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.

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.

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.

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