Xcn Coin: A Smart Investment Decision?

XCN is the ticker handle for the Onyxcoin, a decentralised digital asset that operates on the Ethereum blockchain. It is the governance and utility token for the Onyx Protocol, a decentralised platform that facilitates peer-to-peer lending and borrowing of various digital assets. The Onyx Protocol is designed to support a broader segment of the digital asset space, including non-fungible tokens (NFTs) and a range of digital assets. The XCN token can be staked for voting rights on the Onyx Protocol, which is run by the Chain Decentralised Autonomous Organisation (DAO). It is also used for node deployment, discounts on premium plans, and as a payment method for fees on Chain Cloud and Sequence.

In this paragraph, we will explore whether XCN is a good investment and look at the coin's price history, market predictions, and potential use cases.

XCN's price history and future predictions

XCN, formerly known as Chain, is a native token of the Onyx Protocol, a decentralised platform that facilitates peer-to-peer lending and borrowing of various digital assets. XCN is a decentralised digital asset that operates on the Ethereum blockchain. It serves as the governance and utility token for the Onyx Protocol.

XCN's price history has been volatile. When the new XCN came onto the market in mid-March 2022, it was worth about $0.05. The price slowly climbed, reaching a peak of $0.1161 on 19 April. However, after the collapse of the LUNA cryptocurrency, the token dropped to $0.07148 on 12 May. On 27 May, the XCN price shot up and traded at an all-time high of $0.1841. After the news of the Celsius Network (CEL) crypto lending platform cancelling withdrawals, the token sank to an all-time low of $0.003958. It then recovered to trade at a high of $0.09475 the following day and rallied to a high of $0.1058 on 10 July. Since then, the price has largely declined, with some brief boosts. As of 6 December 2022, the price was trading at $0.03928, with a market cap of around $843 million, making it the 51st largest crypto by that metric.

In terms of future predictions, it is important to remember that price forecasts, especially for something as volatile as cryptocurrency, can often be wrong. Long-term crypto price predictions are often made using algorithms, which means they can change quickly. As of 6 December 2022, some sources provided the following predictions:

• CoinCodex predicted a potential price of $0.038368 on 5 January 2023, with a bearish outlook.
• CoinsKid predicted a closing price of $0.0437 for 2022, potentially reaching $0.0615 in December 2023, $0.0910 in December 2024, $0.0998 in 2025, and $0.1128 in 2026.
• DigitalCoinPrice predicted the token could reach $0.0909 in 2023, $0.18 in 2025, $0.20 in 2027, $0.40 in 2030, $0.55 in 2030, and $0.76 in 2031.
• WalletInvestor, taking a more bearish stance, expected the token to drop to $0.00185 in 2023.

It is worth noting that these predictions were made almost a year ago, and market conditions can change rapidly, affecting the accuracy of forecasts.

XCN's advantages over centralised cloud platforms

XCN, formerly known as Chain, is an enterprise-grade cloud-based blockchain infrastructure provider. It offers a combination of tools and seeks to drive large-scale adoption across the business sector. Here are some of XCN's advantages over centralised cloud platforms:

Decentralisation

XCN provides a decentralised alternative to centralised cloud platforms run by big tech companies like Amazon, Google, and Microsoft. Centralised platforms control features and pricing to eliminate competition, whereas XCN offers lower fees and is more accessible to the international community.

Performance

Decentralised cloud computing protocols, like XCN, gain performance as more users join the network. The protocol leverages individual network nodes rather than a centralised broadcasting structure, making the network more secure and responsive.

Accessibility

XCN offers reliable access to decentralised infrastructure, allowing businesses to integrate blockchain networks on demand using its secure platform. This accessibility is a significant advantage for enterprise clients who need to integrate decentralised infrastructure with their existing systems.

Scalability

XCN addresses the issue of scalability by providing a combination of factors that enable the protocol to offer more flexibility than earlier networks. This flexibility is crucial for blockchain networks to meet the exponential growth demands of the sector.

Non-Custodial Format

XCN's non-custodial format ensures that users are never separated from their cryptocurrency. All transactions are conducted with the user's funds in their wallet, so they won't lose access to their crypto due to upgrades or outages. This format also makes the platform less attractive to hackers as there are no large community wallets.

The Onyx Protocol's use cases

The Onyx Protocols Use Cases

The Onyx Protocol is an infrastructure for a multi-asset, shared, and cryptographically secure ledger. It is a blockchain-based technology protocol that aims to develop and run a smarter and internally connected economy. The protocol's mission is to create cryptographic ledgers capable of improving existing financial products and services.

Onyxcoin (XCN) is a decentralised digital asset that operates on the Ethereum blockchain. It serves as the governance and utility token for the Onyx Protocol, a decentralised platform that facilitates peer-to-peer lending and borrowing of various digital assets.

