TenX is a digital wallet and physical wallet that provides a way for people to spend cryptocurrency at any store even if they don’t accept digital currencies. Its primary goal is to make any Blockchain asset spendable when the need arises through a COMIT network that enables payment across Blockchains.
The TenX cryptocurrency platform consists of a wallet, physical debit card, bank account ATM access, and much more. Last year, TENX reached its PAY token presale target of 100,000 ETH, approximately $39 million, in under 36 hours.
TenX Project History
TenX is the brainchild of Toby Hoenisch who studied cryptography at university but did not believe in the eventual success of cryptocurrencies. In 2012, he met Michael Speark, a Bitcoin-community representative, who was using the cryptocurrency at the time after struggling to set up a bank account. In 2015, the duo participated in the Mastercard Hackathon and later on established their first startup OneBit. The startup formed the basis of the creation of the TenX project which underwent training in the PayPal Fintech startups incubator and received legal support from the organization
How TenX Works
TENX is built on a COMIT Network, which is a frictionless payments platform. The network promises to provide frictionless and cheap payment solutions for people around the world. Its main advantage, unlike other cryptocurrency platforms, is that it offers free-spending and no exchange fees on transactions carried out on the platform.
One needs to download the TenX Wallet to access the platform, which comes as a mobile app from Play Store or as a desktop software from TenX.tech. The wallet is available for Android, iOS, and web. The platform supports Blockchain assets ranging from Bitcoin Ethereum, DASH, etc. The company is in the process of adding more digital assets for additional support.
You can make transactions using either the TenX app or a Physical TenX debit card. All coin assets remain as crypto until the time a transaction is made.
TenX Payment Platform
TenX will release developer tools for startups, businesses, and merchants to tie into the COMIT Network in the third quarter. The tools will help the platform expand beyond debit cards and experiment with other asset classes such as ETFs and derivatives. There are also plans to open the platform to exchanges and lending programs.
To make a transaction, one needs to use a wallet that is connected to the COMIT network. The business that one wants to do business with also needs to have a payment provider that is connected to the COMIT network.
Once a user makes a transaction at an approved business, it is passed along through a network of liquidity providers to determine the best exchange rate depending on crypto use.
TenX Platform has no transaction fees. However, a onetime issuing fee of $15 for a physical card is normally charged as well as $1.50 for a digital card. Holders of PAY tokens are entitled to receive Ethereum for each transaction carried out on the TenX network.
TenX Token Supply
There are about 105 million PAY tokens in circulation in the market. The supply represents 51% of the total tokens that will ever exist. Over the next four years, an additional 29% will enter the market to fund community initiatives as well as business development and academic research.
Pay tokens can be bought using Bitcoin, Ethereum, or Tether on several major exchanges. Once bought, they can be stored in a hardware wallet that has support for ERC20 such as Tremor or Ledger Nano.
The value of Pay Token is tied to the transaction volume that TenX processes. The higher the volume, the more valuable the token will be. The success of the token is therefore dependent on how often it is used for daily spending.