Onyxcoin (XCN) (rebranded from Chain (XCN)) is the governance and utility token for the Onyx Protocol designed to vote on protocol improvements and various community driven programs. XCN is also utilized for discounts, premium access, and as a payment method for commercial fees on Chain.com products such as Chain Cloud and Chain Sequence.
XCN has a variety of use case applications within the Onyx ecosystem, outside of voting on Onyx Protocol and Onyx DAO activities. Users can also stake XCN to secure the protocol and earn rewards. XCN is also utilized for priority access to Chain.com’s suite of products, as well as discounts on Chain.com software services. XCN can be used as a secure method of payment for Chain.com products.
Onyx is a web3 blockchain infrastructure that enables organizations to build better financial services from the ground up. Onyx has launched Onyx Protocol which is a permissioned and open source blockchain. Clients can receive discounts and pay for commercial fees with Onyxcoin (XCN) as well as participate in Onyx DAO governance.
Using Onyx Protocol, developers can launch and operate a blockchain network, or connect to a growing list of other networks that are transforming how assets move around the world. The Onyx Protocol defines how assets are issued, transferred, and controlled on a blockchain network. It allows a single entity or a group of organizations to operate a network, supports the coexistence of multiple types of assets, and is interoperable with other independent networks. Onyx Protocol is engineered for the performance demanded by modern financial systems. The time to create, sign, and validate a transaction is measured in milliseconds.
