After a brutal October sell-off, crypto just staged one of its most dramatic comebacks yet. Here's what the market's resilience signals for what comes next.
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The crypto market just pulled off one of its boldest recoveries in recent memory. What began as a violent sell-off on October 10 has given way to a surprisingly strong rebound. In this piece, we’ll dig into “The Great Recovery” of the crypto market, how Bitcoin’s resilience particularly stands out in this comeback, and what to expect next…
The Crash That Shook It All
On October 10, markets were rattled across the board. Bitcoin fell from around $122,000 down to near $109,000 in a matter of hours. Ethereum dropped into the $3,600 to $3,700 range. The sudden collapse triggered massive liquidations, nearly $19 billion across assets, with $16.7B in long positions wiped out.
That kind of forced selling, often magnified by leverage and thin liquidity, created a sharp vacuum. Some call it a “flash crash”; an overreaction to geopolitical news, margin stress, and cascading liquidations.
What’s remarkable, however, is how quickly the market recovered.
The Great Recovery: Scope and Speed
Within days, many major cryptocurrencies recouped large parts of their losses. Bitcoin climbed back above $115,000, and Ethereum surged more than 8%, reclaiming the $4,100 level and beyond. Altcoins like Cardano and Dogecoin led some of the strongest rebounds.
One narrative gaining traction is that this crash was not a structural breakdown but a “relief rally”, a market reset after overleveraged participants were squeezed out of positions. Analysts highlight that sell pressure has eased, sentiment is stabilizing, and capital is re-entering the market, all signs that the broader uptrend may still be intact.
“What we just saw was a massive emotional reset,” Head of Partnerships at Arctic Digital Justin d’Anethan said.
“I would have another, more positive take: seeing 10B worth of liquidation happen in a flash and pushing BTC prices down 15%+ in less than 24hrs to then see BTC recoup 10% to 110K is a testament to how far we've come and how massive and important BTC has become,” he posted on 𝕏.
Moreover, an important datapoint stands out. Exchange inflows to BTC have shrunk, signaling that fewer holders are moving coins to exchanges for sale. This signals that fewer investors are transferring their Bitcoin from personal wallets to exchanges, which is a common precursor to selling. In layman terms, coins are being held rather than prepared for trade.
Bitcoin’s Backbone: Resilience Under Pressure
Bitcoin’s ability to rebound after extreme volatility has long been one of its defining traits. Friday’s drop admittedly sent shockwaves through the market, triggering billions in liquidations and exposing the fragility of leveraged trading.
Yet, as history has shown, such sharp pullbacks are far from new for the world’s largest cryptocurrency. In its short history, Bitcoin has endured dozens of drawdowns exceeding 10% in a single day (from the infamous “COVID crash” of 2020 to the FTX collapse in 2022) only to recover and set new highs months later.
This latest event, while painful, highlights a maturing market structure. Since the approval of spot Bitcoin ETFs in early 2024, institutional involvement has deepened, creating greater liquidity buffers and stronger institutional confidence. Even as billions in leveraged positions were wiped out, Bitcoin has held firm around the $110,000 zone, a level that has since acted as psychological support.
What to Watch Next
The key question now is whether this rebound marks a short-term relief rally or the start of a renewed uptrend. Analysts are closely watching derivatives funding rates, on-chain flows, and ETF inflows for clues. A sustained increase in ETF demand could provide a steady bid under the market, offsetting the effects of future liquidation cascades. Meanwhile, Bitcoin’s ability to hold above $110,000 (an area of heavy trading volume) may serve as confirmation that investor confidence remains intact.
As the market digests the events of October 10, one lesson stands out. Bitcoin’s recovery isn’t just a matter of luck, it’s a reflection of underlying market structure that can absorb shocks. It is built on a growing base of long-term holders, institutional adoption, and a financial system increasingly intertwined with digital assets. Corrections, however dramatic, are not signs of weakness; they are reminders of a maturing market that is striding towards equilibrium.
Bottom Line
The crash on October 10 was brutal, there’s no denying that. It was one of the deepest and fastest in recent memory. But the recovery has been equally sharp. Rather than exposing faults, the rebound has underscored the market’s adaptability and Bitcoin’s central role.
The market consensus is seemingly leaning towards a reset; not a reversal. The shakeout purged excess leverage, and the comeback underlined demand. If Bitcoin can maintain that strength, and the broader market keeps its footing in the coming days, this could mark a turning point rather than a cave-in.
