TenX (PAY) promises to be an absolute newcomer in the market crypto currencies for everyday use. Since the publication / Initial Coin Offering (ICO) in June 2017, the coin has risen sharply to 3.50 EUR (as of end of August 2017). In the following article we would like to explain to you what it is about TenX, who is behind the coin and what is expected of TenX in the future.
The idea of TenX
The basic idea of TenX (PAY) is to convert cryptocurrencies into fiat money by using a prepaid Visa card to make cryptocurrencies suitable for everyday use, for example to pay bills. The credit card in combination with the smartphone wallet makes it possible to pay with Bitcoin, Ethereum and other crypto currencies. This is to combine the acceptance of credit cards with the speed of Blockchain and at the same time solve the current problem that crypto currencies are difficult to liquidate into the "real world" - this still means Fiat currencies. For this benefit, the company retains 0.15 to 0.02 percent of the transaction amount.
The functionality of the prepaid Visa card is quite simple. Once you make a purchase in Euros or USD, TenX will take the equivalent amount of crypto, sell it for EUR / USD and then send it to the seller.
The fees for the card are as follows, according to TenX's whitepaper:
- physical pre-paid visa card (including shipping): 15 USD
- virtual pre-paid visa card: 1.50 USD
- annual pre-paid visa physical fee: free (if you spend less than $ 1,000 USD: $ 10 per year)
- Annual pre-paid virtual visa fee: Free (if you spend less than $ 1,000 USD: $ 10 per year)
There are also certain limits to transactions. Standard accounts have a cash withdrawal limit of 200 EUR per transaction. There is also a limit of 2,500 EUR per day. However, verified accounts can have up to € 10,000 per transaction, € 20,000 per day, and € 1,000 per withdrawal at the ATM.
According to TenX, the debit card is accepted wherever Visa or Mastercard are accepted. Thus, there should be a total of 36 million acceptance points.
The company behind TenX
The most well-known name in the German-speaking world in connection with TenX is the Tenx co-founder Dr. Ing. Julian Hosp. The one or the other may know him from Youtube, where he makes videos on cryptocurrencies. The Austrian can boast a very extraordinary CV.
After hanging up his professional kitesurfing career and the medical profession, he moved to Hong Kong in 2012, where he learned a lot about sales and marketing in a t3n interview. In 2014, he met his co-founders in Hong Kong, TenX: Toby Hoenisch, Michael Sperk and Paul Kitti. Finally, in June 2015, TenX was founded in Singapore - at that time under the name OneBit. Reason for the name change was that initially only with Bitcoin could be paid. Later, other cryptocurrencies were added.
As of August 2017, TenX employs a total of 20 full-time employees.
Here is a nice video from TenX as proof of everyday usability:
The PAY token and the ICO
The initial coin offering in June 2017 saw the company raise some $ 80 million in capital. In a first pre-sale, 50 percent of all tokens were issued to financial investors at the regular token price, bringing in $ 40 million. The company received u. a. of Fenbushi Capital, a larger funding contribution, a Chinese venture capital fund focused exclusively on blockchain projects. The second part of the 205 million PAY tokens was issued in a public initial coin offering. Within just 7 minutes, this second half was sold out of PAY tokens, collecting the other 40 million. According to information on the Internet even over 30,000 people at the ICO were empty.
The company initially decided to trade the PAY token on only one crypto exchange, but one of the largest, Bittrex. The launch was on July 7, 2017.
Probably the biggest feature of the coin, however, is that you can make profits without increasing prices. As the holder of the token, you are entitled to a "reward" for every transaction made on the network. As Coin owner, you will receive this reward in the form of Ethereum. In total, 0.5% of the transaction costs are distributed to all users. It should be noted that PAY tokens held on a stock exchange are not eligible for a reward. TenX recommends keeping the tokens in a hard wallet to get the reward.
For some discrepancies on the internet, Vitalik Buterin has been listed on the TenX website as an investor. According to Vitalik Buterin's own statement, he was not the one who invested in TenX, but Fenbushi-Capital. Julian Hosp made it clear in an interview that Buterin helped with the commit protocol and was one of the first people to test the debit card, expressing support for the project.
Functionality
The technical basis for the prepaid debit card is the comit network, which is a cryptographically secure off-chain multi-asset instant transaction network. Through the Comit network, the various crypto currencies are made "exchangeable". It connects the individual blockchains.
By the basic principle, you have to imagine this protocol as the TCP / IP protocol. Before the Internet was invented in the modern sense, there were many small local networks that could not communicate with each other. Only when a uniform protocol was invented, a worldwide communication was possible. It's similar with the Comit-Network. This provides the basis for the exchange of various cryptocurrencies by providing a unified communications protocol.
Outlook for TenX
Currently, cryptocurrencies are mainly used as investment capital. a. also because of the sometimes high transaction fees. Their potential as a Fiat currency replacement is still little used and therefore still offers great potential.
If you are looking for information on how TenX is going, you will find many plans for the future. Currently (as of August 2017), there is probably a four-digit customer base that uses the physical or virtual debit card. According to the t3n interview with Dr. Ing. Julian Hosp's goal for 2018 is to reach a customer base of 100,000 people, and in the interview he openly admits that even 10,000 active customers and a corresponding number of transactions would lead to backend problems. However, this is being worked on eagerly. At the moment, however, all transactions could be processed immediately without delay.
As of August 2017, 8 crypto currencies including Bitcoin, Ether, Dash and Augur are supported. By the end of 2017, this number should increase to 11. In addition, there should be new cooperations with Exchanges, u. a. in Europe and China. In addition, the company plans to apply for a banking license. Whether steps have been taken in this regard, we could not investigate.
All in all, the overall package from TenX is very interesting in my view. In particular, if the company manages to obtain a banking license and, in addition, continuously increase user numbers and eliminate scaling problems, we believe TenX is facing a bright future.
It will therefore be interesting to see how the project develops in the following months and whether the promises of the future can be realized.
What do you think about TenX? I would appreciate a comment with your opinion.
Thank you for reading!
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