Onyxcoin (XCN) Price Today

What is Chain (XCN)?

Chain is a cloud blockchain infrastructure that works to allow organizations to build better financial services from the ground up. Founded in 2014, Chain came into existence thanks to $40 million in funding from Citigroup, Fiserv, NASDAQ, Orange, Khosla Ventures, Pantera Capital, Capital One and Visa. Lightyear Corp., the commercial arm of the Stellar Development Foundation acquired Chain in 2018.

In 2020, Chain was re-acquired and now operated as a privately held corporation. The main utility token (XCN) is also the governance token of the protocol. Users can vote on protocol improvements and various community-driven programs using XCN.

XCN also functions as a means of discounts, premium access and as a payment method for paying commercial fees on the ecosystem products such as Sequence. As the main network and products already existed prior to the launch of the token, it got immediate utility and consumption.

The protocol completed the deployment of the new XCN Token smart contract to the Ethereum Network after undergoing a successful audit by CertiK. It redenominated the token at a ratio of 1:1000 and changed the ticker from CHN to XCN.

Chain Price Trends

In March 2022, XCN was worth about $0.05 and slowly climbed to $0.1161 on 19^th April. Following the de-pegging of the UST stablecoin and the collapse of LUNA, XCN suffered a loss of value and reached $0.07148 on 12^th May. Later in May XCN’s price shot up to $0.1841, an all-time high.

XCN was again affected after Celsius Network announced the cancellation of withdrawals on its lending platform. This sent the price of Chain down to an all-time low of $0.003958. This was a temporary plunge, as XCN recovered to trade at $0.09475 the following day. On July 10^th, it subsequently rallied to a high of $0.1058.

Since then, Chain’s price declined except for a brief recovery to $0.07856 on 24^th September on the back of XCN becoming the New England Patriots NFL team’s Web 3.0. At the end of October 2022, XCN was trading at around $0.07. At the time of writing, Chain’s price (USD) is at $0.1178.

How does Chain Work?

Chain has two products under its belt – Chain Core, which is a permissioned and open-source blockchain and Sequence, its ledger-as-a-service product.  The Core allows institutions to launch and operate a blockchain network or connect to other networks that are transforming how assets move around the world.

The protocol defines how the platform issues, transfers and controls assets on the blockchain network. The protocol supports the coexistence of multiple types of assets and is compatible with other independent networks. It also allows either a single entity or a group of organizations to operate a network.

The platform focuses on API and cloud architecture for “permissioned” ledgers. It lets the platform directly compete with “permissioned” ledgers by enabling a cheaper and larger selection of nodes for RPI APIs and web sockets. Chain also allows its users to run and connect their own nodes to the protocol and provide computing resources.

It is a shared, multi-asset cryptographic ledger which supports multiple independent networks with different operators sharing capabilities and a common format. By applying the principle of least authority, the platform separates control over assets from control over ledger synchronization.

With the protocol, any network participant can define and issue assets by writing custom issuance programs. Once they issue the assets, control programs are responsible for controlling the units of the assets. Control programs are expressed in a flexible, Turing-complete programming language, which can be used to build smart contracts.

A federation of block signers then secures each network. As long as a quorum of block signers follow the protocol, the system remains protected. Any node on the network can validate blocks and submit transactions.

Chain Key Events

The following are some of the most important events that took place related to Chain.

• Chain came into existence in 2014.
• Chain changes CHN tokens to XCN in March 2022.
• Chain’s price reaches $0.184139 on May 27^th, 2022.
• XCN’s price reaches $0.00287158 on June 14^th, 2022.
• Chain announces a massive partnership with NBA team, Miami Heat in November 2022.

XCN Mining

It is not possible to mine Chain’s XCN token as possible in other cryptocurrencies such as Bitcoin.

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