Learning the friendly way

RFID (radio frequency identification) credit cards are payment cards that use radio frequency technology for contactless payments. While the technology has been around since 1973, these cards have only recently gained increasing popularity, with many major credit card issuers offering RFID-enabled cards as the default option. The rise of RFID credit cards has been driven by consumer demand for faster, more convenient payment experiences.

You can spot RFID credit cards easily by the unique logo on the card, resembling a Wi-Fi symbol. This icon indicates that the card has RFID technology that allows contactless, tap-and-go payments. Seeing this logo, consumers can swiftly identify RFID-enabled cards, distinguishing them from traditional magnetic stripe cards.

How RFID credit cards work

RFID technology in credit cards is designed to allow for quick, convenient contactless payments. So, when buying an item you simply need to tap or wave your RFID-enabled card near a payment terminal, which initiates the card's embedded RFID chip to communicate with the reader using radio frequency signals. 

This wireless communication allows the reader to securely access the necessary payment information, such as the card number and expiration date, without physically swiping or inserting the card. Exchanging this data over a short distance facilitates fast, frictionless transactions for consumers.

Compared to traditional card insertion or swiping techniques, this wireless payment method significantly streamlines the checkout process.

Security features of RFID cards

RFID credit cards offer strong security to prevent fraud and theft. They use advanced encryption protocols to protect payment data, ensuring it stays safe during transactions, so even if the signal is intercepted, the information remains unreadable to unauthorised parties. 

Additionally, many RFID credit cards feature built-in anti-skimming technology to prevent card information from being illegally accessed or cloned. These security measures provide customers with peace of mind when making contactless payments.

RFID credit cards vs traditional magnetic stripe cards

RFID credit cards offer significant advantages over traditional magnetic stripe cards. With contactless payment capabilities, RFID cards provide a more secure and convenient payment experience. The wireless, encrypted communication between the RFID chip and the reader helps prevent fraud, as card data is less exposed compared to magnetic stripe cards that require physical swiping. Additionally, RFID transactions are faster and more seamless, reducing checkout times for consumers.

As RFID technology continues to mature and become more widely adopted, it's expected that RFID credit cards will become the new standard. Consumers are increasingly demanding the speed and convenience of contactless payments, and merchants are rapidly upgrading their infrastructure to accept RFID transactions. The migration towards RFID credit cards is a clear industry trend that is likely to accelerate in the coming years.

RFID credit cards and contactless payment methods

RFID credit cards are just one type of contactless payment method, which also includes mobile wallets and wearable devices. While these all leverage wireless technology for faster, more convenient transactions, RFID credit cards offer a uniquely familiar payment experience for consumers.

Compared to mobile or wearable contactless options, RFID credit cards provide the same familiar feel as traditional cards, with the added benefit of quicker, more secure transactions. However, mobile wallets and wearables offer additional functionality, like the ability to store multiple payment cards digitally. 

Ultimately, both RFID credit cards and other contactless payment methods are driving the shift towards a more seamless, frictionless payment landscape. Consumers now have more choice than ever when it comes to fast, convenient ways to make purchases.

Benefits of using RFID credit cards for payments

Using RFID credit cards offers numerous benefits for both consumers and merchants. The tap-and-go convenience of RFID payments streamlines the checkout process, reducing transaction times compared to traditional swiping or inserting cards. This increased speed and efficiency can be especially advantageous in fast-paced environments like quick-service restaurants or transit systems.

Moreover, the enhanced security features of RFID cards, such as encrypted data transmission and anti-skimming technology, help protect against fraud. Businesses that accept RFID payments report reduced incidences of chargebacks and improved customer trust. 

Overall, the combination of convenience and security makes RFID credit cards an attractive payment option for consumers and merchants alike.

Closing thoughts 

In conclusion, RFID credit cards are revolutionising the payment landscape by offering a more convenient, secure, and streamlined payment experience for both consumers and merchants. As the adoption of this technology continues to grow, RFID credit cards are poised to become the new standard in the credit card industry.

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At Tap, adaptability and innovation define everything we do. Operating across the EU, EEA, and the UK, we’ve built a reputation for offering cutting-edge fintech and crypto solutions while continually striving to adapt and innovate in response to evolving regulations. But the road isn’t always smooth—sometimes, regulatory changes demand that we rethink, adapt, and find creative solutions to stay true to our mission.

