The financial world is about to witness a significant leap in technology as Onyx introduces its Goliath, a Layer-1 blockchain designed specifically for financial institutions. The project aims to provide a highly scalable and secure infrastructure that could revolutionize the way banks and other financial service providers operate.
The developers behind Onyx have confidently stated that Goliath will offer transaction speeds that can match those of networks like Visa, a platform that processes an impressive 24,000 transactions per second. This is indeed a bold assertion, and the successful launch of the mainnet will be crucial in proving the veracity of this claim.
Goliath’s impressive capabilities are attributed to its use of a Proof-of-Stake (PoS) consensus mechanism, which supports high-speed transactions. PoS also has the advantage of reducing energy consumption by choosing validators based on the number of tokens staked.
This innovative project is built on the XCN Ledger, already employed by Onyxcoin as a Layer-3 roll-up solution within the Onyx ecosystem. While Goliath will function independently as a Layer-1 blockchain, it is crucial to note that it will retain interoperability with existing financial networks.
Looking ahead, Onyx has outlined some key milestones for the project. The deployment of the testnet is anticipated to take place in Q3 2025, followed by the mainnet launch in early 2026.
In tandem with Goliath’s development, Onyx is launching 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.
The Onyx team stated on X (formerly Twitter), “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.”
However, while Goliath introduces a new blockchain layer, XCN will continue to remain on Ethereum. The token will be bridged to the new network, thus maintaining compatibility with DeFi platforms.
Despite the promising news, XCN fell over 11% today, with a significant drop occurring hours before the Goliath announcement. The crypto market as a whole has been negatively impacted today, with bearish news from the Federal Reserve and other economic issues contributing to a downturn following this weekend’s big pump.
After a brief surge earlier this month, old investors began to withdraw from Onyxcoin en masse. Despite the team’s best efforts to regain momentum, XCN slid 50% in February. A recent attempt at a whale-led breakout failed earlier today, and it remains uncertain whether Goliath’s arrival will do much to halt XCN’s slide.
