ONUS is the primary token on the ONUS Chain. ONUS is used for securing the network through staking, governance, payments, and transaction fees.
What is ONUS used for?
Securing the network
The main utility of the ONUS coin on ONUS Chain is to secure the network via a Proof-of-Authority system. Besides preventing centralization, the system is also environmentally friendly.
ONUS is needed for on-chain governance. Because ONUS Chain is a fully permissionless and leaderless decentralized ecosystem, any decision regarding the network is carried out by on-chain governance. With governance, stakers can propose and vote for changes and improvements. ONUS is the governance token required to participate in the voting process.
ONUS is used for transaction fees and costs associated with the deployment of smart contracts or the creation of new networks. On ONUS Chain, fees are inexpensive but sufficient to make it extremely expensive for malicious attacks to be carried out. On ONUS Chain, money transfers take around 1 second and cost about 50 Gwei.