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.
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.