Introducing Goliath: Onyx's Breakthrough Layer-1 Blockchain for Financial Institutions
Onyx has set the stage with the unveiling of Goliath, a cutting-edge Layer-1 blockchain meticulously crafted for the needs of financial institutions. This groundbreaking project endeavors to establish a robust and scalable infrastructure tailored to the specific demands of banks and financial service providers.
Goliath, the brainchild of Onyx, is poised to revolutionize the industry by offering transaction speeds akin to established networks like Visa, renowned for handling a staggering 24,000 transactions per second. The magnitude of this claim will soon be put to the ultimate test with the impending mainnet launch.
In a strategic move to propel high-speed transactions, Goliath is set to embrace a Proof-of-Stake (PoS) consensus mechanism. By leveraging PoS, energy efficiency is elevated, as validators are selected based on the volume of tokens staked.
The roots of this visionary project trace back to XCN Ledger, a pivotal component within the Onyx ecosystem. Despite operating as an autonomous Layer-1 blockchain, Goliath will seamlessly integrate with existing financial networks, ensuring a harmonious synergy prevails.
As a testament to their commitment, Onyx has charted a roadmap, with the testnet slated for deployment in Q3 of 2025, followed by the grand unveiling of the mainnet scheduled for early 2026.
Simultaneously, Onyx is rolling out a Points Program for their Layer-3 XCN Ledger. Participants engaging in asset bridging activities, such as WETH, USDT, CBTC, and USDC, from the Base blockchain to Onyx, will be duly rewarded.
"Onyx Goliath emerges as a trailblazing Layer-1 blockchain set to redefine the landscape of global finance. Tailored for banking and financial institutions, it pledges unparalleled scalability, security, and speed," remarked the Onyx team on X (formerly Twitter).
While Goliath marks the dawn of a new blockchain era, XCN will continue to reside on Ethereum. Efforts are underway to transition the token onto the new network, ensuring compatibility with existing DeFi platforms.
In the realm of market dynamics, XCN experienced an 11% dip today, exacerbated by a preceding downturn prior to the Goliath announcement. The crypto sphere encountered a turbulent day, as somber updates from the Federal Reserve compounded with economic uncertainties delivered a harsh blow to the recent market fervor.
Evidently, following a surge earlier this month, Onyxcoin witnessed an exodus of long-standing investors. Despite earnest attempts by the team to reignite momentum, the token witnessed a 50% decline in February. Regrettably, a breakout attempt steered by whales faltered today, casting doubts on Goliath's potential to reverse XCN's downward trajectory.