Chain (XCN) has rebranded to Onyxcoin (XCN)

Chain has launched the Chain Improvement Proposal CIP-007 will execute of a series of changes to the Chain Protocol including token burns, timelock extensions and more. The proposal also calls for the rebrand of Chain Protocol to Onyx Protocol, Chain DAO to Onyx DAO, and the Chain Token to Onyxcoin with the same XCN symbol ticker with more details below.

With the deployment of CIP-007 all of the utility and functionality of the XCN token would remain the same as today, which would continue to be the means of accessing discounts, premium services, and payment method for Chain.com enterprise products such as Sequence and Chain Cloud. It would also continue to be the governance and utility token of the rebranded Onyx Protocol, previously known as Chain Protocol.

The purpose of this re-brand, as noted in the governance proposal, is so that the protocol’s decentralized nature and functionality is segregated and independent from Chain.com's core centralized business providing Web3 blockchain end-products while enabling a higher level of decentralized security over the protocol.

Furthermore, to support the transition to a higher level of a decentralized protocol, Chain will be burning its entire locked Team allocation of 5 billion XCN, upon governance approval, and donating the Company XCN of 15 billion units to a newly formed non-profit foundation, and in the interim to the DAO's control, with more details to come once the proposal is executed.