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The three core questions to ask yourself before investing are:
- What do you aim to achieve from each investment?
- How much money can you safely invest?
- How much risk are you prepared to take?
Establishing the answers early on will help you determine which investment avenues are best suited to your needs. For instance, investing for retirement will require a more steady and low-risk approach, while looking to make high profits will require a more high-risk approach.
Below is a list of other factors to consider:
INFLATION
Inflation is the rate at which the value of a currency decreases. Always ensure your return on investment is higher than the inflation rate otherwise your investment will lose value over time.
RISK
Managing risk is an important element of investing. Higher returns typically involve higher risk, ensuring that your strategies align with what you are comfortable with is a must.
LIQUIDITY
Liquidity indicates how quickly an asset can be sold. For investments made using capital that you might require in the short term, you will want to ensure that you invest in a market that has high liquidity. For example, the Bitcoin market is highly liquid while a smaller altcoin will likely be harder to sell.
DIVERSIFICATION
Diversifying your investments helps to manage risk and spread rewards. Similar to “don’t put all your eggs in one basket”, diversification ensures that should one coin underperform the impact is greatly reduced. Try to include a range of coins in your portfolio.
TAX
Last but not least, ensure that you are aware of the tax implications of your investment, as tax laws vary from country to country. The responsibility lies with each individual to establish what these are and adhere to them accordingly.
Cryptocurrencies function much like traditional currencies in that they can be transferred digitally and used to pay for goods and services around the globe. However, they also pose several benefits that fiat currencies lack, such as the fact that they operate using a decentralized network and not a bank or government agency (providing greater control to users) and can execute international payments in a fraction of the time and cost.
While many believe cryptocurrencies will eventually replace traditional currencies, there is plenty to be done before we get there. We are sooner more likely to experience cryptocurrencies working alongside traditional currencies than entirely replacing them, a movement that is generating momentum each day.
Before we launch into what the industry needs in order to go mainstream, let's first observe how we reached this pinnacle moment in the history of finance.
How crypto officially got on the map
Bitcoin was created to provide an independent financial system to people that were thrown into serious debt following the global financial crisis. The digital currency was created to provide individuals with the opportunity to control their funds independently from any financial institution.
Since the advent of Bitcoin in 2009, cryptocurrencies have experienced interest from many groups of people, largely outside of mainstream media. In 2017, following a wild bull run, Bitcoin was first thrust into the mainstream media spotlight as it fast became the main topic of conversation across various news channels around the world.
Fast forward three years to the pandemic. Following global market crashes, Bitcoin displayed impressive resistance and built its wealth back more quickly than many other assets and stock markets. This caught the eye of many large corporations, dispelling scepticism and leading one in particular to move their USD reserves into Bitcoin. Following Microstrategy's decision to buy large amounts of BTC, many other large corporations followed suit, with companies like PayPal and Square even incorporating cryptocurrencies into their systems.
This wave of institutional investment not only increased the value of the markets but also helped to build confidence for retail investors to invest in such "risky" assets. This also played a large role in major corporations embarking on serious research and development of both blockchain technology and cryptocurrencies.
What crypto needs
Commonly used as an investment tool, cryptocurrencies were designed to facilitate faster and more economical transactions. Operating on a peer-to-peer basis, cryptocurrencies essentially cut out the middleman (and its fees) and make digital cash more readily available.
As with most things in life, there are two significant camps for and against the mainstream use of cryptocurrencies. Those for the widespread adoption believe the spike in interest will continue on its upward trajectory, believing that very little could hinder its growth. Those against the growth argue that fluctuating market prices and uncertainty around the practical application will hinder its mainstream adoption.
What cryptocurrencies likely need before any mainstream adoption is a well planned regulatory framework that can appease both the innovative technology and the merchants and consumers using it. Regulations are a necessary component to anything becoming mainstream, and the ones surrounding cryptocurrencies are vague at best. While many nations are working on creating and implementing these, there is still a gaping hole in the industry.
Based on conversations taking place in the banking and fintech worlds, it is highly likely that in the coming years more traditional companies will expand to offer crypto-enabled financial services. As interest and access continue to grow, companies will need to follow suit if they wish to stay in the game. Large payment processing companies like Visa and Mastercard are already looking to provide crypto services, a key indicator as to where the market is headed.
What are the advantages of Bitcoin over existing currencies?
