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Photo: Peter Travers / Getty Images

Orchid Labs says that it has developed blockchain-based protocol that lets users access the internet free of censorship, restrictions, and surveillance.

Why it could be a big deal: Orchid co-founder co-founder Steve Bell tells Axios that the idea originated from internet restrictions he experienced while during his time living and investing in China. And because Orchid's network is decentralized — it exists by virtue of its users operating Orchid software on their computers — it can't be shut down or controlled by a government or single entity. Not surprisingly, San Francisco-based Orchid's lofty ambitions caught the attention of top investors like Sequoia Capital and Andreessen Horowitz.

"I think a free Internet is a really important thing for society and they're solving it in a very elegant way through technology," says Sequoia partner Matt Huang. "This type of network is, to us, one of the most exciting first applications of the blockchain computational sharing economies."

How it works: The main idea is to incentivize people with unused internet bandwidth to share it with other users (presumably in places with restrictions), in exchange for payment via Orchid's Ethereum-based tokens. The company also says it's a more viable option than Tor and virtual private networks (VPNs), which are increasingly difficult to access in places like China.

The team: Orchid's co-founders include entrepreneur and investor Steve Bell, former Pantera Capital partner Steve Waterhouse, former Ethereum developer Gustav Simonsson, developer Jay Freeman (best known for jailbroken iOS device software), and Brian J. Fox, author of the GNU Bash Shell. Orchid's advisors include Ethereum co-founder Gavin Wood and Stanford cryptography professor Dan Boneh.

Funding: Orchid has raised a $4.7 million in seed funding via a SAFT (loosely, a convertible note promising future tokens) from an investor group that includes Sequoia, Andreessen Horowitz, DFJ, Polychain Capital, Metastable, Blockchain Capital, Crunchfund, Struck Capital, Compound VC and Richard Muirhead.

What's next:

Orchid plans to make its network and tokens publicly available next year through a public sale. One source tells Axios that early talk is about raising up to $350 million, although Bell says the company has no target.

Go deeper

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.

7 hours ago - Health

CDC extends interval between COVID vaccine doses for exceptional cases

Photo: Joseph Prezioso/AFP via Getty

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.

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