Today, we’re thrilled to announce the return of XTP token locking for Premium accounts in the UK—a journey that wasn’t without its challenges, but one that reflects our unwavering commitment to our users.

A Challenge Worth Tackling

Last October, the Financial Conduct Authority (FCA) introduced new regulations aimed at tightening the promotion and distribution of cryptocurrency services. These rules, while important for safeguarding the sector, directly impacted the structure of our Premium accounts. 

For our EU and EEA users, accessing Premium perks like lower fees, higher card spending limits, cashback rewards, and VIP support is as simple as locking a specific amount of XTP tokens for 12 months. For our UK users, regulatory requirements led us to suspend this system to ensure compliance. Determined to continue offering UK users access to our Premium perks, in its place, we introduced a new structure: Premium upgrades through a fixed annual fee paid in GBP.

This interim solution allowed us to continue offering UK users the perks they loved, but it wasn’t the ideal experience we wanted for our community. Restoring XTP locking for the UK became a top priority.

Behind the Scenes: A Year of Dedication and Perseverance

When the change rolled out, many users understandably voiced frustration. Some felt we weren’t doing enough, unaware of the monumental effort happening behind the scenes. The reality? Our team embarked on a year-long journey deeply immersed in research, consultations, and legal review to align our XTP locking system with the regulatory requirements in order to craft a compliant yet user-centric solution.

This wasn’t a quick fix. Every step of the process—from analysing legal frameworks to liaising coordinating with relevant stakeholders required time, expertise, and meticulous attention to detail. We don’t take shortcuts, and we don’t settle for half measures. At Tap, we focus on outcomes, not just promises, we channel our energy into quietly, diligently achieving results.

A Moment of Triumph: The Return of XTP Locking

After a year of hard work, we’re delighted to reintroduce XTP locking for Premium accounts in the UK. This marks a return to the system our users value—one that aligns perfectly with our broader offering across the EU and EEA.

For those who upgraded to Premium with the GBP annual fee, our dedicated support team will personally reach out to guide you through your options and ensure a seamless transition. We’re committed to ensuring this transition is smooth, positive, and tailored to your needs, giving you the best experience possible.

The Road Ahead

This journey is a reminder of what makes Tap unique. We don’t just adapt in the face of complex challenges; we embrace them as opportunities to grow and innovate. We’re proud to bring back a feature that resonates deeply with our community, and we’re more excited than ever about what lies ahead.

We’re proud to bring this chapter full circle and thank every one of our users for their patience and trust. Here’s to the next step forward—together.

We’ve all been here: you land that dream job or get a nice raise, and suddenly your old budget feels unnecessarily restrictive. A few premium subscriptions here, some fancy dinners there, maybe a nicer apartment – before you know it, your higher income somehow feels tighter than before. 

Welcome to lifestyle creep, the subtle way our spending habits expand to match (or exceed) our growing income. It’s real, and it’s out there. Here’s how you can fight back. 

Why it happens

Lifestyle creep isn't just about splurging. Often, it's a series of small, seemingly reasonable upgrades. That €15 lunch delivery doesn't feel extravagant when you're having a hard day, and those €20 fitness classes are justified as a worthwhile investment in your health. 

The problem isn't any single expense, it's how these small changes compound over time, transforming from luxuries into what feel like necessities. And those small expenses can add up dramatically: an extra €50 per week on conveniences means €2,600 per year that could have gone toward retirement, a dream vacation, or your emergency fund. That’s a chunk of change in the end. 

Breaking the cycle

1. Find your motivation

Before making changes, identify why you want to control your spending. Maybe you want to switch careers, start a business, or build an emergency fund. Having a concrete “why” makes it easier to resist those immediate gratifications.

2. Audit your joy

Review your recent expenses and honestly assess which ones truly enhance your life. That streaming service you barely use? The subscription box that sits unopened? These are easy cuts. But don't stop at the obvious – examine everything, including your "necessary" expenses. Sometimes what we think we need is just habit in disguise.

Start doing this weekly, eventually moving up to monthly, until your inner accountant is completely satisfied with where your money is going. The idea here isn’t to strip all joy from your life, it’s merely to streamline it. 

