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Onyxcoin (XCN) is a utility token designed to power a decentralized cloud infrastructure network, aiming to provide scalable and cost-effective computing resources for Web3 applications.

Key takeaways

• Onyxcoin (XCN) is the native utility token of the Onyx Protocol, a decentralized cloud computing network built on Ethereum.
• The token is used for paying for cloud services, participating in network governance, and incentivizing node operators.
• XCN operates on the Ethereum blockchain as an ERC-20 token, benefiting from its security and ecosystem.
• The project focuses on providing an alternative to traditional cloud providers by leveraging a decentralized network of contributors.
• Investors should be aware of the token's significant total supply and scheduled unlock events when evaluating its market dynamics.

What is Onyxcoin? Key Specifications & Tokenomics

Onyxcoin (XCN) functions as the economic backbone of the Onyx Protocol, a decentralized platform for cloud computing resources.

Who created Onyxcoin (XCN)?

Onyxcoin was created by the team behind the Onyx Protocol. The project was developed to address the centralization and high costs associated with conventional cloud service providers like Amazon Web Services (AWS) and Google Cloud. The founding team consists of professionals with backgrounds in distributed systems, blockchain technology, and enterprise cloud architecture. Their vision was to create a permissionless, global marketplace for computing power where anyone can contribute resources and be compensated in XCN. The project emphasizes community-driven governance, where token holders can propose and vote on key protocol upgrades and parameter changes.

How does Onyxcoin (XCN) work?

The Onyx Protocol operates as a decentralized network that connects users needing computing power (clients) with providers who have spare resources (node operators). Here’s a simplified breakdown of the process:

• Service Request: A developer or application (dApp) submits a computing job, such as rendering, data processing, or API servicing, to the Onyx network.
• Node Participation: Individuals or organizations run Onyx node software on their hardware, contributing CPU, GPU, or storage to the network pool.
• Task Distribution & Execution: The protocol intelligently distributes the computational task to available nodes. The work is verified to ensure correctness.
• Payment in XCN: Upon successful completion and verification, the client pays for the service using XCN tokens. These tokens are then distributed to the node operators as reward for their contributed resources.
• Governance: XCN holders can stake their tokens to participate in the decentralized autonomous organization (DAO) that governs the protocol, voting on proposals related to fees, technical upgrades, and treasury management.

What makes Onyxcoin (XCN) unique and valuable?

Onyxcoin's value proposition centres on its aim to disrupt the traditional cloud computing market.

• Decentralized Alternative: It seeks to provide a decentralized, potentially more resilient and censorship-resistant alternative to centralized cloud giants.
• Cost Efficiency: By aggregating underutilized global computing resources, the network aims to offer competitive pricing for developers, especially those in the Web3 space.
• Token Utility: XCN is not just a speculative asset; it has clear utility as the required medium of exchange for all services on the Onyx Protocol and grants governance rights.
• Incentive Alignment: The tokenomics are designed to align the interests of service providers (node operators), consumers (developers), and token holders (governors), creating a self-sustaining ecosystem.

What is Onyxcoin (XCN) used for?

The XCN token has several core functions within its ecosystem:

• Payment for Services: It is the primary currency for purchasing computing power, storage, and other cloud infrastructure services on the Onyx network.
• Network Incentives: Node operators are rewarded in XCN for providing reliable computational resources and maintaining network integrity.
• Governance: Holding XCN grants voting power in the Onyx DAO, allowing participation in key decisions about the protocol's future development and resource allocation.
• Staking: Users may stake XCN to potentially earn rewards or to access premium network features and service tiers.

How Is the Onyxcoin (XCN) Ecosystem Developing?

The Onyx ecosystem is evolving to expand its use cases and network capacity.

• Partnerships: The team actively seeks partnerships with other blockchain projects and dApps that require decentralized backend services, aiming to onboard them as clients.
• Node Growth: A primary focus is increasing the number and geographic distribution of node operators to enhance network capacity, reliability, and redundancy.
• Tooling and SDKs: Development continues on software development kits (SDKs) and tools to make it easier for developers to integrate Onyx's decentralized cloud services into their applications.
• Community Governance: As the DAO matures, more decisions are progressively handed over to the community of XCN stakers, decentralizing control over the protocol.

How to mine Onyxcoin (XCN)?

XCN is not mined in the traditional Proof-of-Work sense. As an ERC-20 utility token on Ethereum, its supply was created at genesis and is released according to the project's emission schedule. The primary ways to acquire XCN are:

• Providing Resources: The main "work" rewarded with XCN involves running a node on the Onyx Protocol to provide computing power or storage to the network. Users are paid in XCN for the resources they contribute.
• Purchasing: Buying XCN on supported cryptocurrency exchanges.
• Ecosystem Participation: Earning tokens through community incentives, bug bounties, or other ecosystem contribution programs.

How to keep your XCN Coin safe?

Securing your XCN tokens is crucial, given their digital nature.

• Use Reputable Wallets: Store your XCN in a secure, non-custodial wallet where you control the private keys. Since XCN is an ERC-20 token, it is compatible with a wide range of Ethereum wallets.
• Hardware Wallets: For significant holdings, a hardware wallet (cold storage) like Ledger or Trezor provides the highest level of security by keeping your keys offline.
• Beware of Scams: Never share your private keys or seed phrase with anyone. Be cautious of phishing websites, fake support agents, and unsolicited offers related to XCN.
• Exchange Security: If you keep tokens on an exchange like BTCC for trading, ensure you use strong, unique passwords and enable all available security features, such as two-factor authentication (2FA).

How to buy XCN Coin?

XCN is a cryptocurrency listed on several exchanges. However, it is recommended to trade on a major platform like BTCC for higher liquidity and better customer support.

1. Register a BTCC Account: Sign up using your email or mobile number and complete the KYC verification to unlock more features and benefits of the platform.
2. Deposit Funds: Deposit fiat currency (via bank transfer, card, or third-party payment) or transfer USDT from an external wallet into your BTCC account. You can follow this guide.
3. Start Trading: Go to the trading page and search for the spot trading pair XCN/USDT or the perpetual contract XCN/USDT.
4. Place an Order: Enter the amount of XCN you wish to purchase and submit the order. For contract trading, you can also choose to go short (sell) and adjust the leverage multiplier according to your strategy and risk tolerance.
5. Confirm Your Purchase: For spot purchases, check your personal account to see if the coins have arrived. For contract trades, check the trading page to see if your order was filled successfully.