XCN Onyxcoin

Governance

Onyxcoin lets holders vote on important decisions for the Onyx Protocol. This includes voting on new features, changes to the system, and how to use community funds. By participating in governance, Onyxcoin owners help shape the future of the project.

Utility

Onyxcoin has several uses within the Onyx ecosystem. It can be used to pay for services, get discounts on premium features, and access special perks. For example, holders might get lower fees when using Onyx products or early access to new tools.

Staking

Users can lock up their Onyxcoin to earn rewards. This process, called staking, helps secure the network and lets people earn passive income on their holdings. The longer you stake, the more rewards you can potentially earn.

Payments

Onyxcoin serves as a payment method within the Onyx ecosystem. Users can pay fees, purchase services, or trade with others using Onyxcoin. This creates a circular economy where the token has real-world value and utility.

Platform Access

Holding Onyxcoin might give users special access to parts of the Onyx platform. This could include premium features, exclusive events, or early access to new products and services as they're developed.

Advantages of Onyxcoin

Onyxcoin offers several benefits for users. It allows fast and cheap transactions without middlemen. The platform is open to anyone with internet access, making it more inclusive than traditional finance. Onyxcoin also provides transparency since all transactions are recorded on a public ledger. Users can engage in peer-to-peer exchanges and access decentralized finance features like lending and borrowing.

Disadvantages of Onyxcoin

There are some potential downsides to consider with Onyxcoin. The price can be volatile, which may concern some users. The technology is still relatively new, so there could be unforeseen issues as it develops further. Adoption is growing but still limited compared to mainstream payment methods. Some users may find the platform complex to use at first if they're not familiar with cryptocurrencies.

Use Cases

Onyxcoin has various applications. It can be used for everyday transactions, cross-border payments, and accessing decentralized finance services. The platform allows users to stake tokens to earn rewards. Developers can also build decentralized applications using Onyxcoin's infrastructure.

Future Outlook

The future of Onyxcoin looks promising. Ongoing technological innovations aim to improve transaction speeds and lower fees even further. The team is working on expanding partnerships and use cases. As the decentralized finance sector grows, Onyxcoin is positioned to play an important role in the ecosystem.

Founders and Early History

• Adam Ludwin founded the original Chain protocol in 2014 with backing from venture capital firms
• Raised over $40 million through partnerships with companies like Nasdaq, Orange, Capital One, and Citigroup
• In 2018, Chain was acquired by Lightyear Corp., a division of the Stellar Development Foundation
• As of 2021, Onyx operates as a privately held corporation with new leadership and board of directors

Current Leadership

• Alex serves as the Community Leader and Head of the Onyx DAO
• Sega is the Head of Business Development
• Aleksei Zasulskii joined as a full-time Full-Stack Developer in 2023
• VT and Satori (Geoff) share assistant business development responsibilities

Key Developments

• Rebranded from Chain to Onyx Protocol in 2022, changing token from CHN to XCN
• Implemented upgrades including Chain DAO, Onyx Cloud beta release, and XCN staking
• Focused on providing blockchain infrastructure for companies to create financial service solutions
• Governed by XCN token holders through the Onyx Decentralized Autonomous Organization (DAO)

Major Investors

Onyxcoin has attracted investments from several notable companies and venture capital firms. Some of the key investors include:

• Pantera Capital, a leading cryptocurrency investment firm
• Digital Currency Group (DCG), a major player in the blockchain industry
• Visa, the global payments technology company
• SV Angel and 500 Global, well-known venture capital firms
• Nasdaq Ventures, the investment arm of Nasdaq stock exchange
• Capital One Ventures, the venture capital division of Capital One bank

Other Backers

Additional investors in Onyxcoin include:

• Homebrew, an early-stage venture fund
• Khosla Ventures and RRE Ventures, established venture capital firms
• Citi Ventures, the strategic investing arm of Citigroup

Funding Rounds

Onyxcoin has raised significant capital through multiple funding rounds:

• A $30 million round in September 2015
• $9.5 million Series B round in August 2014
• $4.2 million round in January 2014

Total Funding

The total amount raised by Onyxcoin across various funding rounds is approximately $43.7 million.

Halal Status

No, Onyxcoin's halal status is uncertain. A thorough Shariah screening is needed to determine if it complies with Islamic principles. Key factors to consider include:

• The project's utility and roadmap
• Community involvement and focus
• Associations with prohibited activities
• Token distribution and use

Without a detailed analysis by Islamic scholars, it's not possible to definitively classify Onyxcoin as halal or haram. Muslims interested in Onyxcoin should consult with knowledgeable Islamic finance experts before investing.