Question 1

What Is Onyxcoin (XCN)?

Accepted Answer

Onyx Protocol is a decentralized platform that facilitates a peer-to-peer money market lending protocol. The Onyx Protocol supports a variety of digital assets, such as Ether (ETH), ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens, which can be supplied or borrowed through an aggregated and unified balance, supported by non-custodial custody via decentralized smart contracts. Furthermore, NFTs can be supplied as collateral to enhance the borrowing capacity of the corresponding account.

Onyx Protocol’s underlying mechanism is powered by Onyxcoin (XCN), a decentralized digital asset on the Ethereum blockchain that serves as both the protocol's governance and utility token. Credit lines accessed and borrowed through the Onyx Protocol do not have monthly payments or expiration dates, and they remain perpetual as long as the collateral is deemed sufficient.

Question 2

Who Are the Founders of Onyxcoin?

Accepted Answer

Onyxcoin is a decentralized project launched by a group of developers that is fully open-source and is developed by the XCN community.

Question 3

How Does Onyxcoin Work?

Accepted Answer

Onyxcoin functions as the base within the Onyx Protocol, a decentralized platform designed for peer-to-peer lending and borrowing of various digital assets on the Ethereum blockchain. It utilizes smart contracts for non-custodial transactions, ensuring security and transparency. Users supply digital assets, including Ether and different types of ERC tokens, into a unified pool from which they can borrow, using these assets or NFTs as collateral. Unique to Onyxcoin is its allowance for perpetual credit lines, provided users maintain sufficient collateral, eliminating traditional limitations such as deadlines or monthly payments. Additionally, Onyxcoin serves a dual purpose: it acts as a governance token, giving holders voting rights over protocol decisions, and as a utility token, facilitating various activities within the system and maintaining its economic balance.

Question 4

What Makes Onyxcoin Unique?

Accepted Answer

Onyxcoin sets itself apart in the decentralized finance arena through several distinctive features that foster user engagement, security, and convenience. A hallmark of its uniqueness is the governance model, where Onyxcoin holders can directly influence the trajectory of the Onyx Protocol through a structured system of voting and proposals, thereby ensuring a democratized control and continual securing of the platform. Another standout attribute is the incentivization of user participation via staking mechanisms, where users can stake their Onyxcoin holdings to earn rewards, sustaining the protocol’s economic vitality. Furthermore, Onyxcoin extends its utility beyond standard transactions, serving as a preferred medium for accessing Chain.com products with discounts.

Question 5

How Many Onyxcoin (XCN) Coins Are There in Circulation?

Accepted Answer

XCN has a limited fixed supply of 48b tokens with 23b tokens in circulation. The remaining XCN tokens are distributed as follows:
* 15,000,000,000 XCN allocated to the DAO
* 10,000,000,000 XCN allocated to the Treasury

Onyx users can [stake](https://coinmarketcap.com/alexandria/glossary/staking) their tokens for a 41.85% return, at the time of writing in October 2023.

Question 6

How Is the Onyxcoin Network Secured?

Accepted Answer

XCN is an ERC-20 token that was issued on the [Ethereum](https://coinmarketcap.com/currencies/ethereum/) blockchain. To protect its users, it takes advantage of the network's safety, transparency, and immutability.

Question 7

Where Can You Buy Onyxcoin (XCN)?

Accepted Answer

XCN can be purchased on various centralized exchanges, including Bitfinex, Coinbase, KuCoin, Gate, HTX, Poloniex, Bithumb, Kraken and BtcTurk. Additionally, users can use decentralized exchanges such as Uniswap to buy and trade XCN.

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About Onyxcoin

What Is Onyxcoin (XCN)?

Who Are the Founders of Onyxcoin?

How Does Onyxcoin Work?

What Makes Onyxcoin Unique?

How Many Onyxcoin (XCN) Coins Are There in Circulation?

How Is the Onyxcoin Network Secured?

Where Can You Buy Onyxcoin (XCN)?

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Onyxcoin statistics

Rating · Based on 2 institutional ratings

Onyxcoin community

Onyxcoin markets

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Onyxcoin news

About Onyxcoin

What Is Onyxcoin (XCN)?

Who Are the Founders of Onyxcoin?

How Does Onyxcoin Work?

What Makes Onyxcoin Unique?

How Many Onyxcoin (XCN) Coins Are There in Circulation?

How Is the Onyxcoin Network Secured?

Where Can You Buy Onyxcoin (XCN)?

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Trending

Onyxcoin Price Live Data

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