TenX, the new cryptocurrency
Like OmiseGo, if you’re looking for a profitable long-term wallet, you can’t miss TenX. This project went from ICO to enter the top 25 of cryptocurrencies in less than two months. An incredible team, a fantastic product, and its potential are immense. Let’s see then
What is TenX?
TenX becomes the way to use cryptocurrencies in our everyday life.
In their own words:
“At TenX we work so that any blockchain asset can be spent instantly.”
TenX started life as OneBit, a payment card linked to a bitcoin wallet. When Bitcoin began to sell part of its cryptocurrency market share, the OneBit team identified an opportunity to develop an exchange platform that could open its project to this expanding market. The platform they came up with was called the COMIT network.
The COMIT Network
COMIT means the cryptographically secure, decentralized, multiple asset instant transaction networks. It can be simplified by saying that it is just a way to process transactions quickly and through blockchain assets.
So if you have a client, and they want to pay you in Litecoin, but you want to receive the payment in Bitcoin, COMIT can help you.
TenX works with credit card providers to connect this network of transactions to a payment card, allowing you to quickly and securely convert cryptocurrency funds into card transactions. Currently, TenX supports Bitcoin, Dash and Ether, but the system is capable of supporting most of the blockchain assets, and the team plans to expand the offerings in the future.
You can download the TenX mobile wallet and have a look. It is available for both Android and IOS. If you are in a country where TenX is available, you can request a debit card that connects to that wallet. However, these are not yet available in the United States.
There are a lot of other systems out there looking to link cryptocurrencies to payment cards: Xapo, bitpay, etc. There are also other networks that do this, but it seems that TenX stands out by effectively combining the two concepts and integrating an ERC20 token as an incentive to use the system.
So TenX is a payment system, but it also maintains an associated token under the PAY symbol. What is its function?
With a traditional credit card transaction, merchants pay a fee when they accept payment. This rate ranges between 0.5% and 3%. This fee is divided between the merchant’s bank, the credit card processing system and the issuing bank of the card.
With traditional credit cards, this fee goes to the issuer of the card. However, some parts are often returned to the user as an incentive to use the card. That’s where the credit card rewards programs come from.
Instead of a rewards program, TenX distributes PAY tokens in the amount of 0.1% of purchases. Additionally, a reserve of 0.5% of the volume of payments of the network is periodically distributed to the PAY chip holders in proportion to their holdings. TenX plans to distribute this monthly incentive at the beginning, with the hope of increasing the distribution frequency in the future.