The project behind a blockchain protocol aimed at allowing private internet browsing has secured another $7 million in funding.
Orchid Labs has now secured a total of $43 million on an offered $125 million in a pre-sale of a token that will power its technology that is still in development, according to the firm.
Orchid Labs’ co-founder Steven Waterhouse said in a blog post, “Orchid Labs’ mission is to build open-source software that keeps the Internet open and accessible—a natural resource for everyone, everywhere.”
The company has sold $36.1 million on April last year, along with another $4.7 million from a previous token sale, with participation from Andreessen Horowitz and Blockchain Capital. This brings the firm’s total fund raised to around $48 million.
Orchid is created to offer internet users an incentive to share their bandwidth with other users. If they do, the protocol can break up traffic and send it through several nodes on the network, making it very hard for an adversary to identify who is visiting the website, just like how the TOR system functions now.
The idea behind Orchid is that it can establish a larger network by providing people micropayments for sharing bandwidth. Waterhouse also stated that Orchid App, the first consumer-facing Orchid product, is slated to go live soon. The app is a mobile VPN on iOS and Android that will hide users’ internet traffic by sending it over the Orchid network.
“We also hope to play a part in driving the VPN market towards more transparency, privacy and fairer pricing,” Waterhouse said.
Users who want to be updated on the progress of the protocol can sign up for announcements on the Orchid website.