TenX | Revolutionising How We Spend Our Digital Assets
TenX is attempting to bring Digital assets such as Bitcoin, Ethereum, Dash and many more to the high street using a third-party Card payment processor. Although still in its early stages TenX is looking to be one of the better attempts at allowing consumers to spend their digital assets with ease and flexibility.
Connecting Blockchains To The Real World
As stated on their own website, TenX are connecting Blockchain Technologies to the Real World.
TenX connects your blockchain assets for everyday use. TenX’s debit card and banking licence will allow us to be a hub for the blockchain ecosystem to connect for real-world use cases.
The following video from the website shows us a real case usage of their Wallet and connected card payment system currently on offer:
What Is The PAY Token For?
TenX offered an ICO of their ERC-20 token PAY back in June of this year, the ICO raised a staggering sum of around $60 million in under 36 hours. The money raised has been allocated to fund very aspects of the TenX platform.
As an investor in the ICO you will get your PAY tokens which are now tradeable on the Bittrex Exchange, since hitting the exchange we saw a massive leap up a value of 0.00174BTC per PAY Token, since then then value has dropped significantly dropped back and now sits at around 0.0006BTC per token at time of writing.
Incentives To Hold On To Your PAY Tokens
PAY token holders have a good reason not to sell their tokens for a quick profit though, TenX are offering some quite impressive incentives to token holders giving holders a potential passive income.
Taken from the TenX Whitepaper:
PAY token holders will receive an incentive of 0.5% of the entire payment volume on the TenX payment platform initially on a monthly basis. TenX aims to distribute the reward in shorter periods of time in the future, with a target of hourly reward distribution
Additionally, for those who have opted to receive one of their payment cards there is further incentive to be a part of the TenX network:
At TenX, we reward our users with PAY tokens on every purchase to allow them to become a token holder.
The Commit Network
If you’ve browsed the TenX website you probably noticed the links and statements relating to the Commit Network.
The TenX Payment Platform is powered by the Cryptographically-secure Off-chain Multi-asset Instant Transaction (COMIT) network. This allows decentralised real-time instant cross-blockchain assets transactions.
So what exactly do they mean by this, well lets take a look at the Commit whitepaper to see exactly what its all about:
COMIT is a super blockchain network that allows for instant transactions which are enforced using off-chain smart contracts. It leverages Payment Channels and Hashed Timelock Contracts (HTLC) across chains to solve the problem of double spending attacks without requiring a settlement onto the underlying blockchains.
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.
So in simple terms, the commit network allows for quick settlement of balances across different blockchains, to get a better understanding it’s worth flicking through the whitepaper and watching the following video taken from the FOSSASIA Summit 2017 with Toby Hoenisch:
The rest of this article can be viewed on our website at theblockcrypt.com
Disclaimer: Statements contained within this post do not represent the views or policies of anyone other than the writer. The information contained within this article is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities.
To stay up to date please subscribe to @miracleman, a dedicated channel for the website will soon be available on steemit, but for now i'll be sharing all new articles through my account.
Nice! :(