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Onyxcoin (XCN) is a utility token powering a decentralized cloud infrastructure network designed to support Web3 applications.

Key takeaways

• Onyxcoin (XCN) is the native utility token of the Onyx Protocol, a decentralized cloud computing platform.
• It operates on a Proof-of-Stake (PoS) consensus mechanism and is compatible with the Ethereum Virtual Machine (EVM).
• XCN is used for paying for cloud services, staking for network security, and participating in governance.
• The project focuses on providing scalable, cost-effective cloud infrastructure for decentralized applications (dApps).
• The total maximum supply of XCN is capped at 68,892,071,757 tokens.

What is Onyxcoin? Key Specifications & Tokenomics

Onyxcoin (XCN) is the native cryptocurrency of the Onyx Protocol, a blockchain-based platform aiming to decentralize cloud computing resources for the Web3 ecosystem.

Who created Onyxcoin (XCN)?

The Onyx Protocol and its XCN token were developed by a team focused on decentralized infrastructure. The project is managed by the Onyx Foundation, a decentralized autonomous organization (DAO) responsible for the protocol's governance and development roadmap. The core vision is to create a permissionless, open-source cloud platform that challenges traditional, centralized cloud service providers by leveraging blockchain technology. The team comprises individuals with backgrounds in distributed systems, cryptography, and cloud computing. Development and strategic decisions are increasingly guided by the XCN token holders through the project's on-chain governance model.

How does Onyxcoin (XCN) work?

The Onyx Protocol operates as a decentralized network where participants can contribute unused computing resources (like storage and processing power) and earn XCN rewards. Users who need these resources can pay for them using XCN tokens. The system functions on a Proof-of-Stake consensus mechanism, where validators stake XCN to secure the network, validate transactions, and produce new blocks.

• Resource Marketplace: The protocol creates a peer-to-peer marketplace for computing resources, connecting providers with developers building dApps.
• EVM Compatibility: By supporting the Ethereum Virtual Machine (EVM), the Onyx chain allows developers to easily port their existing Ethereum-based smart contracts and dApps to its network, benefiting from its decentralized cloud infrastructure.
• Token Utility: XCN facilitates all economic activities within this ecosystem, acting as the medium of exchange, the staking asset for security, and the governance token.

What makes Onyxcoin (XCN) unique and valuable?

Onyxcoin's primary value proposition lies in its focus on decentralizing cloud infrastructure, a critical but highly centralized component of the modern internet.

• Decentralized Cloud Alternative: It aims to provide a viable, decentralized alternative to giants like AWS or Google Cloud, potentially offering better resistance to censorship, single points of failure, and cost structures.
• Web3 Native Infrastructure: As the Web3 space grows, the demand for infrastructure that is natively decentralized, transparent, and community-governed increases. Onyx Protocol is built specifically to meet this demand.
• Dual-Token Model (Potential): Some iterations of the project's design involve a dual-token system to separate governance from utility, although XCN primarily serves both functions, aligning stakeholder incentives with network growth and security.

What is Onyxcoin (XCN) used for?

The XCN token has several core utilities within the Onyx ecosystem:

• Payment for Services: Developers and users pay XCN to access decentralized computing, storage, and other cloud services on the Onyx network.
• Network Staking: Token holders can stake their XCN to become validators or delegate their tokens to validators, helping to secure the network and earning staking rewards in return.
• Governance: XCN holders can participate in the decentralized governance of the Onyx Protocol. This includes voting on proposals related to network upgrades, treasury management, and parameter changes.
• Incentivization: XCN is used to reward individuals and organizations that contribute valuable resources (hardware, software, community efforts) to the network's growth and stability.

How Is the Onyxcoin (XCN) ecosystem developing?

The Onyx ecosystem is evolving around its core mission of decentralized physical infrastructure (DePIN). Development is focused on expanding the network's capabilities and adoption.

• Partnerships and Integrations: The team actively seeks partnerships with other blockchain projects and traditional enterprises to integrate Onyx's decentralized cloud services.
• Developer Adoption: A key growth metric is the number of dApps built or migrated to the Onyx chain to leverage its infrastructure. Grants and developer incentives are often funded by the community treasury.
• Protocol Upgrades: Ongoing technical development aims to improve network scalability, security, and user experience. Future upgrades may include enhanced privacy features and interoperability with other major blockchains.

How to mine Onyxcoin (XCN)?

Onyxcoin (XCN) is not mined in the traditional Proof-of-Work sense. Instead, new XCN tokens are generated through the Proof-of-Stake consensus mechanism. The primary way to "earn" XCN is through staking.

• Staking: Users can lock up (stake) their XCN tokens to participate in network validation. In return for helping to secure the network, stakers receive block rewards paid in newly minted XCN. This process is often referred to as "staking" rather than mining.
• Providing Resources: Participants can also earn XCN by contributing their idle computing resources (like hard drive space or CPU power) to the network, effectively "mining" tokens by providing a useful service.

How to keep your XCN Coin safe?

Securing your XCN tokens is crucial. Here are the best practices:

• Use a Hardware Wallet: For significant holdings, store your XCN in a hardware wallet (like Ledger or Trezor). This keeps your private keys offline and away from internet-based threats.
• Secure Software Wallets: If using a software wallet, choose reputable, non-custodial options that support the Onyx chain or ERC-20 tokens (if XCN is bridged). Always keep your recovery phrase private and never share it online.
• Beware of Scams: Be vigilant against phishing websites, fake social media support accounts, and unsolicited messages offering investment advice or requesting your private keys.
• Keep Software Updated: Ensure your wallet software and any device you use to access your funds have the latest security updates.

How to buy XCN Coin?

XCN is a cryptocurrency listed on several exchanges. For higher liquidity and a secure trading experience, it is recommended to use a major platform like BTCC.

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 on how to buy USDT.
3. Start Trading: Go to the trading page and search for the spot trading pair XCN/USDT or the perpetual contract XCNUSDT.
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. You can also monitor the live price on the BTCC price page.