Bitcoin, and other cryptocurrencies, pose several advantages over fiat currencies. The biggest attribute to cryptocurrencies is that they are decentralized, meaning that they are not controlled by governments or banks, rather they are issued by the network and managed by the individual holding them. Instead of a government deciding to print more money thereby increasing inflation, cryptocurrencies are inflationary and instead created using a mining system that is controlled by various mechanisms.
Using blockchain technology, the digital cash systems provide an immutable and transparent ledger that records all the transactions and ownership, ensuring that funds are handled properly and with the correct measures. Cryptocurrencies also pose a much faster and cheaper means of sending money across borders, a huge advantage for businesses operating on a global level (i.e. sending funds from the U.S. to the United Kingdom).
The biggest advantage to crypto is that it is financially inclusive. Anyone around the world can partake in the payment system with no paperwork, previous financial statements or tedious processes required, it simply requires an internet connection.
What are the disadvantages of Bitcoin compared with existing currencies?
Currently, the disadvantages of cryptocurrencies are that they are not freely accepted around the world (yet). While the adoption levels are rising there is still a gap in how and where users can spend their cryptocurrencies. Another disadvantage is the market's volatility, posing potential inconsistencies between the price when making a payment and once the payment is received.
El Salvador leads the pack
In late 2021 El Salvador became the first country to initiate Bitcoin as a legal tender alongside the US dollar. The decision has accumulated many mixed reviews, with some hailing the president a revolutionary and others concerned he will crash the country's already fragile economy. Should his plan work out we're likely to see this happen again.
In conclusion: Crypto is on an upward trajectory
With all things considered, cryptocurrencies and blockchain technology are here to stay. While cryptocurrencies might be a significant distance from becoming mainstream, they are far too integrated into our society and financial landscape to all but disappear. All things considered, the money is too great, the technology too innovative and the thought of financial inclusion too promising for any of it to go away.
Cryptocurrency forks play a significant role in the development and evolution of blockchain technology. Crypto forks occur when a blockchain network undergoes a split, resulting in the creation of two or more distinct chains, each with its own sets of rules and often its own cryptocurrencies. This division can happen through different types of cryptocurrency forks, namely hard and soft forks.
Understanding blockchain forks is an essential element for those interested in understanding and/or trading cryptocurrencies. They represent pivotal moments in the blockchain's journey, where decisions are made, new features are introduced, and disagreements are resolved. By comprehending the concept of cryptocurrency forks, investors, users, and developers can navigate the landscape of digital currencies more effectively.
Crypto forks not only provide opportunities for innovation and technological advancements but also hold implications for the broader community. They can spark debates, divide communities, and even impact the market dynamics of cryptocurrencies.
What is a soft fork?
A soft fork is a type of cryptocurrency fork that generally introduces backward-compatible changes to the blockchain protocol. Unlike hard forks, soft forks do not require all participants to upgrade their software to continue using the network. This means that users can choose whether or not to adopt the new features or rules implemented by the soft crypto fork.
For example, a soft fork that increases transaction speed doesn’t require everyone to upgrade their software. If you don’t upgrade your software, however, you will not be able to take part in any future transactions using the new feature (ie: faster transaction speeds).
These types of forks are a great way for new changes to be implemented without creating an entirely new cryptocurrency. Below we review two notable soft forks.
The SegWit fork
In 2017, the Bitcoin blockchain underwent a soft cryptocurrency fork known as the Segregated Witness (SegWit) Bitcoin protocol update. It aimed to address the scalability issue of the Bitcoin network by separating transactional data from signature data, allowing for more transactions to be included in each block
Before the SegWit upgrade, Bitcoin's protocol was both more expensive and slower, with transactions costing about $30 each and taking around an hour to complete. The inventors of the SegWit change recognized that signature data accounts for 65% of a transactional block. As a result, SegWit proposed moving the effective block size from 1MB to 4MB.
The motivation for this increase was to separate or delete the signer data from the transactional data on every blockchain block, allowing for greater transaction throughput per block.
With the new fork, the old Bitcoin blockchain was able to accept both new 4MB and 1MB blocks at the same time. The soft fork enabled the existing nodes to validate the new blocks via a clever engineering approach that formatted new rules without breaking existing ones.
The Byzantium and Constantinople soft forks
These were two consecutive soft forks on the Ethereum blockchain, implemented in 2017 and 2019, respectively. These forks introduced new features to the blockchain's protocol, such as improved security and privacy, as well as changes to the Ethereum Virtual Machine (EVM).