• Peer-to-peer lending and borrowing: The Onyx Protocol enables users to lend and borrow a range of digital assets, including Ether (ETH), ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens, through an aggregated and unified balance. This is supported by non-custodial custody via decentralised smart contracts, ensuring transparency and security.
• Governance: Onyxcoin acts as a governance token, giving holders voting rights over protocol decisions. This ensures democratised control and the continual securing of the platform.
• Utility: Onyxcoin also serves as a utility token, facilitating various activities within the system and maintaining its economic balance. It is used to access Chain.com products with discounts and can be staked to receive compensation, sustaining the protocol's economic vitality.
• Enhanced borrowing capacity: Onyxcoin strives to enhance the borrowing capacity of accounts by allowing non-fungible tokens (NFTs) to be supplied as collateral.
• Decentralised cloud infrastructure: The Onyx Protocol, through Chain Cloud, offers a decentralised cloud service with better security and performance at lower fees than its competitors. It provides censorship-resistant, fully encrypted services to the public, making it easier for enterprises to integrate blockchain protocols.
• NFT support: The protocol provides a complete NFT support suite, allowing users to easily create NFTs for various purposes, such as tickets, art, and music. Creators can seek guidance from Chain NFT experts.
• Dapp creation: The sequence infrastructure simplifies the creation of decentralised applications (Dapps) by offering tools that eliminate coding requirements and technical issues, making it more accessible for new users.
• International value transfer: XCN can be used to send value internationally, providing a convenient and efficient way to transfer money across borders.

The Onyx Protocol and Onyxcoin (XCN) offer a range of use cases that aim to support the broader digital asset space and drive large-scale adoption across the business sector.

Chain's (XCN) structure and function

Chain (XCN) is a cloud blockchain infrastructure solution that enables organisations to build better financial services. It was founded in 2014 and has since been acquired twice, most recently by Lightyear Corp. in 2020, to continue its mission of building a more robust global financial system through blockchain cloud technology.

Chain has identified two core problems in the financial and blockchain industry that it aims to tackle: Legacy Financial Systems and Public Blockchain Infrastructure. It wants to make blockchain infrastructure provisions more accessible and less time-consuming for developers, pushing forward the paradigm shift towards Web3.

Chain's main products include Chain Core, Sequence, and Chain Cloud. Chain Core is a permissioned and open-source blockchain that institutions can use to launch and operate a blockchain network or connect to other networks. The Chain Protocol, which the XCN token governs, defines how assets are issued, transferred, and controlled on a blockchain network. It allows for interoperability with other independent networks and supports the coexistence of multiple types of assets.

Sequence is a cryptographically-secured cloud blockchain ledger service. It allows users to manage balances in financial and commerce applications like wallet apps, lending platforms, marketplaces, and exchanges. All transactions must be signed by the relevant keys, which are held in secure enclaves controlled by authorised users, services, or organisations.

Chain Cloud is a decentralised and distributed infrastructure protocol designed for developers to access blockchain networks on-demand. It operates on multiple nodes across various data centres and home networks, making it decentralised and reliable.

XCN, Chain's governance and utility token, is used for voting on protocol improvements and community-driven programs. It is also used for discounts, premium access, and payment of commercial fees on Sequence and other Chain ecosystem products. By staking XCN, users can participate in the DAO's proposals and overall governance.

How to buy XCN

To buy XCN, you can follow these steps:

• Compare Crypto Exchanges: Research and compare the various cryptocurrency exchanges that offer XCN. Look for reputable and trusted platforms that meet your needs in terms of security, fees, and payment methods. Popular options include Uphold, Kraken, KuCoin, HTX, Bitfinex, Coinbase, Gate, Poloniex, Bithumb, and BtcTurk. Consider the deposit methods accepted by each exchange, such as debit or credit cards, wire transfers, or other cryptocurrencies.
• Create an Account: Choose the exchange that best suits your requirements and create an account. This typically involves providing your email address and verifying your identity through a Know Your Customer (KYC) process. Make sure to review the exchange's terms and conditions and any geographical restrictions that may apply.
• Make a Deposit: Fund your account by making a deposit using your preferred payment method. This could be via debit or credit card, wire transfer, or even a direct crypto deposit if you already own other cryptocurrencies. Each exchange will have its own set of instructions and deposit options, so follow the prompts provided by your chosen platform.
• Buy XCN: Once your account is funded, you can proceed to buy XCN. Navigate to the market or exchange section of the platform and search for XCN. Place a buy order for the amount of XCN you wish to purchase, taking into account any minimum purchase requirements or transaction fees. Review the order details carefully before finalizing the transaction.

It is important to note that the process may vary slightly depending on the chosen exchange, and it is recommended to thoroughly research each platform before committing any funds. Additionally, remember that investing in cryptocurrencies carries inherent risks, and it is crucial to understand the volatile nature of the market before making any investment decisions.

Frequently asked questions