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Pundi X (NPXS) was brought to light by a group of computer technologists and entrepreneurs during the early days of 2018 when the Initial Coin Offering (ICO) was in full swing. The crypto industry began with major coins like Bitcoin, Ethereum, etc. Only crypto enthusiasts had access to it. Crypto noobs fell to several scams attempts as it was difficult finding their way of having access to cryptocurrencies. The Pundi X team took it upon themselves that if there is ever going to be global adoption of cryptocurrencies, then there is the need to create solutions that will facilitate the buying and sale of cryptocurrencies in addition to using them as a payment method.
Pundi X in a Nutshell
- It’s an ERC 20 Token whose major portion of the token is being distributed to ICO holders based on Proof of Stake for several years.
- It utilizes both the Ethereum and NEM Blockchain network for the execution of its operations.
- It comprises an ecosystem of decentralized payment solutions: XPOS Device, XPass Payment Card, and Pundi X Mobile wallet.
- It allows crypto starters to purchase crypto with ease.
- Users can also pay their utility bills with cryptocurrencies through the use of XPOS devices.
A Brief History of Pundi X
This project originates from the South-Eastern part of Asia, specifically in Indonesia, where though cryptocurrencies exchanges are allowed – they are banned from being used as a payment method. I believe the team thought of developing a payment solution to ensure that customers, especially crypto enthusiasts, can spend their cryptocurrency with ease. Crowdfunding was organized, which led to reaching a $35 Million hard cap on launching the ICO.
The NPXS token was deployed on the Ethereum Blockchain with a rate of 1 ETH = 500NPXS, with a price of the coin being at $0.00213. Investors who participated in the ICO’s flash sale stood the chance of further buying more NXPS from the team at a very reduced price or sell back to the team at a reduced price and stand the chance of enjoying some long-term benefits from the team. Only 20% of the entire circulation of over 250 billion tokens was up for grabs during the ICO launch. Another 10% was also allocated to the entire team members, with the remaining 70% is to be distributed among coin holders yearly based on a Proof-of-Stake system. Below are the bonus schemes laid out for ICO holders and still wished to increase their NPXS holdings.
Black card (Buyer 1 – 50); 5% discount for 10 years;
- Diamond card (Buyer 51-150); 5% discount for 5 years;
- Platinum card (Buyer 151-300); 5% discount for 3 years;
- Gold card (Buyer 301, etc.; purchase of tokens in the amount >10 ETH); 5% discount for 1 year.
Funds raised from the ICO were put into serious development towards creating decentralized payment solutions that would consist of point of sale devices, payment cards, and mobile wallets that would work hand-in-hand with the payment cards. Whiles Point of sale devices would facilitate payment between merchants and customers, both mobile wallets and payment cards will allow crypto users to buy cryptocurrencies with ease. The team started with the Pundi X POS device production way back in February 208 and distributed several of them across the globe to their global merchants.
How does Pundi X Work
As mentioned, The Pundi X ecosystem operates both on the Ethereum and NEM blockchain. Though NPXS is an ERC-20 compatible token, it has also combined the NEM blockchain network to leverage its easy use of establishing business operations on its network.
The Pundi X Ecosystem consists of several components that work together to enhance the ease of use of cryptocurrencies as a payment method other than what existing solutions have at the moment.
The Pundi X Point of Sale Device
This is a multifunctional ATM-like device that serves the purpose of an Over the Counter (OTC) platform, where users can purchase cryptocurrencies and sell their cryptocurrencies. It serves as a bridge for users to use their cryptocurrencies in their real-life activities—talk of topping up airtime on phones, paying off utility bills, etc. You can do that with the use of the XPOS payment device. All you need to do is interact with it using your Pundi X Pass Card or the Mobile wallet.
The team planned to distribute between 100,000-700,000 devices from the year 2019-20121, and currently, they have these devices spread across over 30 countries and still counting. Find the countries in which the XPOS device operated here. In the future, there are plans to create desktop versions of the XPOS devices to integrate with existing payment cards like Visa and Master Cards as well as other payment systems like Apple and Samsung Pay.
Pundi X Pass
This payment card acts like already existing payment cards that we have in our world today. With the same functionality of saving funds and also making payment as easy as with a swipe on a barcode reader or RFID device, the XPass card also does the same thing, however, with cryptocurrencies. So, users get to save their cryptocurrencies on it and use the card to make payments.
Is NPXS Mineable?
No. NXPS token cannot be mined, but those who participated during the Initial coin Offering on January 21, 2018, and are still holding their coin will keep on receiving some amounts of NXPS based on a proof of stake system. The distribution of coin is basically the remaining 70% of the total tokens that were minted. This is going to be shared over the years with a decreasing amount as the years go by. Currently, the only way to get your hands on NXPS tokens is to purchase them on exchanges or through their XPOS device allocated in any marketplace.
How to buy NPXS
You can find NPXS on over 50 exchanges at the moment and with different market pairs, but most of them are paired with BTC, ETH, USDT, etc. Besides, you can also use the services of popular Over-the-Counter platforms like Coinbase, where you can purchase the NPXS with the use of fiat or other cryptocurrencies on a simpler interface more than an exchange platform.
How much is Pundi X worth
The ICO price of 1 NPXS was $0.00213, but this has suffered a volatile crush of the crypto market and now is valued at $0.000115 as at the time of writing. The current price has made it hit a market cap of approximately $29 Million. The estimated return on investment on the Pundi X token is not looking good at the moment, but hopefully, with further developments by the team, we may see a rise from the current rate of -87.96%. The main use of NPXS within the Pundi X Ecosystem is to pay for services within the ecosystem; hence there is real liquidity being driven at NPXS once the ecosystem is fully developed.
The Benefits of using Pundi X
- One of the greatest obstacles hindering the mass adoption of cryptocurrencies is the barriers that do not make it possible for crypto enthusiasts to spend their cryptos in their daily purchases and activities. However, with the development of Pundi X and its features, users can now spend their cryptocurrencies without any difficulty, provided there is an XPOS Device around.
- Users stand a chance of tapping into great technological advantages looking at all the huge partnership deals that the team has established. Few among them are XEM, QTUM, ETH, BTC, etc. This also goes a long way to minimize the risk that investors have to bear, knowing that this project has a long-term vision and not a flash in the pan project that will collapse anytime soon to make investors lose money.
- Also, deploying XPOS Technology on the Android Operating system allows developers to create application solutions for merchants to facilitate payment between them and their customers.
I have always had the belief that mass adoption and the use of cryptocurrencies would dawn on us someday. Still, I was never optimistic it would dawn upon us so soon until I learned about blockchain solutions like NEM, XRP, Lightning Solutions for BTC transactions, and now Pundi X. Together, they are developing projects that would enhance the ease and daily use of cryptocurrencies.