What is Onyxcoin (XCN)?

The crypto market can be a maze to navigate through, with all its projects, platforms and partnerships. Among these, Onyxcoin (XCN) stands out as a noteworthy cryptocurrency that often sparks discussion within the community.

We want to make crypto easy for you. So, on this occasion we are cutting through all the technical mumbo jumbo in order to deliver to you a clear X-ray of XCN. We’ll get into what makes XCN special, address common misunderstandings about its ownership (particularly in regards to JP Morgan), and explore its potential value to the broader crypto ecosystem.

It doesn’t really matter if you’re looking into XCN for investment reasons or if you simply want to understand the role that it has in the ecosystem. This article will provide all the basics to guide your decisions and satisfy your curiosity.

What Is Onyx Protocol (XCN)?

Onyx Protocol is a cloud-based blockchain infrastructure that enables real companies to create private blockchain networks for enhanced financial services. Unlike public blockchains that you might be familiar with, Onyx provides a closed, safe environment for issuing, storing, and transferring digital assets, which minimizes risks such as security breaches or transaction-related delays.

It caters to company needs through products like the Remote Procedure Call API (RPC/API) and Sequence, a blockchain-based accounting service. The services offer standard and premium tiers premium features accessible via XCN payments). The way the protocol is designed is meant to address key settlement challenges such as reducing fees, increasing transparency, and streamlining transaction settlements. It uses features like "issuance programs" for asset creation and "control programs" for managing assets in a secure way. Moreover, Block signers keep the network safe, while block generators ensure efficient block creation.

The protocol is governed by a DAO (block generators ensure efficient block creation); XCN holders partake in decision-making by staking their tokens.  This means XCN acts as both a utility and governance token. One one hand you get voting rights, and on the other you get discounts on premium services, and the means to pay for Onyx Cloud and Sequence fees. With a maximum supply of 48.4 billion tokens, XCN powers the whole ecosystem through a transparent, decentralised governance model.

XCN's technological foundation rests on three main pillars:

• A proof-of-stake blockchain that is scalable and prioritises transaction speed and energy efficiency
• Smart contract functionality that enables complex financial operations and decentralised applications
• Cross-chain compatibility for seamless interaction with other blockchain networks

It’s worth noting that even though the platform uses advanced security protocols it still manages to maintain user accessibility, which makes it suitable for both individual and institutional users alike.

How to purchase and stake XCN

XCN tokens can be found on several cryptocurrency exchanges and platforms, including Tap. In order to partake in the staking process, one needs to acquire the tokens and do the following steps: 

1. Set up a compatible wallet that supports XCN staking
2. Participate in the staking program via the official platform
3. Earn rewards based on the staked tokens and participation period

The requirements and rewards are meant to encourage long-term participation. For a more detailed explanation you can check out the official website, where you will find all sorts of documentation and resources.

Leadership and development behind XCN

The Onyx blockchain network was founded in 2014 by venture capitalist Adam Ludwin with support from major venture capital firms. The goal was to modernise financial systems. The team launched Chain Core after raising over $40 million  through strategic partnerships with Nasdaq, Orange, Capital One, and Citigroup. (Not too shabby.) In 2018, the platform was sold to Lightyear Corp., which is part of the Stellar Development Foundation, before transitioning in 2021 to operate as a privately held corporation with a new board, shareholders, and offices.

In March 2022, CHN was rebranded to XCN.

Today, the XCN project is led by a team of veteran blockchain developers and fintech experts specialising in smart contracts, protocol optimisation, and financial infrastructure. They engage with the community via Discord, Twitter, and governance forums, maintaining transparency through roadmaps, progress reports, and AMAs. Alongside the strong development team is a decentralised governance model we mentioned earlier, which allows XCN token holders to shape the future of the platform. Alas, voting on critical proposals ensures evolution and innovation through collective means.

XCN price prediction

Onyxcoin (XCN) has gained a lot of attention for its role in DeFi and its governance function within the Onyx Protocol. Price predictions vary in any market and especially in crypto. However, some analysts anticipate steady growth as adoption increases. It is also worth keeping an eye on key factors such as market demand, advancements within the Onyx ecosystem, broader crypto market trends, and regulatory developments

However, given the volatility of the cryptocurrency market, it’s always best to approach XCN price predictions carefully and conduct thorough research before making any financial decisions.

Clearing the air: JP Morgan's Kinexys (formerly Onyx) does not own OnyxCoin (XCN)

In early November 2024, JP Morgan rebranded its blockchain unit from Onyx to Kinexys, which sparked conversations about distinguishing between unrelated entities in the blockchain world. Below we will break down the key differences between OnyxCoin (XCN) and JP Morgan's Kinexys in order to clear up any confusion for investors and industry professionals alike.

Let’s set the record straight:

OnyxCoin (XCN) is a separate cryptocurrency project operating independently of JP Morgan and its blockchain initiatives. To avoid potential confusion:

• XCN is not affiliated with JP Morgan or any traditional banking institution
• The cryptocurrency project operates independently of JP Morgan's blockchain platforms
• Any similarity in naming to JP Morgan's former Onyx unit is merely coincidental

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Looking ahead

Blockchain tech is advancing rapidly, and platforms like XCN highlight the potential for fast and powerful transformation within the digital economy. XCN is also a prime example of the maturity of digital assets. As the cryptocurrency landscape continues to expand beyond its original realm, XCN’s innovative framework and governance structure show us how decentralised systems can adapt in order to meet new needs and challenges.

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