Onyxcoin (XCN), previously known as Chain (CHN), marks a major leap in blockchain technology. Since its rebranding in March 2022, the protocol has gained traction as a leading enterprise blockchain platform. What makes it special? In a nutshell: it provides cloud-based solutions that enable companies to set up and deploy financial services through private blockchain networks. Let’s dive in.
What is XCN?
XCN is the cryptocurrency of the Onyx Protocol, which has both utility and governance aspects. The Onyx Protocol is a solution for problems of financial settlements. The Onyx Protocol is a flexible blockchain architecture that acts as an interoperability protocol for individual blockchain networks to operate on the same parameters, with the ability to interact with one another. The Onyx Protocol creates a system in which the custody of assets is decoupled from the consensus of the blockchain state, providing users with security and usability.
Users can issue their own assets through their own “issuance programs”. Those can be controlled by “control programs” which allow users to build more complex smart contracts. A federation of “block signers” secures the network and prevent fork, while a unique “block generator” allows for better block generation.
Onyx uses a governance system over Ethereum and utilizes Onyxcoin (XCN) as its ecosystem utility and governance token. XCN is used to provide premium functionality, fund new developments and give token holders the ability to vote on new proposals to the protocol.
Launched in 2014, backed by top venture capital companies, and partnered with top names like Nasdaq and Citigroup, the platform has developed into a standalone, trust-worthy, and state-of-the-art blockchain ecosystem.
Key Features:
- Cloud-based blockchain infrastructure for enterprises
- Customisable tools for asset creation
- Smart contracts powered by control programs
- Integrated DAO governance for user participation
- Premium and standard service tiers
Technical and fundamental analysis
Market fundamentals
The tokenomics for XCN will consist of a max supply of 48.47 billion tokens, with approximately 65% of the supply in circulation. There will be 15,000,000,000 tokens allocated to the foundation, and 10,000,000,000 allocated to the DAO, with 200,000,000 XCN being released every month to ensure the flow of supply into the market is controlled.
Technical framework
The protocol’s architecture allows:
- Multiple independent blockchain networks operating simultaneously
- Secure asset control based on the principle of least authority
- Block validation by designated signers
- Efficient block creation via a single block generator
Trading volumes, price volatility, and sentiment indices for XCN
Trading volume
A very important signal is the volume of XCN. Steady or increasing volumes typically indicate sustained engagement. Steeper volume usually shows an interesting moment or a very dynamic trading situation. In the case of XCN, the volume showed spikes aligning with announcements or broader market trends.
Price volatility
Volatility is one of the most important indicators for investors to examine when analyzing the price of XCN. Moderate volatility can attract traders seeking profit opportunities; however, high levels of volatility are typically a deterrent for sensitive investors. Recently, XCN has seen both stable periods and rapid price shifts due to the fluctuation of market conditions and opinions.
Sentiment indices
Social media, news, and forum sentiment indicators provide an aggregated view of community sentiment. Historically, positive sentiment has been associated with Onyx Protocol upgrades and positive ecosystem developments, and negative sentiment has been associated with times of uncertainty or downturns in the broader market.
Together, these metrics (trading volumes, price volatility, and sentiment) illustrate the dynamics that shape XCN’s market presence and potential for return on investment. For investors and traders, monitoring these indicators can provide valuable insights into potential opportunities and risks, although they should be evaluated alongside broader market conditions and fundamental analyses.
Short-term price predictions (1-3 years)
In the next few sections, we will look at the price predictions for both the short term and the long term, first from a bull’s perspective, then from one of a bear. As of the time of writing, XCN was trading at $0.01236 (you can check the current price here).
Bullish scenario
Analysis suggests that several positive catalysts could drive XCN's growth in the near term:
Enterprise adoption
- Predicted range: $0.005 - $0.01
- Key driver: Increased business partnerships and platform integration
- Potential catalyst: Growth in private blockchain network adoption
Technological development
- Predicted range: $0.006 - $0.012
- Focus areas: Transaction speed improvements and fee optimisation
- Impact: Enhanced platform capabilities could attract more users
Institutional investment
- Predicted range: $0.007 - $0.015
- Driver: Growing institutional interest in cryptocurrency
- Catalyst: Potential market expansion and improved regulatory clarity
Bearish scenario
On the flip side, here are the bearish predictions:
Regulatory concerns
- Predicted range: $0.001 - $0.0015
- Risk factor: Increased government oversight
- Impact: Possible operational limitations
Competitive pressures
- Predicted range: $0.0012 - $0.0017
- Challenge: Market saturation from similar projects
- Risk: Potential loss of market share
Long-term price predictions (3-5 years)
Bullish outlook
Long-term positive scenarios suggest significant growth potential:
Enterprise integration
- Predicted range: $0.02 - $0.05
- Driver: Widespread adoption of Onyx Protocol's technology
- Catalyst: Integration into mainstream financial systems
Technology evolution
- Predicted range: $0.03 - $0.06
- Focus: Platform maturity and ecosystem development
- Impact: Enhanced competitive advantage through innovation
Market growth
- Predicted range: $0.04 - $0.08
- Driver: Overall cryptocurrency market expansion
- Catalyst: Increased mainstream acceptance and use
Bearish outlook
However, long-term challenges could present significant headwinds:
Market sentiment
- Predicted range: $0.0005 - $0.001
- Risk factor: Extended crypto market downturn
- Impact: Reduced investor confidence
Competition
- Predicted range: $0.0008 - $0.0015
- Challenge: Emergence of superior technological solutions
- Risk: Diminished market relevance
These predictions account for various market scenarios and factors, keeping in mind the natural volatility of crypto markets. The ranges provided highlight potential outcomes depending on market trends and the progress of the project. Please note that this content is speculative and not financial advice. It should not be construed as such.
Conclusion
There are various possible scenarios for Onyxcoin (XCN), from potential growth through enterprise adoption and tech-related advancements to more conservative estimates that reflect market challenges. While bullish predictions suggest possible growth to $0.08 by 2030, bearish scenarios indicate potential downside risks.
As with any investment in digital assets, thorough research is essential. Readers should carefully evaluate their risk tolerance and consult financial advisors before making investment decisions, as market conditions can change rapidly in the volatile crypto sector. Keep an eye on the XCN page within the Tap app to keep updated on price movements.
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