Onyxcoin Price (XCN)

What Is Onyxcoin (XCN)? Onyx is a web3 blockchain infrastructure that enables organizations to build better financial services from the ground up. Onyx has launched Onyx Protocol which is a permissioned and open source blockchain. Clients can receive discounts and pay for commercial fees with Onyxcoin (XCN) as well as participate in Onyx DAO governance.

Using Onyx Protocol, developers can launch and operate a blockchain network, or connect to a growing list of other networks that are transforming how assets move around the world. The Onyx Protocol defines how assets are issued, transferred, and controlled on a blockchain network. It allows a single entity or a group of organizations to operate a network, supports the coexistence of multiple types of assets, and is interoperable with other independent networks. Onyx Protocol is engineered for the performance demanded by modern financial systems. The time to create, sign, and validate a transaction is measured in milliseconds.

What Makes Onyx Unique? Onyx Protocol is designed to be a shared, multi-asset, cryptographic ledger. It supports the coexistence and interoperability of multiple independent networks, with different operators, sharing a common format and capabilities. Using the principle of least authority, control over assets is separated from control over ledger synchronization.

The Onyx Protocol allows any network participant to define and issue assets by writing custom “issuance programs.” Once issued, units of an asset are controlled by “control programs.” These programs are expressed in a flexible and Turing-complete programming language that can be used to build sophisticated smart contracts.

Each network is secured by a federation of “block signers.” The system is secure against forks as long as a quorum of block signers follows the protocol. For efficiency, block creation is delegated to a single “block generator.” Any node on the network can validate blocks and submit transactions to the network.