3. Create friction

Make impulse spending harder:

• Remove saved payment information from shopping sites and phone settings
• Unsubscribe from marketing emails
• Establish a 48-hour waiting period for non-essential purchases

4. Address your triggers

Our spending habits are heavily influenced by our environment. Consider:

• Unfollowing social media accounts that trigger spending urges
• Finding free or low-cost alternatives to expensive social activities
• Being honest with friends about your financial situation and goals
• Planning social activities that don't revolve around spending

5. Regular check-ins

Schedule monthly "money dates" with yourself. Review your spending, celebrate wins, and adjust your strategy. Make it enjoyable – pour yourself a drink and put on your favourite record. This isn't about punishment, it's about alignment with your goals.

The mindset shift

Remember that reducing expenses isn't about deprivation, it's about choice and control. You might find that some lifestyle upgrades are worth keeping because they genuinely improve your quality of life. Others might be easy to let go once you realise they're not adding that much value.

The goal isn't to return to living like a college student. Instead, aim to be intentional about which upgrades you keep and which you can live without. This mindful approach to spending helps steer your money toward things that truly matter to you, rather than disappearing into a series of forgettable purchases.

By taking control of lifestyle creep, you're not just saving money – you're buying yourself options, flexibility, and peace of mind. And those are luxuries worth keeping.

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We are pleased to announce the reintroduction of our locking feature for users in the EU/EEA territories. By locking XTP and advancing to higher tiers, users can now access a diverse range of benefits. This upgrade reaffirms our commitment to delivering meaningful enhancements to our users, optimising their experience within the Tap ecosystem.

About XTP Locking

XTP locking is an innovative feature within the Tap app ecosystem, crafted for our savvy users seeking premium perks. By locking XTP tokens, users can unlock increased limits on their Tap Prepaid Mastercard and take advantage of reduced crypto exchange fees and FX fees. Upgrading is a straightforward process: simply choose the plan that suits you and enjoy enhanced perks for a secure 12-month period while your tokens remain safely locked.

The benefits of XTP locking  include increased spending limits on the Tap Prepaid Mastercard, reduced transaction fees, and access to exclusive perks that making the Tap experience even more rewarding.
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✨ The perks of our premium plans

• Boost spending limits on the Tap card
• Enjoy reduced crypto exchange fees
• Experience lower FX fees
• Get cashback on card purchases
• Access special rewards and promotions
  

📈 Discounted Trading fees using XTP

In addition to the exciting relaunch of XTP staking, we are reintroducing a key utility of the XTP token - the ability to pay trading fees within the Tap App. This means that users in the EU/EEA region can now resume paying with XTP, to cover their trading fees, availing themselves to an enticing 25% discount in addition to the benefits included in their current plan.

• Utilize XTP for trading fees
• Enjoy a 25% discount
• Maximize your savings while trading on the Tap platform
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This enhancement not only provides added utility to the XTP token but also enables users to save significantly on their trading activities, creating a more cost-effective and rewarding experience.

🙌 Embrace the XTP Revolution!
Experience the latest upgrade for EU/EEA territories: Tap locking is back. Whether you're a seasoned trader looking to optimize your experience or a newcomer eager to explore the benefits of locking, you can now access exclusive perks and save on trading fees.

Step into the future of finance with the Tap App, where locking means savings and open the doors to valuable rewards.

In March 2022, Onyx Protocol (formerly Chain) rebranded its token from CHN to XCN and saw widespread success. The shared, multi-asset, cryptographic ledger has seen considerable market attention and increased in value by almost 50% in the first few months post-launch. 

Then, after implementing upgrades that included the likes of Chain Decentralised Autonomous Organisation (DAO), the beta release of the Onyx Cloud product, XCN staking, as well as listing on several crypto exchanges, Onyxcoin (XCN) reached its a new all-time high price. An honorable feat for the Onyx ecosystem considering that the greater crypto market was in a decline. 

What Is Onyx protocol?

Onyx is a cloud blockchain infrastructure that allows companies to create and provide improved financial service solutions through their unique closed-ended blockchain network. This gives them the opportunity to upgrade to blockchain technology without carrying the risks linked to bigger public networks. The platform then allows them to issue, store and transfer digital assets on the company's private independent networks through several Chain ecosystem products.

