What is Tenx and how to participate in ICO

TenX is a Singapore based company, with strong industry support having graduated from the PayPal startup incubation program. TenX has successfully completed beta testing with 1.000 users in Singapore as well as further beta testers in all major countries giving a multi-blockchain debit card and mobile wallet to their users who can then spend their crypto-assets anywhere in the world online and offline without any forex- or transaction fees.

Using the TenX platform, people can safely interact with various blockchains at an early stage in their understanding, and have a better handle on what they are actually doing. Bitcoin as a concept often takes people a moment to digest, and then the actual use of the thing can be confusing. This is no different with Ethereum: there will always be some level of learning required from the new user, which is a drag on adoption. However, projects like TenX can eliminate this slower period of growth by making it easier than ever for new people to acquire and use cryptocurrencies.

for example, go shopping and pay with ETH in all stores that accept standard Visa or Master Card debit or credit cards. When the user swipes his Ten X card, the store Point of Sale recognizes it as a valid VISA/Master Card card and connects to the TenX network. USD price is converted to ETH on TenX’s own exchange and the correspondent amount of Ethereum is deducted from the user’s wallet. Should the user prefer not to carry a credit card, in the future he will be able to use his phone by swiping it on the PoS Near Field Communication reader. The user’s credit on his mobile wallet gets instantaneously updated and the transaction gets logged. To pay the store TenX converts the ETH expense back to USD and transfers that amount to the store’s own credit card network account, minus a 2% interchange fees — just like any credit card payment. Of that two percent TenX gets the 0.5% from each transaction.

In the future TenX users will be able to spend not only ETH tokens, but also all the crypto tokens available on the biggest crypto currencies exchange markets, thanks to the COMIT technology they are developing. COMIT is a network that allows instant, frictionless payments for a fraction of the original cost. Thanks to COMIT users and banks will have access to any asset or business process connected to Bitcoin, Ethereum or any other blockchain.

ICO Summary

Timeline: June 24, 2017 at 9pm Singapore time / 3pm Munich time / 9am New York time / 2pm London time to 24th of July 2017 10.59am UTC

Hard cap: 200,000 ETH (100,000 ETH already sold out in pre-sale).

​Bonus structure: +20% in the first 24 hours, +10% from day 2–3, +5% from day 4–7, +2.5% from day 8–14.

Token structure: 51% of all tokens will be distributed during the TenX Initial Token Sale; 29% of all tokens will be distributed for community initiatives etc; 20% of all tokens will be distributed amongst founders, early backers and development.

Funding breakdown: COMIT Integration 45%,Marketing and Sales 20%, Multi Platform Integration 10%,Admin and Operations 10%, Development Fund 5%, Legal 5%,Bug Bounty Program 5%.

Duration: 4 weeks, or hitting the hard cap.

Trade Date: August, 2017

COMPETITORS ANALYSIS

It is not the first time companies have tried to implement a way to connect blockchain based crypto currencies to the credit and debit card system that is normally used for banking and payments.

The main competitors are XAPO, WIREX, MONACO and TOKENCARD, which can be grouped on the

XAPO (https://xapo.com/) and WIREX (https://wirexapp.com)

Compared to WIXER and XAPO, TenX offers a lower fee to issue the physical and virtual card, no foreign exchange fee and a lower annual fee. The blockchains it operates on are multiple, and not Bitcoin exclusively, and the issuer are both Master Card and VISA.

MONACO (https://mona.co/) and TOKENCARD (http://tokencard.io/)

The main advantage against MONACO and TOKENCARD is that TenX is an advantage because it already has a working app and cards can be requested, while the others seems to be still lagging behind. Moreover both the domestic and foreign transaction fees are cheaper and the user is in full control of the fund security, while for MONACO and TOKENCARD he has to trust the issuer for this matter.

In depth comparison between different card backed blockchain exchanges can be found at the bottom of the TenX token sale page (http://www.tenx.tech/tokensale.html).

MARKET ANALYSIS

TenX has been able to provide value and tangible results, such as the debit card and the app, where other competitors are still lagging behind. Since Early 2017 TenX has a working product with 1000 confirmed beta testers, which puts them ahead of the rest of the group by a long distance.

Having been selected by PayPal incubator program means that their product is solid and that the industry believes in them.
Its low monthly, transfer and entrance fees allow them to be an excellent choice for the end user, and the foreign exchange fee at 0% makes it possible for them to become the de facto standard outside of the USD, EUR and GBP zone. Giving 0.1% in PAY tokens to card users is going to be a great incentive which will push this token high up in the charts.

There are a few factors that cause worry about this project, such as the lack of a public code repository for the source of this project, how the blockchain developers seem to have little proven experience in this field (aside from self-taught blockchain development in free time and governmental fellowships) or the past occupations of some members of the team.

What could worry investors is also that the market cap at ICO, at 65 million American Dollars, is more than 4 times higher than other competitors, which could easily copy their strategy and fill the distance that separates them from TenX, especially for what concerns the fees. Their focus on COMIT is going to be the tipping point between complete failure and worldwide success, without this key factor it will be really hard for them to offer all the advantages in term of multi blockchain, faster transaction times and the low costs.

It would make no sense to use this coin for trading on the crypto exchange markets, with such a high market cap it is going to be difficult to flip them for something else and have a substantial gain. Holding long term on this token seems to be a smarter choice, assuming that it will gain traction in South East Asia it could reach mainstream, worldwide usage and become one of the top players in the crypto industry. Their product has tangible value and should TenX be able to raise enough to apply for a banking license we could have fiat currencies soon to be integrated in the system.

CONCLUSION

Being able to use one’s crypto funds in everyday transactions is one of the key factors that will decide the future of crypto currencies for what concerns mainstream user adoption. Customers want to be able to use blockchain technologies in the same way they use the common banking system and credit cards, while retailers do not want to have to add another method to their payment structure.

TenX solves both these problems, providing results and solid solutions since 2015 where competitors have just given theoretical answers and vaporware products. The market where they mainly operate is not as saturated as those in other continents, and if they gain exposure in the South Eastern Asian market they can easily begin expanding towards other parts of the globe and even consider tackling the card issuers by providing their own system.

HOW TO BUY

Download imToken via https://token.im , then create or import ethereum wallet. Caution! Please backup the wallet after above operation immediatly. Please prepare the ETH in advance, then you are good to go.

1. Click the “ICO” DApp icon in the Discover tab, then go to the TenX detail page.

1. Input the amount, click ‘Join ICO’ button, confirm to send the transaction. It’s done.

1. From the “Assets” tab, click the “+” icon, switch on PAY token then you shall see the balance of PAY in the main screen.