What Is Onyxcoin (XCN)?
Onyx is a web3 blockchain infrastructure that enables organizations to build better financial services from the ground up. Onyxcoin is the protocol’s governance and utility token which governs the network through the Ethereum blockchain.
Onyx’s flagship product is Onyx Core, which developers and institutions can launch and operate a blockchain network, or connect to a growing list of other networks that transform 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 Core is engineered for the performance demanded by modern financial systems. The time to create, sign, and validate a transaction is measured in milliseconds.
Who Are the Founders of Onyxcoin?
Onyxcoin is a decentralized project launched by a group of developers that is fully open-source and is developed by the XCN community.
What Makes Onyxcoin 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.
How Many Onyxcoin (XCN) Coins Are There in Circulation?
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 their tokens for a 41.85% return, at the time of writing in October 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, 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.