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Orchid adds a new ‘secret shopper’ oracle for greater transparency

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Decentralized VPN Orchid is adding a Chainlink oracle that, like a “secret shopper,” samples bandwidth pricing from all the providers in the network. 

Orchid co-founder Steven Waterhouse explained the importance of this feature, stating, “The basic idea is in decentralized services like Orchid, where we have a decentralized VPN, there’s no way of really knowing exactly [how much a provider might charge]. A provider might say they’re charging a certain amount, we don’t really know until you try it. So we wrote some code that in a decentralized fashion, shops for bandwidth on the network.”

He said that in the future, this may lead to new features being added, such as the ability to track the uptime of bandwidth providers. Waterhouse also said that choosing Chainlink over other oracalized data providers was easy, a his relationship with the project’s co-founder Sergey Nazarov goes back to 2014.

When asked whether the pandemic has had a positive impact on the demand for VPN services, Waterhouse stated that it is difficult to judge, with Orchid being a new business:

“I am definitely conscious of the fact that there’s an overall demand for privacy services as more people are working at home and also as people are starting to become more aware of some of the issues that are going hand-in-hand with potentially increased tracking and surveillance of people in global pandemics are also in terms of you can change.”

Waterhouse was a founding partner of Pantera Capital, one of the first crypto investment firms in the world. Regarding the recent DeFi boom, he is convinced that people are “risking capital on unaudited contracts and anonymous teams and so on.” He did admit that he was excited about the launch of the Uniswap’s UNI token, stating, “I think that that’s a great team and it’s good to see what can be done with a solid team behind.”

Chainlink has recently acquired a privacy-preserving protocol, DECO, from Cornell University, which should make its data more secure.

Earlier today, Binance also announced its decision to list Orchid’s native token (OXT) for trade.



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Coin98 gains 1,200% after Binance listing, Ampleforth soars on Aave integration

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Few things in the cryptocurrency space generate more hype than a new token listing because the prospect of finding a rare 1000x coin continues to be a top goal of many crypto investors. 

Coin98 (C98) is the most recent example of this phenomenon after the Binance Smart Chain-based decentralized finance (DeFi) solution rallied 1,200% from its initial coin offering price at $0.075 to $0.928 on its first day being listed on exchanges.

Coin98 is the 20th project to come out of the Binance Launchpad and describes itself as “a DeFi gateway for traditional finance users to access any DeFi services on multiple blockchains.”

Along with being listed on Binance, C98 is also available to trade on Gate.io and MEXC Global and token holders can also earn a yield through staking and liquidity pool options on PancakeSwap (CAKE).

Altcoins post double-digit gains

Bitcoin’s (BTC) rally to $33,000 led to a prolonged boost in several altcoins and data from Cointelegraph Markets Pro and TradingView shows Ampleforth (AMPL), Amp (AMP) and Axie Infinity (AXS) as the top movers over the past 24 hours. 

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

AXS’s month-long rally picked up steam again after the price rebounded from its lower support touch at $14 and the rally in AMPL demonstrates the benefit of cross-protocol integrations.

Related: Bull or bear market, creators are diving headfirst into crypto

According to Ampleforth’s Twitter, the new-found interest in AMPL is the result of the token being added to the AAVE DeFi ecosystem

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AMPL on July 19, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AMPL price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for AMPL first turned green on July 17 and climbed to a high of 75 on July 19, around 15 hours before the price increased 57% over the next three days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.