Soft forks have a relatively lower impact on the blockchain and crypto community compared to hard forks. Since they are backward-compatible, users who don't upgrade their software can still participate in the network, although they may not be able to take advantage of the new rules and features introduced by the soft fork.
Soft forks generally aim to improve the efficiency, security, or functionality of the blockchain without causing a complete split in the network.
What is a hard fork?
Hard forks are more disruptive and result in the creation of two separate blockchains, each with its own set of rules and cryptocurrencies. A hard fork occurs when there’s a fundamental change to the blockchain, such as upgrading one of its core technical components (ie: blocksize).
This requires everyone who uses that blockchain to upgrade their software or else they will no longer be able to participate on the network. Users can also opt to be a part of both networks that result from the blockchain split. For example, Bitcoin Gold is a hard fork of Bitcoin that aims to decentralize the mining process offering two very different use cases.
Hard forks are a common occurrence in the cryptocurrency industry, with many big cryptocurrencies being the product of a successful hard fork. Below we explore two notable hard forks.
The Bitcoin Cash fork
The Bitcoin Cash fork is a prime example of a hard fork. In 2017, following a disagreement within the Bitcoin community about the future of the original cryptocurrency, a group of developers and miners got together to form a new and improved version of the cryptocurrency's network known as Bitcoin Cash. The Bitcoin Cash hard fork was implemented with the upgraded blockchain utilizing a new version of the underlying code, and a new cryptocurrency labeled BCH.
The most significant change to the Bitcoin Cash network was the block size increase to 8MB, allowing for faster transaction speeds, more transactions to get verified at once, and lower transaction fees. The new version of the network also increased the difficulty to ensure the security of the network would not be compromised. In March 2022, the block size limit was increased to 32MB.
There have been many Bitcoin forks over the years, with Bitcoin Cash and Litecoin being the two most well-known.
The Ethereum Classic fork
Ethereum Classic originated from a hard fork of the Ethereum blockchain in 2016. The fork occurred due to a disagreement over how to handle a security breach in the DAO (Decentralized Autonomous Organization). Ethereum Classic maintained the original blockchain, while Ethereum (ETH) continued on the new forked chain.
A hard fork can have significant implications for the blockchain and its community. They often result from divided opinions or visions within the community, leading to the creation of new cryptocurrencies. A hard fork can bring about new features, address scalability concerns, or resolve contentious issues, but it can also cause community divisions and introduce volatility into the market.
Market effects and price volatility
Crypto forks can have a significant impact on the cryptocurrency market, often leading to price volatility and market reactions. The effects are driven by a combination of factors, including investor sentiment, community support, and the perceived value of the newly forked cryptocurrencies.
- Forks can impact cryptocurrency prices by creating uncertainty and divergent market expectations. Prior to a fork, investors may exhibit cautious behavior, leading to increased selling pressure as they seek to secure their holdings or reallocate their assets. This uncertainty stems from concerns about the viability and market reception of the forked cryptocurrencies.
- Market reactions to major forks have been observed in various instances. For example, during the Bitcoin Cash crypto fork in 2017, the anticipation and subsequent launch of the new cryptocurrency caused a surge in trading volumes and price volatility. Similarly, when Bitcoin Cash itself underwent a contentious hard fork in 2018, resulting in the creation of Bitcoin SV, the market witnessed significant price fluctuations and increased trading activity.
These reactions reflect the market's response to the perceived value and potential utility of the forked cryptocurrencies. Investors and traders assess factors such as community support, technological enhancements, and the ability to solve existing challenges. Depending on the market's reception, prices can experience both short-term spikes and long-term shifts as market participants adjust their positions and reassess their expectations.
It's important to note that the impact of crypto forks on prices and market dynamics can vary. While some forks generate significant market buzz and trading activity, others may have a more muted effect. Factors such as the size and influence of the community, the level of support from industry players, and broader market conditions all contribute to the overall impact of a fork on cryptocurrency prices.
Navigating the market effects of crypto forks requires vigilance and a deep understanding of the underlying factors at play. Investors and traders should carefully assess the potential risks and rewards associated with forked cryptocurrencies, keeping in mind the volatility and market reactions that can accompany these transformative events.
What to do when a fork is announced
When a cryptocurrency announces an upcoming fork, a rule of thumb in the crypto space is to wait for the dust to settle before making any big decisions. Keep in mind that sometimes forks can be contentious and not everyone will agree on the path forward, meaning that there may be a lot of confusion and volatility in the coming days as people react.
