Onyx Protocol, a new decentralized blockchain platform, is causing a stir in the financial technology world. Onyx Protocol, originally created in 2014 as Bytemine. Its goal is to provide a fast, secure, and scalable infrastructure for decentralized applications (dApps) and other blockchain-based applications. Onyx Protocol is powered by a one-of-a-kind Layer 3 scaling solution. With an emphasis on financial-grade applications, it has staked its claim as the go-to platform for decentralized finance’s bright new future.

A History of Innovation

Onyx Protocol was originally launched in 2014 by former venture capitalist Adam Ludwin, with support from a number of VCs. In 2018 the project was picked up by the Lightyear Corporation. This private company is now an important part of the Stellar Development Foundation. This acquisition became the turning point, with Onyx Protocol doubling down on financial-grade blockchain applications.

After raising $40 million, Onyx Protocol was able to launch their core software, Chain Core. This out-sized funding came on the heels of strong partners including NASDAQ, Orange, Capital One, and Citigroup. This initial backing from some of the largest financial institutions in the world reinforced the promise of Onyx Protocol’s technology.

Layer 3 Scaling Solution

Onyx Protocol features an industry-leading Layer 3 scaling solution. This groundbreaking quality addresses the growing pains and logistical issues that have plagued blockchain tech for many years. Because of this unique architecture, it is possible for many independent blockchain ecosystems to coexist simultaneously within the same network. They can and should interact seamlessly, even when operated by different agencies.

"Onyx Protocol’s Layer 3 scaling solution solves challenges related to scalability and efficiency that makes it one of the most attractive blockchains for finance-based decentralized applications."

This unique capability is important for financial applications with both high throughput and 1 ms or less latency requirements.

The Onyx Protocol is based on the principle of least authority. This design provides a strong assurance that their control over assets cannot be separated from control over consensus. This separation of concerns improves security and reduces opportunities for fraud or manipulation.

Onyx Cloud and XCN Token

Onyx Cloud serves as a foundational infrastructure within the Onyx Protocol ecosystem. It enables anyone in the network to create and issue any type of asset through customizable “issuance programs.” This new feature makes it easy to create and control digital assets on the Onyx blockchain.

XCN, Onyx Protocol’s native token, is an ERA utility and governance token. Silicon is at the heart of enabling rapid node deployment and delivering other key functions. The XCN token has a total supply of 48.4 billion, with about 35.51 billion in circulation at the time of writing.

In 2022, the token underwent a name change from CHN to XCN, with existing CHN holders receiving XCN tokens at a ratio of 1:1000. We are excited to introduce the XCN token as our primary payment method for Onyx Cloud and Sequence fees. By using this token, users can benefit from discounts on various services in the Onyx ecosystem.

Recent Developments: V3 Whitepaper

Onyx Protocol has recently published its V3 Whitepaper. Richly illustrated, it provides an in-depth look at the protocol’s architecture while emphasizing its increasing concentration on financial-grade applications. The whitepaper illustrates the new developments of Onyx Protocol. It provides a detailed and ambitious future roadmap, clearly showcasing the protocol’s robust dedication to innovation and evolution within the burgeoning decentralized finance space.

The publication of the V3 Whitepaper is just one example of Onyx Protocol’s dedication to further development and improvement of its technology. This is to make sure they remain at the cutting edge of the blockchain sector. Designed for enterprise-level financial applications, Onyx Protocol addresses critical issues such as scalability and security. This singular strategic focus is what has them perfectly poised to increase adoption of decentralized finance solutions.