You may have noticed that you’ve accumulated all of these coins but don’t have many places available to spend them. Besides Overstock.com and maybe a shop or two around town, your options are pretty limited.
TenX is on a mission to change that.
In this TenX guide, we’re going to cover:
You’re not able to access your wallet’s private keys for now, but they’re in good hands. TenX stores them in a mixture of hot (online) and cold (offline) storage solutions that are on par with industry standards. Once the wallet is integrated with the COMIT network at the end of 2017, you’ll have full control of your private keys.
You can also choose a portfolio of coins to use for spending. For example, you could arrange that each purchase will be split into 50% Bitcoin, 25% Ethereum, and 25% Dash.
Making the COMIT platform available to the public will also lead to new services such as exchanges and lending programs.
The goal of the COMIT network is to allow any new blockchain to connect to an existing blockchain by using the COMIT Routing Protocol (CRP) – a set of standards that outlines how the different blockchains communicate with one another. This is similar to how the Internet is connected across the globe through the TCP/IP protocol.
With the successful implementation of the COMIT network, you’ll be able to exchange one asset for another (crypto-to-crypto or crypto-to-fiat) instantaneously for almost zero transaction fees.
For a blockchain to be compatible with the COMIT network, it needs to have these attributes:
When the User makes a transaction at an approved Business, the transaction is passed along through a network of Liquidity Providers (LPs) to determine which LP has the best exchange rate.
An LP operates across blockchains and provides liquidity to the exchanges between the different currencies.
For a more detailed explanation of how the COMIT network works, please check out the whitepaper.
TenX provides two ways to earn rewards:
Similar to most credit cards, you also receive a 0.1% reward each time you use the TenX card. This reward is paid to you in PAY tokens which can either be held to receive the reward mentioned earlier or sold on the open market.
Headquartered in Singapore, the team was founded by Toby Hoenisch, Dr. Julian Hosp, Michael Sperk, and Paul Kitti. Hoenisch, Dr. Hosp, and Kitti also worked together to develop the whitepaperfor the COMIT network.
Fenbushi Capital, a major blockchain venture capital firm with Vitalik Buterin as a general partner, is an investor in TenX.
There are a few other companies attempting to build cryptocurrency debit card systems as well including Token, Monaco, and Centra. Each card has a different reward structure benefitting different types of use-cases. TenX is unique in that it’s the only one being built using the COMIT network and COMIT cross-channel payments.
In my opinion, there doesn’t need to be a single winner in the crypto card space. Just as we have multiple credit and debit card options in the traditional finance system, there’s room for multiple options in the crypto with different pros and cons tailored to the different types of spenders.
An additional 29% (or ~59.5 million) will enter the market over the next 4 years to fund community initiatives, business development, and academic research to further enhance the product.
Of the last 20%, half will be reserved as an asset in the company while the other half will be used to compensate the TenX founders and employees over a 4 year vesting period.
No more tokens will be created beyond these.
Since then, the price has slowly and steadily fallen to the $1.50 – $2.00 range with small positive movements towards the end of November. These recent rises don’t seem to be associated with any news in particular.
The TenX card isn’t currently available to US residents. Once it does become available, it wouldn’t be unreasonable to imagine an increase in the PAY token price.
I suggest that you first purchase Bitcoin on either GDAX or Gemini and then transfer it to Bittrex. Bittrex has the largest PAY trading volume of the exchanges and its most popular pairing is with Bitcoin.
You can check out CoinMarketCap for a complete list of the exchanges that PAY is available on.
Another option for storage is MyEtherWallet where you can move your tokens to an offline paper wallet.
The TenX wallet does not support ERC20 tokens yet but will soon. The company has already started beta testing the feature on individual wallets and will be releasing an update with support shortly.
The only reservation I have about this project is how regulators around the world are going to treat transactions using the TenX card (specifically in the United States). This is still very much a grey area with some people speculating that each transaction could be seen as a taxable event.
That being said, if you’re familiar with ARK, you might start to develop a fondness for projects that are working to bridge the gap between new blockchain technologies and traditional systems. TenX is no different.
I’m looking forward to the release of the TenX card in the U.S., so I can further my transition into an entirely crypto world.
This article was first published by Steven Buchko at Coincentral
The Block Crypt have been granted permission from Coincentral.com to publish this post.