In conclusion
A hard fork is when a blockchain network is split into two resulting in two unique blockchains with their own cryptocurrencies. A soft fork is when a blockchain simply upgrades or incorporates new features and allows users to decide whether they would like to continue using the old version or upgrade their software protocol to make use of the new features.
Either way, cryptocurrency forks are a common occurrence in the blockchain space and have been the start of many different networks. The most iconic hard forks include the likes of Litecoin, a hard fork from the Bitcoin network, Ethereum Classic, a hard fork from the Ethereum network, and Bitcoin Cash, a hard fork of the Bitcoin network.
Both soft and hard forks allow innovation within the blockchain space to evolve, making space for new features, more efficient means of executing an action, and other chain improvements. A hard fork in particular can shed light on new innovations without creating a blockchain network from scratch.
När du bekantar dig med kryptovärlden kommer du att stöta på ett helt nytt ordförråd. Ett av de mest ikoniska uttrycken är "Hodl". Det används inte i traditionell finans, men har blivit en älskad del av kryptokulturen. I den här artikeln dyker vi in i bakgrunden till uttrycket, vad det betyder och varför varje kryptohandlare bör känna till det.
Vad betyder HODL?
Hodl innebär att man behåller en viss kryptovaluta under en längre tid i hopp om att den ska öka i värde. På senare år har uttrycket fått innebörden “Hold On for Dear Life”, men det är inte en del av det ursprungliga sammanhanget.
Termen används ofta när man pratar om att inte sälja sina kryptotillgångar under björnmarknader eller vid stor volatilitet. Hela kryptogemenskapen har omfamnat uttrycket, och det syns överallt – från memes till analyser och diskussioner.
Var kommer HODL ifrån?
Begreppet dök först upp i ett inlägg på BitcoinTalk-forumet 2013, då en användare vid namn GameKyuubi, under inflytande av alkohol, råkade stava “hold” fel.
Han skrev:
“I type d that tyitle twice because I knew it was wrong the first time. Still wrong. w/e … WHY AM I HODLING? I’LL TELL YOU WHY… It’s because I’m a bad trader and I KNOW I’M A BAD TRADER…”
Vid tidpunkten gick priset på Bitcoin från $130 i april till $950 i december – en extrem volatilitet. GameKyuubi uppmanade andra att inte sälja utan att “hodla”.
Inlägget blev snabbt viralt och termen blev ett permanent inslag i kryptokulturen.
HODL som strategi
Prisrörelser är vardag i kryptoinvesteringar, men HODL är en strategi för att rida ut stormarna. Det handlar om att behålla sina innehav oavsett kortsiktiga svängningar, med tron på långsiktig tillväxt.
Många Bitcoin-anhängare använder strategin för att undvika att fatta beslut baserade på känslor som FUD (Fear, Uncertainty, Doubt) och FOMO (Fear of Missing Out). För vissa har det till och med blivit en livsstil.
När är det bäst att hodla?
Som det klassiska kinesiska ordspråket säger: “Den bästa tiden att plantera ett träd var för 20 år sedan. Den näst bästa är nu.” Detsamma gäller för HODL.
Att köpa och behålla tillgångar över tid har länge varit en beprövad strategi, och i kryptovärlden förkroppsligar HODL den långsiktiga tron på teknologin, idéerna och gemenskapen bakom projekten.
Andra viktiga kryptotermer att känna till
Här är några andra uttryck du ofta stöter på i kryptosammanhang:
- BTFD (Buy The F*ing Dip):** Slang för att köpa när priset har sjunkit kraftigt, med förhoppningen om framtida uppgång.
- FUD (Fear, Uncertainty, Doubt): Spridning av negativt eller missvisande information för att skapa osäkerhet och panikförsäljningar.
- FOMO (Fear of Missing Out): Rädslan att missa nästa stora grej – ofta utnyttjad i marknadsföring.
- Lambo: Kort för Lamborghini – används för att beskriva fantasier om att bli rik på krypto. “When Lambo?” betyder “När blir jag så rik att jag kan köpa en Lamborghini?”
- To the Moon: Används när priset på en tillgång skjuter i höjden.
- Whale: En person eller organisation som håller en mycket stor mängd av en viss kryptovaluta – ofta över 10% av den totala tillgången.
