What is Onyxcoin(XCN) How does it work?
With the vote on the Chain protocol on January 23, 2023, the development proposal CIP-007 was accepted. As a result of this development, the Chain protocol has gained a new identity by changing its name. The Chain protocol continues to provide the same services as the Onyx Protocol.
Onyx Protocol is a blockchain-based technology company that was created with the aim of providing better financial services. Onyx Protocol was developed by Adam Ludwin. The native token of Onyx Protocol is XCN. In this article, you can find answers to the questions of what is Onyxcoin (XCN), how does Onyxcoin (XCN) work, how to buy Onyxcoin (XCN) and how to trade XCN/TRY and XCN/USDT trading pairs.
Topics you will read in this article;
What is Onyxcoin (XCN)?
How Onyxcoin (XCN) Works?
How to Store Onyxcoin (XCN)?
How to Buy and Sell Onyxcoin (XCN)?
What is Onyxcoin (XCN)? How Does it Work?
Onyx Protocol is a blockchain-based technology company that claims to provide a wiser economic model. Onyx Protocol creates cryptographic ledgers and cloud infrastructure that supports Web3 services and financial products. Organizations can launch a blockchain network by using the Onyx Protocol platform. Onyx Protocol platform can support the interoperability of multiple independent networks.
Onyx Protocol was founded in 2014 by Adam Ludwin. The company is headquartered in San Francisco, United States. Onyx Protocol platform has raised more than $40 million in funds from many corporate companies such as Visa, Nasdaq, and Orange.
XCN, the native token of Onyx Protocol, is the governance token used to vote for improvement proposals and innovations in the network. XCN is also used as a payment method for transactions made on the network and allows users to earn discounts on the transactions they perform on the platform.
XCN enables platform participants to use premium features. The token is built on the Ethereum blockchain and works with the ERC-20 standard.
Conversion of Chain Protocol to Onyx Protocol
The Chain (XCN) project has gained a new identity with the changes made. There has been a name change in the project and its cryptocurrency.
The Chain project was renamed Onyx Protocol. The name of the coin of the project was Onyxcoin.
The services in the Chain project were intended to be differentiated from each other with the company named Chain.com, which is behind the project. For this purpose, on January 21, 2023, the development proposal CIP-007 was shared for Chain to gain a new identity.
The proposal included the conversion of Chain Protocol to Onyx Protocol, Chain DAO to Onyx DAO, Chain Token to Onyxcoin, and the token of the Chain project to remain with the same code (XCN). With the development, 5 billion XCN tokens allocated to Chain Team will be burned. This burn will reduce XCN’s total supply from 53 billion to 48 billion. The company will donate the 15 billion XCN earmarked for Chain Company to a non-profit foundation.
How to Store Onyxcoin (XCN)?
XCN, the native token of the Onyx Protocol platform, which was created to provide better financial services, is ERC-20 based. You can manage your XCN balances with desktop, mobile and hardware wallets that support ERC-20 based Ethereum assets.
How to Buy and Sell Onyxcoin (XCN)?
You can use the BtcTurk | PRO mobile application or website to buy and sell Onyxcoin (XCN) with Turkish lira and Tether. If you are not a member of BtcTurk, you can become a member immediately from our website or mobile application and start trading Onyxcoin (XCN) by sending Turkish lira 24/7 with 7 contracted banks.
