PundiX (NPXS): Easily Use Crypto At Any Time And Any Place
PundiX was built around the ambition to make the cryptocurrency use as easy as ‘’buying bottled water.’’ The project was launched with a clear mission: to make it possible for the users and business to acquire and use cryptocurrencies at any time and in any place. The currency’s business model makes it easy for the merchants to sell their stuff by recording the transactions directly on the blockchain thus eliminating the need for the mainstream credit card services.
The PundiX developers see the project as a tool to bring easier access to essential banking services for the larger populace in the developing countries.
What Problems Can Pundi X Solve?
The PundiX team described the platform as a revolutionary technology but some users believe that the goal of the platform was not achieved because of the complex interplay of factor which the developers described.
The project aims to make cryptocurrency more accessible without the need for the users to understand how they make it work under the hood as they can use smarthphones without studying their technical manuals. This is much more different from most of the cryptocurrencies including Bitcoin which has complex pieces of technology with a rather steep learning curve.
The inability to use cryptocurrencies as a means of payment for buying everyday products hurts both the crypto-friendly merchants and the users. PundiX hopes to improve this with the new software and the hardware solutions. The team sees a flaw with the existing cryptocurrency ecosystem in the fact that the range of products and services one can purchase with crypto is still limited. In many cases, the products are offered specialized stores which most of the people have never heard of.
PundiX offers the solution for easier purchase and conversion of cryptocurrencies for both new and experienced users. Even those who are familiar with cryptocurrencies, often have a hard time making sense of all operational intricacies of crypto exchanges such as managing passphrases and authentications and following the market trends. The PundiX team brings the new solution to the table by providing the XPOS devices, wallet and apps, contactless card payment system and the PundiX token.
These components will help PundiX to bring to life what the creators describe as the preservation of the original Bitcoin vision meaning to implement in real life the methods of using cryptocurrency as means of payment. While the vision promoted by the PundiX team shows the global ambition to make a strong localized focus in the plans for the implementation of the platform. The project gives preference to the underdeveloped regions in the world, which face low rates of adoption and insufficient access to banking services.
Promoting Adoption of Cryptos
The plans to establish PundiX as a payment solution, starts with the distributed of special XPOS devices which aim to minimize the obstacles to buy stuff with cryptocurrencies for both the merchants and the customers.
The retailers can access their accounts with the PundiX platform and choose the settlement currency and with the xPOS device they are able to make payments with crypto wallets and standard mobile wallets. The payment apps make it easier for retailers to accept and work with crypto and to manage the payment channels with one device.
In addition to the services and the goods, the customers can use their mobile app to purchase and sell supported cryptocurrencies whenever the device is installed. The merchants can integrate the XPOS device with their existing POS systems such as card readers and NFC payment platforms. The devices are connected to the ethereum blockchain via the communication layers running Xplugins. The layers imitate payments systems used during a standard banking transaction. The process supports the payment verifications and approvals by having one of the layers forward the purchase request while the other makes a record of the sale.
All of the transactions made with the cryptocurrency are processed through the check-out menu which supports printing the receipts for the merchant and customer.
Low Fees, Low Physical Footprint
The main selling point for the devices is the promise of lower transaction fees compared to what is offered by other major credit card businesses. In addition to fees, PundiX decided to integrate their solution with the two blockchains: Ethereum and NEM. NEM is known to support fast payments and is popular in some of the Asian financial markets so PundiX is focused on the initial stages of development. The team is also working on the Function X blockchain where the XPOS device will serve as a single node.
The XPOS devices are smaller and easier to install. The global retailers are rewarded for installing the XPOS device while the customers receive discounts and free tokens which are redeemable in the next purchase. The manufacturing of the XPOS devices started in February 2018 and the develpores promised the delivery of more than 100,000 POS devices.
The NXPS is an ERC-20 token which fuels the transactions on the PundiX platform and provides rewards to the token holders and retailers using the transaction network. The developers also work on the application store which would allow the owners of the tokens to develop and publish apps on it. the apps can be dealt with streamlining the existing transaction management system and the managmenet of loyalty programs and wallets.
The ecosystem is also the home to the NPXSEM which is a utility token built on the NEM blockchain. These tokens are used to support the operation of the customized NEM XPOS devices. The ICO took place in September 2017 and raised $35 million in the process.
The Team Behind PundiX
The PundiX project has its roots since 2017 and the company behind the project has about 150 full-time employees. The team consists of crypto-enthusiasts from China and Indonesia. The CEO and founder Zac Cheah has more than a decade of work experience in the browser and mobile game development. Other important members of the team include the CTO and co-founder Pitt Huang, the president of the company Constantin Papadimitrou and others.
The excellent group of people with dedication in this industry, is what makes this project unique and worth following.
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