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Onyxcoin

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Discover Onyxcoin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Onyxcoin?

Onyxcoin (XCN) is the native token of the Onyx Protocol, a decentralized blockchain infrastructure designed to improve financial services. XCN serves as both a governance and utility token, allowing holders to vote on protocol improvements, participate in the Onyx DAO, and access premium services and discounts within the Onyx ecosystem.

How is Onyxcoin used?

Onyxcoin (XCN) is the decentralized governance and utility token of the Onyx Protocol. It serves several purposes within the Onyx ecosystem:

  1. Governance: XCN holders can vote on community programs and protocol improvement plans through the Onyx DAO, ensuring that the community has a say in the development and direction of the protocol.

  2. Utility: XCN is used for various services within the Onyx ecosystem. It provides discounts on premium plans, acts as a payment method for Onyx Cloud and Sequence fees, and is required for node deployment.

  3. Staking: XCN holders can stake their tokens to secure passive income and participate in the validation process of the network.

  1. Payment: XCN can be used as a means of payment for commercial fees within the Onyx ecosystem.

Overall, XCN plays a central role in the Onyx Protocol, facilitating community-driven governance, providing utility for various services, and enabling staking and payment functionalities.

How do I store Onyxcoin?

To store Onyxcoin (XCN) tokens, you can use various cryptocurrency wallets that support XCN. Here are some options:

  • Ledger Hardware Wallet: Ledger offers cold storage wallets that store your private keys offline, providing a high level of security against malicious attacks. You can select and purchase a Ledger wallet, such as the Nano S Plus or Nano X, and use it in conjunction with a compatible third-party wallet to manage your Onyxcoin assets.
  • MetaMask: MetaMask is a popular web-based wallet that supports Onyxcoin. You can add XCN to MetaMask like any other ERC-20 token, allowing you to manage your Onyxcoin funds directly within your web browser.
  • Trust Wallet: Trust Wallet is another option that supports Onyxcoin. It offers a secure and user-friendly interface for managing your XCN tokens.
  • Other Wallets: Additional wallets that support Onyxcoin include imToken, Torus, Coinbase, TokenPocket, and iToken Wallet. Each wallet has its own features, fees, and security considerations, so it is essential to research and choose the one that best fits your needs.

When selecting a wallet, consider factors such as security, convenience, features, and fees to ensure you find the best option for storing and managing your Onyxcoin tokens.

How to buy Onyxcoin?

To buy Onyxcoin (XCN) tokens, you can follow these steps:

Buying Onyxcoin (XCN) on KuCoin
  1. Create a KuCoin Account: Sign up with your email address, mobile phone number, and country of residence. Set a strong password to secure your account.
  2. Secure Your Account: Enable Google 2FA, anti-phishing code, and trading password for stronger protection.
  3. Verify Your Account: Enter personal information and upload a valid Photo ID.
  4. Add a Payment Method: Add a credit/debit card or bank account after verifying your account.
  5. Buy Onyxcoin (XCN): Use various payment options to buy Onyxcoin. You can buy stablecoins like USDT and then exchange them for XCN on the KuCoin spot market.
Buying Onyxcoin (XCN) on Gate.io
  1. Create a Gate.io Account: Register and set up your account.
  2. Deposit Funds: Deposit funds using a variety of methods.
  3. Buy Onyxcoin (XCN): Use your deposited funds to purchase Onyxcoin.
Buying Onyxcoin (XCN) on Binance
  1. Create a Trust Wallet: Download and set up a Trust Wallet.
  2. Buy Ethereum (ETH): Buy ETH on Binance and transfer it to your Trust Wallet.
  3. Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet, such as 1inch.
  4. Connect Your Wallet: Connect your Trust Wallet to the DEX.
  5. Trade ETH for Onyxcoin (XCN): Swap your ETH for Onyxcoin on the DEX.
Buying Onyxcoin (XCN) on Coinbase
  1. Create a Coinbase Account: Download the Coinbase app and sign up.
  2. Add a Payment Method: Connect a payment method like a bank account, debit card, or wire transfer.
  3. Select Onyxcoin (XCN): Choose Onyxcoin from the list of assets.
  4. Enter the Amount: Input the amount you want to spend in your local currency.
  5. Finalize Your Purchase: Preview and confirm your purchase.
Buying Onyxcoin (XCN) on CoinCarp
  1. Choose an Exchange: Decide whether to use a centralized exchange (CEX) or decentralized exchange (DEX).
  2. Buy USDT, ETH, or BNB: Use fiat to buy these cryptocurrencies first.
  3. Swap for Onyxcoin (XCN): Exchange your purchased cryptocurrency for Onyxcoin on the chosen exchange.
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History of Onyxcoin

The history of Onyxcoin (XCN) dates back to 2014 when Adam Ludwin, an experienced venture capital professional, founded the company. Initially, the company was named Chain before later adopting the name Onyxcoin. Ludwin recognized the potential of blockchain technology and was convinced that it had the ability to fundamentally change the way financial services are provided. To realize the vision of Onyxcoin, substantial funding was necessary. Ludwin was successful in attracting prominent investors for the project, including Pantera Capital, Nasdaq, Visa, Citigroup, Khosla Ventures, and others, who contributed $40 million to financing Onyxcoin. This significant capital infusion enabled the company to develop its technology further and pursue its goals.

