It's been one heck of a ride for the Know Your Crypto series.Our previous releases have garnered immense love and support from all of you.We are grateful and hence continuing on our promise to create awareness about the crypto world we bring to you another installment of the series.Today we discuss about TENX which definitely isn't a new name to followers of news from the cryptoworld.
)About
The tagline of TenX reads:
Making Cryptocurrencies Spendable Anytime Anywhere
This is enough to get a layman's idea for what TenX is.The vision with which TenX was set up was to help meet the availability of assets available on the blockchain platform to individual users
TenX introduced the TenX Card,a debit card (ongoing plans for credit card) which is accompanied by a TenX Wallet, a mobile wallet that can be be loaded with not only Bitcoin but also with Dash (DASH) and Ether (ETH).The team continues it's efforts to add more assets in times to come. Today TenX can be used in almost 200 countries and have 36 million places of acceptance.
Team
TenX team consists of people experienced in working with blockchainR&D, marketing,business operations,AI etc.The team currently includes Toby Hoenisch (Co-Founder & CEO), Michael Sperk (Co-Founder & CTO), Paul Kitti (Co-Founder & COO), Julian Hosp(Co-Founder & CVO).The team has garnered support of PayPal, DBS Blockchain and Citi Mobile Challenge.Their investors include Fenbushi Venture Fund,which has Vitalik Buterin as a partner.More details about the team can be found here
Token Distribution
TenX had a presale goal of 100,000 ETH for it's token sale.This target was reached within 36 hours and was met with great enthusiasm from the community. By the end of the token sale on 24th of June a total of little over 200,000 ETH total was raised. It raised around $80 million from it's token sale. It was exchanged for PAY tokens at a rate of 350 PAY tokens per 1 Ether plus a 20 percent bonus.
The token allocation is as follows:
Fund Breakdown
The above chart details the fund allocation from the tokens.The details for some important parts are as follows
- Integration of the COMIT network
Around 45% of the funds would go in integrating the TenX App and the TenX Wallet with the COMIT network.COMIT Network stands for Cryptographically-secure Off-chain Multi-asset Instant Transaction network.The following table shows benefits of integration of COMIT Network.
- Development fund:
A small portion of the funds will be dedicated to develop partnerships to improve the revenue stream for the PAY token holders.
Market Performance
At the time of writing the article PAY has a market cap of $387,105,554 or 96,684 BTC or 1,156,047 ETH and a circulating supply of 104,661,310 PAY .The total supply is 205,218,256 PAY.The current price of 1 PAY is $3.70 or 0.00092378 BTC/0.01104560 ETH
The current market stats for TenX can be found here
For the whitepaper you can visit here
This series of Know Your Crypto is written by : @shrey
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