TenX Review – Cryptocurrency Guide
What is TenX?
TenX is an advanced wallet and physical card that you can use to spend cryptocurrency at any store – regardless of whether they don’t acknowledge crypto.
You may have seen that you’ve aggregated these coins but don’t have numerous spots accessible to spend them. Other than Overstock.com and perhaps a shop or two around town, your choices are entirely restricted.
TenX is set for change that.
How does TenX Work?
The mission of the TenX team is to make “any blockchain resource spendable instantly.” To do this, they’ve fabricated a wallet and card framework over the COMIT network – a routing protocol that empowers payments crosswise over blockchains.
The TenX wallet is accessible on Android, iOS, and web. This multi-currency wallet as of now just backings Bitcoin but will soon include Ethereum, Dash, and all ERC20 tokens too.
You’re not ready to get to your wallet’s private keys for the present, but they’re in great hands. TenX stores them in a blend of hot (online) and icy (offline) storage arrangements that are keeping pace with industry benchmarks. Once the wallet is integrated with the COMIT network toward the finish of 2017, you’ll have full control of your private keys.
You can make transactions by using either the TenX application or a physical TenX charge card. Dissimilar to some other crypto cards, the greater part of your coin resources remain as crypto up until the point when the time you really make a transaction.
Decentralized Security Smart Contracts (DSS)
Using a DSS, you can set spending rules for your card and have additionally control of your funds. You can set buy limits, every day spending breaking points, and withdrawal limits.
TenX Payment Platform
Starting in Q3 2018, TenX will discharge designer devices for new companies, businesses, and dealers to integrate with the COMIT network. This will assist TenX with expanding past simply check cards and try different things with other resource classes like ETFs and subordinates.
Making the COMIT platform accessible to general society will likewise prompt new administrations, for example, trades and lending programs.
What’s the COMIT Network?
TenX is integrated with the COMIT network. In spite of the fact that made by similar individuals behind TenX, the COMIT network has an altogether different site and whitepaper.
The objective of the COMIT network is to permit any new blockchain to associate with an existing blockchain by using the COMIT Routing Protocol (CRP) – an arrangement of models that outlines how the different blockchains speak with each other. This is like how the Internet is associated over the globe through the TCP/IP protocol.
With the fruitful execution of the COMIT network, you’ll have the capacity to trade one resource for another (crypto-to-crypto or crypto-to-fiat) instantaneously for right around zero transaction charges.
A COMIT Transaction
To make a transaction, a User (U) needs to utilize a wallet that is associated with the COMIT network. The Business (B) where the User is spending their funds likewise needs a payment supplier that is associated with the COMIT network.
At the point when the User makes a transaction at an affirmed Business, the transaction is gone along through a network of Liquidity Providers (LPs) to determine which LP has the best swapping scale.
A LP works crosswise over blockchains and gives liquidity to the trades between the different monetary standards.
COMIT network routing
For a more point by point clarification of how the COMIT network functions, please look at the whitepaper.
TenX fees and rewards
TenX has no transaction charges. You’re just charged a one-time issuing expense of $15 for the physical card and $1.50 for the advanced card. There’s likewise no yearly expense to utilize the card unless you spend under $1000 in a year. If you don’t hit that minimum, you’ll be charged $10.
TenX gives two approaches to win rewards:
Holding PAY tokens
Using the TenX card
Holders of the PAY token get Ethereum with every transaction on the TenX network. 0.5% of all total transaction volume is paid out month to month to PAY holders. As the network and transaction volume develops, these payments will happen all the more habitually with the objective being payouts consistently.
Like most charge cards, you additionally get a 0.1% reward each time you utilize the TenX card. This reward is paid to you in PAY tokens which can either be held to get the reward specified before or sold on the open market.
Headquartered in Singapore, the team was established by Toby Hoenisch, Dr. Julian Hosp, Michael Sperk, and Paul Kitti. Hoenisch, Dr. Hosp, and Kitti additionally cooperated to build up the whitepaper for the COMIT network.
Fenbushi Capital, a noteworthy blockchain funding firm with Vitalik Buterin as a general accomplice, is an investor in TenX.
There are a couple of different organizations attempting to assemble cryptocurrency check card frameworks too including Token, Monaco, and Centra. Each card has a different reward structure benefitting different kinds of utilization cases. TenX is remarkable in that it’s the just a single being constructed using the COMIT network and COMIT cross-channel payments.
In my opinion, there doesn’t should be a single winner in the crypto card space. Similarly as we have numerous credit and plastic alternatives in the conventional finance framework, there’s space for various choices in the crypto with different advantages and disadvantages custom fitted to the different kinds of spenders.
There are right now a little under 105 million PAY tokens circulating in the market. This speaks to 51% of the tokens that will ever exist in the market.