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How Onyxcoin works

Onyxcoin (XCN) is the native token of the Onyx Protocol, a cryptographic ledger design that enables multiple independent networks with different operators to coexist and interoperate using a shared, multi-asset format with common capabilities. This protocol follows the principle of least authority by separating control over assets from control over ledger synchronization, ensuring that network participants can issue and manage assets independently while maintaining compatibility with the wider network.

Governance and Utility

XCN serves as both a governance and utility token within the Onyx Protocol. It empowers users to vote on protocol improvements and community-driven initiatives, driving engagement and ownership in the platform. Additionally, XCN has a range of applications within the Onyx ecosystem, including staking for rewards and protocol security. It also provides priority access to Chain.com’s suite of products and discounts on Chain.com software services. As a secure payment method, XCN can be used to purchase Chain.com products.

Onyx Protocol

The Onyx Protocol allows network participants to use custom “issuance programs” to define and issue assets within the protocol. Units of an asset are then managed by “control programs,” which are written in a flexible and Turing-complete programming language. This language allows for the creation of advanced smart contracts that can execute complex financial transactions. The protocol provides a flexible and extensible platform for asset issuance and control, enabling participants to create new types of assets and execute sophisticated financial operations.

Chain Cloud and Sequence

Chain Cloud is a decentralized cloud service that offers better security and performance at lower fees than traditional competitors. It provides users with blockchain access on demand and supports NFT creation. Sequence is another major offering from Chain, simplifying Dapp creation on the network by eliminating coding requirements and other technical issues.

Token Details

XCN operates as the main utility token for the network. It is required to leverage the network’s services and features. The token is available on many top-performing DEXs and CEXs. The maximum supply of XCN is 48.4 billion, with approximately 44% currently in circulation.

History and Rebranding

Chain entered service in 2017 and was acquired by Stellar in 2018. The acquisition was part of Stellar’s “Interstellar movement.” Two years later, the network was re-acquired and renamed back to Chain. Today, Chain is a popular option for traders and businesses alike. In March 2022, Chain rebranded its token from CHN to XCN and saw widespread success.

Availability and Trading

XCN can be bought and sold on various exchanges, including Kraken and MEXC. Users can also buy XCN using traditional payment options like bank transfers. The Tap app has recently added XCN to the list of supported currencies, allowing users to easily access the Chain market.

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Onyxcoin's strengths

Onyxcoin (XCN) is a digital token that serves as both a governance and utility token within the Onyx Protocol. It has several key strengths:

  1. Governance and Utility: Onyxcoin empowers users to vote on protocol improvements and community-driven initiatives, driving engagement and ownership in the platform. It also facilitates transactions and activities within the Onyx Protocol.

  2. Decentralized Finance (DeFi) Infrastructure: The Onyx Protocol, powered by XCN, provides a flexible and extensible platform for asset issuance and control, enabling participants to create new types of assets and execute sophisticated financial operations.

  3. Cross-Border Payments: Onyxcoin is designed to revolutionize cross-border payments, making it a significant player in the DeFi ecosystem.

  1. Security and Staking: XCN can be staked for rewards and protocol security, ensuring the integrity of the network.

  2. Priority Access and Discounts: Holders of XCN receive priority access to Chain.com’s suite of products and discounts on Chain.com software services, enhancing its utility within the ecosystem.

  3. Enterprise-Grade Infrastructure: Chain, the rebranded version of Onyxcoin, offers advanced decentralized cloud network services, NFT as a service, and more, making it a pioneer in providing blockchain solutions for businesses.

  1. Non-Custodial and Rewards: The protocol operates in a non-custodial format, ensuring users maintain control over their funds, and it allows users to earn passive income through staking.

These strengths position Onyxcoin as a robust and versatile token within the DeFi space.

Onyxcoin's risks

Onyxcoin (XCN) carries significant financial risks due to its high market volatility and potential for price fluctuations. Cryptocurrency prices are subject to high market risk and price volatility, which means that the value of your investment can go down as well as up, and you may not get back the amount you invested. Additionally, trading involves risk, which may result in the loss of capital. It is essential to carefully consider your investment experience, financial situation, investment objectives, and risk tolerance before making any investment decisions.

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Onyxcoin's ecosystem

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Onyxcoin’s team

  • Alex: Community Leader and Head of the Onyx DAO, with a strong technical background and experience in DevOps, system administration, programming, project management, cryptocurrency, and bot trading. He is responsible for the day-to-day operation of Onyx Protocol, ensuring the security and transparency of the project.
  • Sega: Head of Business Development, with extensive experience in the crypto/web3 scene, having worked with over 30 crypto projects. He is responsible for promoting the usage of the Onyx Protocol, building new partnerships, and increasing the protocol's TVL and exposure in the DeFi sector.

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