TenX (PAY) Review – Making Any Blockchain Asset Spendable Instantly
|White Paper URL||https://www.tenx.tech/whitepaper/whitepaper_display.html|
TenX’s vision is to provide an accessible, one-stop platform for seamless interaction between the blockchain ecosystem and real-world payment platforms in order to make blockchain assets spendable anytime, anywhere. TenX provides this to end users with a debit/credit card that instantly converts your cryptocurrency to your native currency wherever you go.
Table of Contents
The Idea Behind TenX
As the number of tokens in the cryptocurrency market has grown significantly, users and businesses find it increasingly challenging to be able to use the different physical and virtual platforms together.
In light of these challenges, TenX offers a debit/credit card, accompanying wallet and mobile wallet that can be used by any user in the “real world.” It offers this interconnectability through its Cryptographically-secure Off-chain Multi-asset Instant Transaction (COMIT) protocol. The TenX wallet has over 36 million points of acceptance both online and offline. The long-term plan is to connect the TenX wallet with the COMIT network and thus allow users to store their own private keys.
Those using TenX will be able to spend their virtual currencies anywhere in the world, without additional fees or conversions, in a safe and seamless manner.
The TenX team, based in Singapore, brings a wealth of experience from a variety of industries, including: AI, blockchain and R&D, marketing and business. Its team of co-founders comprise Toby Hoenisch, acting CEO, and Julian Hosp, the current President. Toby previously worked as the CEO and developer at One One Agency developing and integrated payment system for clients. Before TenX, Julian worked as a professional kitesurfer and medical doctor. Michael Sperk, TenX’s third co-founder and engineering lead, has experience as the technical lead at Visualyze, developing a scalable browser-based Visual Analysis Tool that was capable of processing hundreds of thousands of social media messages in real time. Paul Kitti, the teams’ fourth co-founder and Chief Procurement Officer (CPO), was also a co-founder of One ONE Agency with Toby.
Last June, TenX announced a new strategic partnership with DigixGlobal, a platform that takes gold and turns it into standard Ethereum gold tokens. Each DGX equals a gram of gold in a vault located in Singapore.
In April, the company announced a partnership with the Litecoin Foundation, supporting LTC as a cryptocurrency to their iOS and Android mobile wallets. Together they launched the Litecoin Debit Card.
TenX had a partnerships with Visa through card provider WaveCrest, but the partnership was cancelled after WaveCrest was required to close all its Visa cards.
PAY Token Price History
TenX succeeded in raising $80 million in its token sale on June 24, 2017. The initial ICO price for PAY was $0.87. PAY rose to $5.00 at the beginning of January but fell to ICO-levels around March.
The TenX Technology
COMIT Protocol and Network
TenX’s main technology consists of the COMIT network, which offers interoperability through the different blockchains so that blockchain assets can be spendable anytime, anywhere.
In order for a blockchain to be COMIT-compatible, it must meet the following requirements:
- Double-spend protection – Two valid transaction spending the same transaction output must conflict, allowing only one to be confirmed in the network.
- Multisig – In other words, a requirement of multiple signers. COMIT requires two multisig transactions for transactions to be validated by the network.
- Time–locks – A requirement that funds are locked up until a future date. Absolute time-locks keep transactions locked up until a fixed time in the future; relative time-locks lock a transaction output relative to the time the transaction was confirmed.
- Hash function – Standard hash functions must be available in the standard contracting language of the blockchain, such as SHA256, for example.
TenX Wallet and Card
The TenX Wallet enables users to spend their blockchain assets either via their smartphone or a physical debit card. The mobile version, the TenX App (or TenX – Blockchain Asset Wallet) is available from the TenX website for both IOS and Android users. Users simply enter their phone number and email address to set up an account which will automatically create a multi-currency wallet which the user can use to deposit with different cryptocurrencies. The TenX wallet is secured via a private key and is KYC compliant.
The PAY Token
The PAY token offers customer membership privileges in connection with the use of the TenX Wallet and TenX Card. Customer membership privileges include carrying out transactions using the TenX wallet, holding the PAY token as an asset in the TenX wallet, and paying fees with the PAY token.
A token holder reward will be given as an incentive to hold tokens, an amount of 0.5% of the entire payment volume through the TenX Wallet.
The token distribution on June 4th, 2017, was as follows:
The 29% of tokens retained by TenX are meant to be used for a variety of purposes, including: community initiatives, business development, academic research, education and market expansion. TenX believes that when a majority of 51% of the tokens are owned by the community, it signals strong trust in the
Since it is important for the TenX community to understand the purpose of the funds raised from the token sale, TenX has announced that the funds will be allocated as follows:
How to Purchase PAY
The main exchange for purchasing PAY is on Bithumb, which currently has the largest exchange of the currency. PAY can be traded on Bithumb for KRW. At the moment the current daily volume of PAY traded on Binance is over $6 million.
PAY is also available on the following exchanges:
- OKEx (Trade PAY with BTC on OKEx)
- OKEx (Trade PAY with USDT on OKEx)
- Huobi (Trade PAY with BTC on Huobi)
- Bittrex (Trade PAY with BTC on Bittrex)
- LATOKEN (Trade PAY with ETH on LATOKEN)
How to Store PAY
PAY can be stored in any wallet that supports ERC-20 tokens such as Coinomi, MetaMask and MyEtherWallet.
For maximum security, however, you should store your PAY on hardware wallets such as Ledger Nano S.
Roadmap and Future Plans
TenX has an extensive roadmap outlined according to priority rather than by dates.
After first supporting many ERC20 tokens in addition to other cryptocurrencies, it plans to connect Bitcoin and Ethereum on COMIT. Then it will develop new features on the TenX wallet, encouraging COMIT tools and SDKs for developers to build an ecosystem. Finally, it will seek a Blockchain Banking License to connect everyone on the blockchain ecosystem from the traditional banking system.