An extra 29% (or ~59.5 million) will enter the market throughout the following 4 years to fund community initiatives, business development, and scholastic research to additionally improve the item.
Of the last 20%, half will be held as a benefit in the company while the other half will be utilized to remunerate the TenX organizers and representatives over a 4 year vesting period.
No more tokens will be made past these.
The TenX PAY token spiked to an untouched high of $5.60 (0.00147972 BTC) in August of this current year. The emotional ascent in price was caused by the issuance of an extensive group of charge cards and the PAY token finally being recorded on Yunbi – one of the biggest China-based crypto trades.
Since at that point, the price has gradually and consistently tumbled to the $1.50 – $2.00 territory with little positive developments towards the finish of November. These ongoing ascents don’t appear to be related with any news specifically.
The TenX card isn’t at present accessible to US occupants. When it becomes accessible, it wouldn’t be outlandish to imagine an increase in the PAY token price.
How To Buy PAY?
PAY is accessible for buy using Bitcoin, Ethereum. However, if you are looking for the answer about how to buy PAY then you will need to read this review that will be helpful for you to buy it from the trust worthy and reputable exchange. Well, you can make use of following exchanges to buy this PAY:
It propose that you first buy Bitcoin and after that exchange it.
Where to store PAY
Another alternative for storage is MyEtherWallet where you can move your tokens to an offline paper wallet.
The TenX wallet does not bolster ERC20 tokens yet but rather will soon. The company has just begun beta testing the element on individual wallets and will discharge a refresh with help in the blink of an eye.
What Assets Are Supported?
TenX is constantly working to expand the list of supported assets. Currently, assets of multiple blockchains are supported. These include Bitcoin, Dash, Ethereum, and various Ethereum ERC20 Tokens, the last of which includes ANT, TRUST, REP, DGX, and others.
What Are the Rewards?
In addition to a lack of fees for foreign exchanges and transactions, TenX users receive rewards that provide additional savings. Holders of TenX tokens get 0.5 percent rewards in Ethereum currency. TenX cardholders receive 0.1 percent rewards in PAY currency. All rewards are given monthly at first, with the target of rewards being distributed more quickly in the future. The TenX card is a Visa, so keep that in mind when conducting transactions.
Keep in mind that while you don’t have any exchange or transaction fees, there are other fees with the TenX app and card. Both the physical and virtual card have a $10 fee, but they are waived if you spend over $1,000 in the year. You also have to pay $15 for a new physical card, which covers the issuing and shipping. If you activate the virtual card, this costs $1.50 for issuing. There is also an ATM fee of $2.75, a minimal amount. All fees are deducted from your cryptocurrency account automatically.
What about Non-Card-Based Payments?
You can access the web app and the TenX iOS wallet, allowing for smooth transactions via your mobile device or computer, as well. Remember that you can only be signed into your TenX account on a single device at once, but this should change in the future, letting you log in on multiple devices. Even so, your account is automatically linked across platforms, including Android, iOS, and the web app, as the TenX account is based on your phone number and email address.
What Are PAY Tokens?
PAY is the currency for many transactions conducted by TenX. The token sale phase of TenX ended June 24, so it doesn’t directly sell tokens anymore. Instead, you can buy them at cryptocurrency exchanges. The number of exchanges offering PAY tokens is constantly expanding, and you can find a list of those markets online. You can store your PAY tokens where you want, including in your ERC20-enabled wallet. Just remember that to spend them with the TenX card, they must be in your TenX wallet. Other than this, there is no benefit to storing them there.
How to Create a Ten X Wallet
The PAY token can be stored on a mobile app available to download for iOS or Android devices from their website. This will allow you to send and receive payments and store your PAY tokens.
There is also a web interface available where you can create a wallet, signing up is very straightforward – you will need to enter your name, email and a phone number and verify your email address and phone number via a text message they will send you. After choosing your local currency, you are granted access to your online wallet where you can then deposit cryptocurrencies, send payments or order the TenX payment card.
In spite of the fact that the team doesn’t have as much past crypto encounter as I’ve seen on different projects, there’s something to be said that Vitalik Buterin, maker of Ethereum, is an investor. In the wake of reading through both the TenX and COMIT whitepapers, I’m certain that the initiative team has a strong specialized arrangement as well as has a decent business methodology too to bring this project to life.
The main reservation I have about this project is the means by which controllers around the globe are going to treat transactions using the TenX card (specifically in the United States). This is still especially a hazy area with a few people speculating that every transaction could be viewed as an assessable occasion.
That being stated, if you’re acquainted with ARK, you may begin to build up an affection for projects that are working to cross over any barrier between new blockchain advances and customary frameworks. TenX is the same.