Onyx Introduces Goliath, a Layer-1 Blockchain Designed for Financial Institutions

Onyx has introduced Goliath, a Layer-1 blockchain designed for financial institutions. The project aims to provide a scalable and secure infrastructure for banks and financial service providers.

Onyx, a blockchain technology firm, has unveiled plans for a new Layer-1 blockchain named Goliath, specifically designed for financial institutions.

The project aims to provide a scalable and secure infrastructure for banks and financial service providers, enabling transaction speeds comparable to networks like Visa, which processes 24,000 transactions per second. Onyx says that the new chain will be able to handle these speeds.

Onyx will be using a Proof-of-Stake (PoS) consensus mechanism to support high-speed transactions. PoS reduces energy consumption by selecting validators based on the number of tokens staked.

According to the announcement, the project builds on XCN Ledger. Onyxcoin already uses it as a Layer-3 roll-up solution within the Onyx ecosystem.

Goliath will operate independently as a Layer-1 blockchain but will remain interoperable with existing financial networks.

The firm also announced the launch of a Points Program for its Layer-3 XCN Ledger. Participants who bridge assets like WETH, USDT, CBTC, and USDC from the Base blockchain to Onyx will receive incentives.

“Onyx Goliath is a revolutionary Layer 1 blockchain aimed at reshaping global finance. Designed for banks and financial institutions, it promises unmatched scalability, security, and speed,” Onyx team wrote on X.

While Goliath will introduce a new blockchain layer, XCN will remain on Ethereum. The token will be bridged to the new network, maintaining compatibility with DeFi platforms.

XCN fell over 11% today, but a major drop took place hours before the Goliath announcement. The crypto market has taken a serious beating today, as bearish news from the Federal Reserve has combined with other economic woes to crater the big pump from this weekend.

Indeed, shortly after Onyxcoin jumped up this month, there was a mass exodus of old investors. The team made a valiant effort to regain this sliding momentum, but it slid 50% in February. Earlier today, a whale-led breakout attempt failed, and it doesn’t look like Goliath will do much to halt XCN’s slide either.