Avslutande tankar
HODL uppstod som ett stavfel, men har vuxit till en av de mest använda och kraftfulla idéerna i kryptovärlden. Genom att hålla fast vid sina tillgångar trots marknadens upp- och nedgångar hoppas investerare kunna ta del av långsiktiga vinster och undvika impulsköp och panikförsäljningar.
Oavsett om du är ny i branschen eller en erfaren kryptoentusiast, kan det vara värt att fundera på när – och varför – du vill HODL.
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 post-pandemic working world is a different place entirely. These days, many people have given up their nine to five jobs to work from home, joining the gig economy where projects are more short-term and schedules are flexible. After all, all one needs is a reliable internet connection and a space to work.
These temporary projects allow for more freedom when it comes to creative license, time constraints and living a life best suited to the individual. And they just got a whole lot easier thanks to the electronic cash system that is Bitcoin (and other crypto assets).
The Gig Economy Meets Blockchain
There are plenty of upsides to working in the gig economy, most notably that you can pick your own hours. As you are in control of your schedule you can choose your vacation times, you’re your own boss, and you get to choose what jobs you take on.
In the UK alone the gig economy between 2016 and 2019 doubled in size, equating to a staggering 4.7 million workers. Meanwhile, in the European Union, the number of freelancers rose by 24% between 2008 and 2015, from 7.7 million to 9.6 million people.
The U.S. Bureau of Labor Statistics reported that 36% of all employees in the United States are part of the gig economy, approximately 57 million people. Unfortunately of these 57 million, 58% reported that they have not been paid for work that has been completed.
This problem could be solved through the use of blockchain and smart contracts. Smart contracts are digital agreements that automatically execute once the criteria have been met. Say you agree to complete a project within a certain time frame, once the project is completed and submitted, the payment is released. No need to request or accept payment, the funds are cleared and deposited directly into the relevant account.
Another positive to merging the gig economy with blockchain technology is the use of cryptocurrencies.
4 Reasons Why Getting Paid In Crypto Just Makes Sense
While smart contracts would need to be made in order for them to smoothen out the wrinkles of unpaid jobs, cryptocurrencies are available right now. The benefits of crypto transactions when it comes to working remotely just make sense.
1) Cryptocurrency transactions are fast and cheap
While the thought of using Bitcoin payments might sound scary, they are in fact incredibly simple to send, receive and withdraw. With the use of blockchain technology and the Bitcoin network, international transactions can be completed in minutes with considerably fewer fees. Not just Bitcoin, all digital currencies for that matter.
All you need to do is pick a cryptocurrency, share your wallet address and wait for the crypto transaction to clear. Through the Tap mobile app you can then use the funds to pay bills or sell them for fiat currencies and send them to your personal Tap account to spend as you please or directly to your bank account.
2Anyone can make crypto payments
While opening a bank account is typically a very tedious task, opening a crypto account is very easy. Anyone anywhere in the world can easily create an account, add funds, and start transacting. As the network is entirely digital, employees and employers based anywhere in the world can tap into this and effortlessly make crypto payments.
3) You can work from anywhere
On that note, cryptocurrencies give you the freedom to work anywhere in the world as there are no constraints on receiving payments allowing you to sell your skills in the global market. There has also been an increase in jobs looking for freelancers that are willing to accept Bitcoin, goodbye central banks and hello digital assets
4)Low transaction fees make small jobs worth it
If you've ever been hesitant about accepting small jobs, this is the one for you. When small jobs pay less, the payments might frequently be entirely overwhelmed by the transaction fees associated with receiving your payment for the job.
That is not the case when it comes to some cryptocurrencies, with Litecoin for example charging merely $0.02 per transaction.
How To Get Paid In Cryptocurrencies
If you’ve decided to take the plunge, you can either request that your employer pays in crypto, or specifically look for crypto-paying jobs (more on this below). The next step is to set up an account from where you can receive said crypto.
The Tap mobile app will tick all the boxes, and opening an account is incredibly simple. First, you will need to download the app and then register. You’ll be asked to fill in some personal information and then verify your identity with a government-issued identity document. This is all very normal and is required by law.
Once you are verified, head to the home page, select the Crypto wallet and choose a cryptocurrency you would like to receive / the cryptocurrency you will be paid in. Then select Receive and send the wallet address to your employer/contractor. You will get a notification when the funds arrive in your account.
If you’re looking for jobs that specifically pay in crypto, look to Purse.io, Ethlance and Coinality. These are part of the gig economy and pay in cryptocurrencies. Good luck out there, it will 100% be worth it!