Onyxcoin Price (XCN)

What Is Onyxcoin (XCN)?

Onyxcoin (XCN) protocol (previously known as Chain) is a web3 blockchain platform that provides organizations with the tools to create robust financial services from scratch.

Founded in 2014, Onyxcoin allows smart contracts to be used in a way that’s both scalable and easy to use. It’s a creative, distributed, multi-asset, cryptographic ledger that makes it easier for different networks to work together and share information. By using the least authority principle, the Onyxcoin platform lets users keep control of their assets separate from synchronizing ledgers.

According to Onyxcoin's whitepaper, the global financial system has many downsides, including time, cost, transparency, atomicity, security, and finality. Asset transfers often require a lot of back-and-forth communication between many middlemen, as well as the joining of duplicate ledgers. A single shared ledger can solve most of these problems, and the Onyx blockchain network aims to present a viable solution for all of them.

Onyxcoin's main goal is to fix the current decentralized web of mutual obligations, indirect ownership, and regular settlements.

Who Are the Founders of Onyxcoin?

Adam Ludwin, a venture capital professional, founded Onyxcoin in 2014; the company was formerly called Chain. Ludwin raised $40 million from Pantera Capital, Nasdaq, Visa, Citigroup, Khosla Ventures and others to fund the platform.

How Does Onyxcoin Work?

The Onyx Protocol offers a new way to issue and manage digital assets by letting network participants make their own "issuance programs" to meet their needs. Also, units of an asset can be controlled by "control programs" written in a Turing-complete programming language and can be used to make complex smart contracts.

The Onyx protocol has realistic threat models for particular use cases, such as providing direct data ownership through highly secure cryptographic keys, providing unique public keys for increased privacy, and ensuring consensus security (security against forks) through its consensus protocol.

Each network’s security is guaranteed by a collective of "block signers." For optimal performance, block production is delegated to just one "block generator." Any node connected to the network can authenticate blocks and submit votes accordingly. So long as a quorum follows the rules, there shouldn’t be any unexpected forks.

Onyx users have complete control over their digital assets, which are tracked via a public blockchain. This single version of the ledger is copied to multiple nodes using federated consensus protocols. This keeps transactions from being undone or spent twice without permission.

What Makes Onyxcoin Unique?

The Onyxcoin protocol is based on a cloud and API architecture for permissioned ledgers. It’s affordable and gives users a wide range of node choices to access RPC APIs and web sockets. (Remote Procedure Call (RPC) is a special way to connect to services running on systems outside of your own, which lets customers start processes remotely).

With XCN tokens, users can pay for services and products on the Onyxcoin platform. Onyxcoin also has a special feature that lets you run your own network node and use your own computer power to power the platform's networks.

Onyx users can stake their tokens, allowing them to vote on other users’ proposals for changes to the network and earn staking rewards. The proposals are formed by members of the Onyx community, who congregate via the Onyx DAO.

The Onyx DAO is yet another distinctive element of the Onyx Protocol. Through the DAO, XCN token holders control the network through on-chain proposals and voting, while also managing the Treasury with their XCN tokens. Users don't have to put their trust in anyone else because secure, audited smart contracts are in charge of these features, which ensure they are safe and reliable.

Related Pages:

Read about Adventure Gold (AGLD).

Read about AAG and CryptoZoon (ZOON).

Check out the ultimate guide to Play2Earn by CMC Alexandria.

Learn more about non-fungible tokens (NFTs) with CMC glossary.

CoinMarketCap takes a deep dive into GameFi.

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

XCN has a limited fixed supply of 48,470,523,779 tokens with 23,482,783,889 tokens in circulation. The remaining XCN tokens are distributed as follows:

• 15,000,000,000 XCN allocated to the Open Finance Web3 Foundation.
• 10,000,000,000 XCN allocated to the DAO Treasury.

Onyx users can stake their tokens for a 33% return, at the time of writing in March 2023.

How Is the Onyxcoin Network Secured?

XCN is an ERC-20 token that was issued on the Ethereum blockchain. To protect its users, it takes advantage of the network's safety, transparency, and immutability.

Where Can You Buy Onyxcoin (XCN)?

XCN can be purchased on various centralized exchanges, such as Binance, CoinTiger, Gate.io and MEXC. Additionally, users can use decentralized exchanges such as Uniswap V3 to buy and trade XCN.