Onyx has recently unveiled Goliath, a Layer-1 blockchain specifically tailored for financial institutions. With a focus on providing a scalable and secure infrastructure for banks and financial service providers, Goliath is set to revolutionize the way transactions are conducted in the financial sector.
The main highlight of Goliath is its promise of delivering transaction speeds that rival networks like Visa, which currently processes an impressive 24,000 transactions per second. This ambitious claim will be put to the test with the upcoming mainnet launch, where the true capabilities of Goliath will be revealed.
One of the key features of Goliath is its utilization of a Proof-of-Stake (PoS) consensus mechanism to facilitate high-speed transactions. By selecting validators based on the number of tokens staked, PoS significantly reduces energy consumption while ensuring the efficiency and security of transactions. Building on the foundation of XCN Ledger, which is already utilized as a Layer-3 roll-up solution within the Onyx ecosystem, Goliath will operate independently as a Layer-1 blockchain while maintaining interoperability with existing financial networks.
Onyx has also outlined a roadmap for the project, with the deployment of the testnet scheduled for Q3 2025 and the mainnet launch slated for early 2026. In addition to the development of Goliath, Onyx is introducing a Points Program for its Layer-3 XCN Ledger. Participants who bridge assets such as WETH, USDT, CBTC, and USDC from the Base blockchain to Onyx will receive incentives as part of this program.
Despite the exciting developments surrounding Goliath, XCN, Onyx’s native token, will continue to reside on Ethereum. However, the token will be bridged to the new network to ensure compatibility with existing DeFi platforms.
In light of recent market fluctuations, XCN experienced a significant drop in value, with a notable decrease occurring prior to the announcement of Goliath. While the crypto market has faced challenges in recent days, Onyx remains committed to driving innovation in the financial sector with the launch of Goliath.
Overall, Onyx Goliath represents a significant step towards reshaping global finance by offering unmatched scalability, security, and speed for banks and financial institutions. Stay tuned for further updates on this groundbreaking project.