Onix is a Venezuelan project that aims to find a solution to the Venezuelan cash crunch using blockchain technologies. This is a decentralized loan platform that is designed to become the main international payment method in Venezuela as it caters to those who live in developing countries and have no adequate access to bank credits because of local bureaucracy. It was the first cryptocurrency project carried out in this country. Onix (ONX) is the project’s native token that ensures the work of the entire system.
ONX was launched on June 25, 2017. The maximum supply is 141,472,000 ONX while 100 million ONX were pre-mined. 40% of pre-mined coins will be used as a backup for the loan project, 25% is dedicated to the technological development of the platform, 20% is used for promotion, 10% will be spent on the third-party software, and 5% is dedicated for the payroll.
The token can be divided into smaller units. Thus, deciOnix or dONIX equals 0.1ONX, centiOnix equals 0.01 ONX and so on. The token is distributed in the following way: 40% is dedicated to marketing, 40% covers operational expenses for the Onix project, and 20% belongs to the founders and advisors. 20,000 ONX are emitted every day.
This coin can be obtained through mining or bought on the official website or cryptocurrency exchange. At the time of writing, YoBit is the only major exchange where ONX is traded though it was also listed on some minor exchanges. There were also some other opportunities to get this token. It was possible at the time of corresponding events: for example, users were invited to register by the special promo link and 100 first participants received 10 ONX each. 60 ONX were offered for downloading the wallet. The project also promoted some kind of referral system when users were paid for each invitee with 15 ONX.
The token can be deposited for a fixed term with annual interest. The interest is paid in ONX only. The fee per transaction is 0.001 ONX.
How Onix works
With Onix, blockchain technology facilitates access to financial services and loans for young people and entrepreneurs without requiring any credit background and other guarantees. The project team brings this idea around in the following way. If users are interested in a credit line or variable-term loan they must deposit a certain amount of ONX that will serve as a guarantee of payment. Then the credit will be approved in view of the ONX quantity and depending on the loan type chosen.
Any active user of the system has access to the loans. The system tracks the credit background and payment discipline of its users which in turn provides access to higher-amount credits with higher limits. The project team insists that the platform performs like a banking institution. The only difference is that instead of handling fiat money, they work with Onix coin.
The Dark Gravity Wave algorithm is used to create a standard level of difficulty in mining ONX. The mining earnings are not supposed to be halved. Halving is a Bitcoin option and it means that the reward received by the miners for adding a new block to the main chain is reduced to half when a definite number of blocks is achieved. This feature is intended to control inflation. Onix does not support such an approach and promises 60 ONX of a block reward on a constant basis. Though the project is Venezuelan, its first miner was Romanian.
Onix security and reliability
The developers have created a special app (wallet) to keep users’ ONX safe. It is available for Android, Windows, and Linux. At the same time, on the web, there are many complaints that this wallet is a trojan virus. Users also report that they have been blocked by the project team without explanation after they had informed them about it.
Onix had a good marketing campaign at their start: the team conducted workshops in universities and participated in conferences to explain the benefits of blockchain technologies and form a devoted community for their project. some sources report that the first purchase for ONX took place in Venezuela as a white Jeep Cherokee was sold for 500,000 ONX. But at the time of writing, the project is totally abandoned. The official website does not work and the visitors are redirected to another project. All data related to this project on third-party websites is basically outdated. All the social media accounts, groups, or channels are either deleted or not updated. The users complain that there is no feedback from the team and no official statements on the situation.
According to the information from the third-party resources, Angel Salazar, Jose Cortez, and Angel Bejarano are co-founders of the project. Angel Salazar is the CEO of the project, Jose Cortez is the CTO, and Angel Bejarano is the COO. Rodolfo Palacio is a development manager and Mayrene Salcedo is a creative director. Pablo Perez is an investor and evangelist of the project. This information from these sources is not sufficient and it is often offered only in Spanish.
It is impossible to discover the professional background of the team via social media accounts or professional communities. Angel Salazar positions himself as a serial entrepreneur, independent trader, and certified Bitcoin professional in his Twitter account but there is no other information in it. Angel Bejarano states that he is a software developer on his official website.
Angel Salazar has mentioned in one of his interviews that the Onix project was born in 2016 and its team members have been working for some time in the Digital Linear Tape (DLT) sector and with cryptocurrencies.