TenX  (PAY )

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Name Price Supply Volume Market Cap
tenx
TenX
$0.123
118,141,601.18 PAY
$445,339.00
$14,494,631.00

TRENDING

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QUICK STATS

P-POS (Pseudo-Proof of Stake) – Hold and be rewarded.
Bittrex PAY/BTC $633,012 25%
Huobi PAY/BTC $413,846 16%
Upbit PAY/BTC $253,428 10%
PAY wants to create debit and credit cards which would be funded with a cryptocurrency of the user’s choice and spent in the real world with instantaneous and virtually free conversion and transaction times. Users are able to use the cryptocurrency of their choice in the TenX wallet and spend it through 36 million points of acceptance online and offline in more than 200 countries.

Cryptographically-secure Off-chain Multi-Asset Instant Transaction network (COMIT) consists of three different entities:
Observation of Users
Observation of Liquidity Providers
Observation of Businesses

Users can be on any blockchain with any asset that they wish to hold. Assets range from cryptocurrencies like Bitcoin to ICO tokens to fiat currency issued by a central bank on their own blockchain.

COMIT’s connectivity is provided by Liquidity Providers (LP), who operate on one or more blockchains, acting as payment hubs and nodes on a single chain and market makers in a decentralized network for cross-chain asset conversions.

Daily currency users. Any currency, anywhere. TenX aims to provide this service to the banked and unbanked world.
IOTA(IOTA), Monaco(MCO), TokenCard(TKN)

VIDEOS

BACKGROUND

Whitepaper Summary

PAY wants to create debit and credit cards which would be funded with a cryptocurrency of the user’s choice and spent in the real world with instantaneous and virtually free conversion and transaction times. Users are able to use the cryptocurrency of their choice in the TenX wallet and spend it through 36 million points of acceptance online and offline in more than 200 countries.

Cryptographically-secure Off-chain Multi-Asset Instant Transaction network (COMIT) consists of three different entities:
Observation of Users
Observation of Liquidity Providers
Observation of Businesses

Users can be on any blockchain with any asset that they wish to hold. Assets range from cryptocurrencies like Bitcoin to ICO tokens to fiat currency issued by a central bank on their own blockchain.

COMIT’s connectivity is provided by Liquidity Providers (LP), who operate on one or more blockchains, acting as payment hubs and nodes on a single chain and market makers in a decentralized network for cross-chain asset conversions.

Problem Solved

Online banking is generally viewed as secure, fast and inexpensive. However, in comparison to the abilities of the PAY system it is slow, inefficient and not cost effective. The benefits of the decentralised blockchain will become more trusted as it proves that it can operate at a higher level than the current system.

With that in mind, banks and many other groups have started to create individual private blockchains, which is leading to a fragmented environment instead of mutual collaboration. Public blockchains themselves have problems with transaction costs, even though they are much lower than regular bank transfers.

The solution is a TenX network COMIT, also known as an “Internet of Transactions” which allows banks, exchanges and many others to take over the role of Liquidity Providers. Instead of users having to learn and trust new systems or companies, just like in the early adoption phase of the internet, they can rely on a partner that they are already comfortable with and trust.

Adoption of this system, as it is claimed, will be seamless, fast and will bring great benefits to all of its participants.

Competitive Edge

TenX does not (yet) have a banking license. One of the implications of their current lack of a license is that every active TenX card currently in circulation is issued by a card partner who is actually licensed to issue cards, namely, Wave Crest Holdings Limited.

In late-August 2017, WaveCrest informed TenX that they would no longer issue and maintain Visa® Prepaid Cards to cardholders outside of the European territory.

Development Roadmap

Q1 2018 – Strategic market expansion
Q1 2018 – COMIT Version 0.1 development
Q1 2018 – New Issuer Launch
Q2 2018 – Region based relaunch
Q2 2018 – Support ERC20 tokens and more currencies
Q3 2018 – Connect Bitcoin and Ethereum on COMIT. Open for developers and liquidity providers
Q1 2019 – More functions on TenX card & wallet
Q1 2019 – COMIT tools and SDKs for developers to build an ecosystem
Q3 2019 – TenX card issuing licence
2020 – TenX – blockchain Banking Licence. Connecting everyone on blockchain ecosystem from traditional banking system.

INITIAL COIN OFFERING (ICO)

ICO in June 2017 a second 100k ETH was raised after the pre-sale already raised the initial 100k, making it 200k in total.

51% of total PAY supply was sold during ICO.
29% of all PAY tokens to be created will be retained by TenX for community initiatives, business development, academic research, education and market expansion

The remaining 20% of PAY tokens to be created will be distributed to TenX’s founders, employees and early investors as an incentive to ensure long-term alignment of interests and commitment to the tokens and their future value.

Further details of the distribution of tokens are set out below.
All payments received for PAY tokens in connection with the TenX Initial Token Sale are held in escrow in a multi-signature address, with a multi key structure.
Keys of this multi-signature account will stay with TenX, Fenbushi and Ferrell Asset Management Pte Ltd.

Fenbushi is one of the most respected firms in the Ethereum ecosystem.

Ferrell Asset Management Pte Ltd is a MAS-licensed multi-asset manager which has been in operation for more than 20 years, and was founded by one of TenX advisors, Mr. David Lee.

$80million
ICO started on 23th June 2017. ICO was closed on 24th June.

TEAM INFO

Creators / Founders

Toby Hoenisch
Co-Founder and CEO

Julian Hosp
Co-Founder and President

Michael Sperk
Co-Founder and CTO

Paul Kitti
Co-Founder and CPO

Core Development Team

Warren Goh
COO

Bettina Schmidt
VP Human Resources, CHO and Head of Customer Service

U-Zyn Chua
Senior Software Developer and Blockchain Engineer

Martijn Buurman
Senior Software Developer

Notable Advisors

Vitalik Buterin
Founder of Ethereum Foundation
Partner at Fenbushi Capital

Bo Shen
Managing Partner at Fenbushi Capital

David Lee
Angel Investor and FinTech Professor at Singapore Management University

Notable Investors

TenX raised 141.8M USD on Crunchbase portal:
50M USD – CapitalG
91.7M USD – Stone Point Capital

Trade Crypto Live Sentiment

Quality infrastructure and temporary success but one external event halted their progress. Monaco also experienced the same issue.

Until regulation is established, credit card companies will not get fully involved. Not only that, but it is not known who will survive regulations and mass adoption. Nothing is certain.

Julian Hosp, PAYs Co-Founder and President, is a polarizing personality. His appearance and methods of communication are not for everybody, but again, they fit the likes of Vitalik Buterin and Bo Shen. That gives them an edge over their competitors and it will be interesting to track their progress as it continues.

Reference & Links

https://coinmarketcap.com/currencies/tenx/#markets
https://www.tenx.tech/
https://coincheckup.com/coins/tenx/related
https://medium.com/@VerthagOG/tenx-ico-investment-analysis-17fda6297e6d
https://tokentops.com/ico/tenx/
https://steemit.com/cryptocurrency/@marketwizards/coin-review-tenx
https://steemit.com/cryptocurrency/@hiiru/overview-of-crypto-debit-cards