Onyxcoin (XCN) is a decentralized digital asset that operates on the Ethereum blockchain. It serves as the governance and utility token for the Onyx Protocol, a decentralized platform that facilitates peer-to-peer lending and borrowing of various digital assets. The Onyx Protocol supports a range of digital assets, including Ether (ETH), ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens. These assets can be supplied or borrowed through an aggregated and unified balance, supported by non-custodial custody via decentralized smart contracts. Onyxcoin (XCN) strives to enhance the borrowing capacity of the corresponding account by allowing NFTs to be supplied as collateral.

Onyxcoin operates within the Onyx Protocol, a decentralized platform designed for peer-to-peer lending and borrowing of various digital assets on the Ethereum blockchain. It uses smart contracts for non-custodial transactions, ensuring transparency and security. Users can supply digital assets, including Ether and different types of ERC tokens, into a unified pool from which they can borrow, using these assets or NFTs as collateral. Onyxcoin also serves a dual purpose: it acts as a governance token, giving holders voting rights over protocol decisions, and as a utility token, facilitating various activities within the system and maintaining its economic balance.

Onyxcoin has several potential use cases within the Onyx Protocol. As a governance token, it allows holders to influence the trajectory of the Onyx Protocol through a structured system of voting and proposals. This ensures a democratized control and continual securing of the platform. As a utility token, Onyxcoin facilitates various activities within the system and maintains its economic balance. It also serves as a preferred medium for accessing Chain.com products with discounts. Furthermore, Onyxcoin holders may stake their holdings to receive compensation, sustaining the protocol’s economic vitality.

Onyxcoin is a decentralized project launched by a group of developers. It is fully open-source and developed by the XCN community. The Onyx Protocol, powered by Onyxcoin, aims to support a broader segment of the digital asset space, including non-fungible tokens (NFTs). The protocol supports a variety of digital assets, which can be supplied or borrowed through an aggregated and unified balance, supported by non-custodial custody via decentralized smart contracts. The Onyx Protocol's underlying mechanism is powered by Onyxcoin (XCN), a decentralized digital asset on the Ethereum blockchain that serves as both the protocol's governance and utility token.

Onyxcoin (XCN) holders have certain opportunities within the OnyxPay platform. As the governance token of the Onyx Protocol, XCN provides token holders with the opportunity to participate in the decision-making process. Staking XCN allows holders to gain voting rights and contribute to shaping the protocol's future development and improvements. This democratic governance structure aims to ensure that decisions are made collectively and transparently by the community. Staking XCN within the protocol contributes to network operation. Participants who stake their XCN tokens receive non-monetary incentives in XCN. XCN is also utilized for providing access to certain features and facilitating payments within the OnyxPay ecosystem. Users who hold XCN can access certain features on the platform.

Onyxcoin (XCN) serves as both a utility and governance token within the Onyx Protocol ecosystem. One of the key utilities of XCN is the allocation of tokens. Participants contribute to the Onyx Protocol by allocating their XCN tokens. In return, participants may receive non-monetary incentives in XCN. These incentives are distributed based on the distribution speeds determined by the protocol’s on-chain governance. This means that the allocation of more XCN tokens may lead to an increase in non-monetary incentives. However, the exact incentive structure, including the distribution ratio, may vary and is subject to proposals made by the XCN token allocators through on-chain suggestions.

Onyxcoin (XCN) doesn't specifically target any particular industry or sector for adoption and integration. However, it does strive to address the capital efficiency trilemma and reduce dependency on centralized protocols. This approach may be beneficial for any industry or sector that requires efficient, transparent, and trustless lending. Onyxcoin is actively engaged in exploring collaborations that could potentially attract users from various industries and sectors who are interested in participating in token processing.

Onyxcoin (XCN) primary role is to enable operations within the Onyx Protocol ecosystem, and it also plays a crucial role in the platform's governance. XCN holders may use their tokens to vote on improvement proposals and innovations within the network, thereby potentially affecting the direction of the Onyx Protocol. This governance method intends to maintain the platform's functionality. However, there is no information available suggesting that Onyxcoin can be used for identity verification. Please be aware that the use of Onyxcoin for non-financial purposes such as voting is dependent on the specific rules and regulations set by the Onyx Protocol's governance system.