According to the platform's whitepaper, the Chain protocol defines that it "allows participants to issue and control assets programmatically using digital signatures and custom rules."

Designed to improve on the current downfalls within the financial settlements industry, the Onyx protocol offers improved solutions for everything from transfer fees to transparency to settlement delays, as well as security issues and the reversibility of transactions.

Other Onyx ecosystem products include a standard and premium option of both an RPC/API (Remote Procedure Call API) product and a ledger-as-a-service option known as Sequence. 

The standard RCP/API provides users access to various services within the Onyx Cloud that allows them to develop products on public blockchains.  The premium access options provide added solutions and the opportunity to build on private networks. This option charges an annual fixed amount charged in XCN. 

Sequence provides users access to Onyx's cloud blockchain accounting service where they can manage balances in a tokenized format. Again, there is a standard option or a premium access option with added benefits, payable in XCN. 

The protocol also offers users end-to-end solutions covering the “design, development, compliance, sale and utilization” of NFTs through its Sequence NFT product. 

The Onyx Decentralized Autonomous Organization (DAO) runs the whole Chain Protocol, which is governed by XCN token holders. To participate in the Onyx DAO and governance of the Chain, XCN holders must stake their tokens.

Who created Onyx protocol?

The Onyx blockchain network was founded in 2014 by the venture capitalist Adam Ludwin with the backing of several other venture capital firms, providing a solution to modern financial systems. The developers launched Chain Core after raising over $40 million through funding and strategic partnerships from the likes of Nasdaq, Orange, Capital One, and Citigroup.

In 2018 the platform was sold to Lightyear Corp., a division within the Stellar Development Foundation, but as of 2021, the company is now operating as a privately held corporation with new offices, shareholders, and a new board of directors. 

How does the Onyx protocol work?

Onyx allows for multiple, independent blockchain networks to exist and work together, even if they're operated by different firms. Using the principle of least authority keeps control over assets separate from control over ledger synchronization so that everyone stays safe.

The Onyx cloud protocol allows any network participant to define and issue assets by creating their own "issuance programs." After they've been issued, units of an asset are kept in custody by "control programs," which are written in a flexible and Turing-complete programming language that may be used to create sophisticated smart contracts for blockchain networks.

A group of "block signers" secure each network. The system is protected against forks as long as a majority of the block signers follow the protocol. To make things more efficient, the protocol delegates block creation to a single "block generator." Any node on the network can validate blocks and submit transactions too.

The Onyx Core software is an enterprise solution that uses the Onyx Protocol. An open-source developer edition of Onyx Core is available for download, and Chain operates a freely accessible testnet to manage the Chain blockchain network.

What are XCN tokens?

XCN is the native token to the Onyx ecosystem and acts as both a utility token and a governance token. Holders are allowed to vote on community programs and protocol improvement plans through the Onyx DAO. The cryptocurrency also provides discounts on premium plans, a payment method for Onyx Cloud and Sequence fees, and node deployment. 

Alongside the rebranding of CHN to XCN, Chain also launched its new Onyx Token smart contract on the Ethereum blockchain. Holders of CHN were given XCN tokens at a 1:1,000 ratio. Onyxcoin (XCN) has a maximum supply of 48.4 billion. 

The Onyxcoin (XCN) has a total and maximum supply of 48,470,523,779 coins, with approximately 23,576,983,951 (44%) currently in circulation (at the time of writing). During the launch phase, 15 billion tokens were allocated to the foundation and ten billion to the DAO, with monthly distributions of 200 million and 100 million coins, respectively.

How can I buy the XCN token?

For those looking to incorporate Chain into their crypto portfolios, things just got a lot easier. The Tap app has recently added XCN to the list of supported currencies, allowing anyone with a Tap account to easily and conveniently access the Chain market. 

Users can buy /sell XCN by using balances in either their crypto or fiat wallets or can buy the cryptocurrency with traditional payment options like bank transfers. Through the integrated wallets on the platform, users can also store and manage their XCN holdings easily and conveniently. 

The cryptocurrency market can be a maze of projects, platforms, and partnerships. Among these, XCN (Onyxcoin) has emerged as a notable digital asset that often sparks discussion – and sometimes confusion – in the crypto community.

