandwidth with other users. As a result of using this framework, the protocol is able to “break up heavy internet traffic and thereby route it through various nodes on the network” — which allows Orchid to make it extremely difficult for miscreants to figure out who is visiting a particular website.

  • Orchid allows people to facilitate micropayments for sharing their bandwidth limits.
  • Waterhouse recently stated in an interview that the Orchid App was soon coming to the iOS and Android markets. Using this application, people will be able to hide their transmitted data in an extremely easy manner.

Final Take

In closing out this piece, it should be mentioned that Waterhouse was recently quoted as saying:

“We also hope to play a part in driving the VPN market towards more transparency, privacy and fairer pricing.”

It now remains to be seen how the future of this project plays out from here on out.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,478FansLike
2,795FollowersFollow
4,199FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

The Good and Bad of the Crypto Going Public

This week, big news came in the form of crypto businesses that are planning to go public either later this year or next year. Crypto...

US Secret Service Has Modernized Its Role in Tackling Financial Crimes in The Crypto Era

The role of the US Secret Service, whose purpose extends from protecting the US President Trump to protecting the US financial systems, has...

Bitcoin is in a ‘Consolidation Zone,' We’ll Move to $14,000 Once BTC Gets Above $10k: Mike Novogratz

Bitcoin is about system change, said Mike Novogratz, CEO of Galaxy Digital, in his latest interview with Barron’s Carleton English. While talking about the catalysts...

Volvo Invests In Blockchain Traceability Startup Circulor To Track Cobalt Supply Chain

Volvo Cars Tech Fund, a subsidiary of Volvo, announced its investment in blockchain traceability firm Circulor on July 8. The popular carmakers have used...

Blockchain Developer Platform Releases Alchemy Build, A Tool Suite for Faster Production

Alchemy, a blockchain startup, focuses on building developers' tools to help them become more productive and focus more on actual product development. The blockchain...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today