This guide cuts through the complexity to deliver a clear picture of XCN. We'll examine what makes this cryptocurrency unique, tackle common misconceptions about its ownership (particularly regarding JP Morgan), and explore its potential value to the greater blockchain ecosystem.

Whether you're researching XCN for investment purposes or simply want to understand its role in the crypto ecosystem, this article will provide you with straightforward, accurate information to guide your decisions.

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What Is Onyx Protocol (XCN)?

Onyx Protocol is a cloud-based blockchain infrastructure enabling companies to create private blockchain networks for enhanced financial services. Unlike public blockchains, Onyx provides a closed, secure environment for issuing, storing, and transferring digital assets, minimising risks like security breaches and transaction delays. 

It caters to enterprise needs through products such as the Remote Procedure Call API (RPC/API) and Sequence, a blockchain-based accounting service. These services offer both standard and premium tiers, with premium features accessible via XCN payments.

The protocol’s core design addresses key financial settlement challenges, including reducing fees, increasing transparency, and streamlining transaction settlements, and uses innovative features like "issuance programs" for asset creation and "control programs" for managing assets securely. Block signers safeguard the network, while block generators ensure efficient block creation.

The Onyx Protocol is governed by a Decentralised Autonomous Organisation (DAO), where XCN token holders participate in decision-making by staking their tokens. This means that XCN acts as both a utility and governance token, offering voting rights, discounts on premium services, and a means to pay for Onyx Cloud and Sequence fees.

Founded in 2014 by venture capitalist Adam Ludwin, Onyx was initially backed by major firms like Nasdaq and Citigroup, raising over $40 million. After being acquired by Stellar’s Lightyear Corp. in 2018, it later became a privately held corporation in 2021. 

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With a maximum supply of 48.4 billion tokens, XCN powers the ecosystem and incentivises community-driven growth through its transparent, decentralised governance model.

XCN’s infrastructure

XCN's technological foundation rests on three main pillars:

• A scalable proof-of-stake blockchain that 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

Although the platform uses advanced security protocols it still manages to maintain user accessibility, making it suitable for both individual and institutional users.

How to purchase and stake XCN

XCN tokens can be bought through several major cryptocurrency exchanges, including Tap. In order to participate in the staking process, users will need to acquire the tokens and complete the following: 

1. Set up a compatible wallet that supports XCN staking
2. Participate in the staking program through the official platform
3. Earn rewards based on the amount staked and duration of participation

The minimum staking requirements and reward rates are designed to encourage long-term holder participation. For more detailed explanations please see the official project’s instructions.

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, aiming to modernise financial systems. The team launched Chain Core after raising over $40 million through strategic partnerships with Nasdaq, Orange, Capital One, and Citigroup. 

In 2018, the platform was sold to Lightyear Corp., 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 spurring positive price growth.

Today, the XCN project is led by a team of seasoned blockchain developers and fintech experts specialising in smart contracts, protocol optimisation, and financial infrastructure. They are known to actively 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, allowing XCN token holders to shape the platform’s future, voting on critical proposals to ensure collective growth and innovation.

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XCN price prediction

Onyxcoin (XCN) has gained attention for its role in DeFi and its governance function within the Onyx Protocol. While price predictions vary, with some analysts anticipating steady growth as adoption of the platform increases, it is worth keeping an eye on the key factors influencing its price, notably market demand, advancements within the Onyx ecosystem, broader crypto market trends, and regulatory developments. 

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

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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, sparking conversations about distinguishing between unrelated entities in the blockchain world. Below we break down the key differences between OnyxCoin (XCN) and JP Morgan's Kinexys to clear up any confusion for investors and industry professionals.

Let the record state: 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 coincidental

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Looking to the future

XCN is a prime example of blockchain technology's evolution and the growing maturity of digital assets. As the cryptocurrency landscape continues to expand, XCN’s innovative framework and governance structure show how decentralised systems can adapt to meet new challenges. 

With blockchain advancing rapidly, platforms like XCN highlight the potential for transformation in the digital economy. Whether you’re drawn to the technical details or the broader implications, staying informed about these developments is key to understanding this ever-changing space.

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