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At the end of 2017, the Wokoworks team, previously engaged in the development of electronic wallets, launched the Pundi X project. Its goal is to popularize digital currencies. Or, as stated on the official website, “making the purchase of cryptocurrency as simple as buying a bottle of water.”
The Pundi X project turned out to be one of the most anticipated ICOs of the beginning of 2018 and, despite the deteriorating market sentiment, was able to reach the goal of $35 million in just 90 minutes, having interested investors with the promise to create Walmart for the blockchain world.
The Pundi X team is creating the largest decentralized network of POS terminals, attracting more and more crypto enthusiasts and traders by offering easy access to POS payment devices and a convenient mobile wallet. Let’s explore the Pundi X cryptocurrency with Changelly!
Pundi X Technical Features
The main incentive to create Pundi X was the difficulties that all new cryptocurrency users may face. Most of the cryptocurrency exchanges are difficult to use and do not have new users to invest in. This is not reaching the stage of managing many wallets, private keys, passphrases, and authenticators.
Pundi X intends to solve this problem using the three main elements of its offer: a platform, mobile wallets, and tools for settlements in the real world.
One of the exciting and unique features of the Pundi X network is the integration of its devices into two blockchains at once: Ethereum and NEM. NEM was chosen due to its popularity among Asian institutions. It offers technology suitable for making almost instant payments.
The development of Pundi X POS devices began in February 2018 shortly after the completion of the ICO. Customers can pay for goods using cryptocurrencies stored in their mobile wallets and buy cryptocurrencies (BTC, ETH, XEM, QTUM, and ACT) to replenish their mobile wallets.
Besides, a smaller device and a desktop version are provided, compatible with major credit card operators, Apple Pay, and Samsung Pay. The POS system also serves the needs of merchants, as it includes inventory and identification tools. The Pundi X system will be much more advanced than bitcoin terminals, as it will support a broader range of services for a lower fee.
The size of the devices is much smaller, which allows them to be installed in places where the installation of bitcoin terminals seems unreasonable. The Pundi X Token (NPSX) is used as gas for the network, providing transaction transfer and posting, as well as identifying customers who are eligible for a discount.
Pundi X Ecosystem Infrastructure
- Public blockchain (the network is now powered by Ethereum but will be transferred to its own Function X blockchain);
- XWallet mobile application used for storing money and transfers;
- XPASS payment card used for quick online and offline payments (used with the application);
- XPOS payment terminal used for accepting payments at retail outlets;
- NPXS internal token (formerly PXS) used for paying system fees.
Pundi X Team
Pundi X is developed by a group of talented technology experts and entrepreneurs. Managers are predominantly represented by former computer specialists who have decided to become serial entrepreneurs. The CEO and founder Zack Chin, who was a developer of HTML games in the past, stands out against the general background.
Pundi X President Constantin Papadimitriou has assembled and developed several successful fintech teams. Technical and Operations Director Pitt Juan created and sold his first business at age 25. Later he repeated the success with several more companies, one of which has over 200 employees.
Project management is located in Jakarta, the capital of Indonesia, and the research team is primarily in China’s Shenzhen. As of April 2018, the project team consists of more than 40 employees, of which more than half are engaged in research and development. The company also has offices in London, Taipei, and Singapore.
Pundi X Partnerships
The Pundi X team pays attention not only to developing its core product but also to agreements with third-party companies that can help it succeed in the short and long term.
The most significant was the partnership with the NEM project, which allows Pundi X to confirm transactions instantly. Fast and low-cost transactions will enable Pundi X to achieve widespread adoption.
The Pundi X team also spent a lot of time taking a strong position in the cryptocurrency ecosystem. It has entered into agreements with the Indonesia blockchain association, the Singapore fintech association, the XPOS consortium, ACCESS, the Fintech Association of Hong Kong and the Swiss Fintech and Finance Association. One more partnership is an agreement with the Swiss company UTRUST, which promised to install 1,000 Pundi X POS devices.
When the first of four earthquakes struck in Lombok, Indonesia in 2018, Pundi X immediately arranged for cryptocurrency donations to help more than 350,000 victims of this terrible event. In partnership with Kopernik, it was possible to collect more than 42,000 USD in cryptocurrencies NPXS, ETH, BTC, and BCH.
The company creates a card called XPASS, which works with a mobile wallet and will allow you to make payments, as well as make deposits to the balance of your mobile wallet. Users will be able to see the current market rate of each cryptocurrency, thanks to which they will be able to choose one of the beneficial ones.
The ability to make payments using cryptocurrencies is the factor that should finally lead to their widespread adoption. White paper Pundi X says: “Most cryptocurrencies can only be used to buy other cryptocurrencies, which is why their value to the average person is almost zero.”
Indeed, one of the main arguments of opponents of cryptocurrencies is their lack of real value. Integration of payment solutions will help to fix this.
Pundi X Value
In March 2018, when altcoin first appeared on the market, its price was a cent. But in May, a few days after adding Binance to the listing, it rose to 12 cents. Market capitalization was 360 million dollars. The exchange management accepted the coin on its own initiative and free of charge. Site users voted to add NPXS.
The price maximum did not last long. In summer, altcoin moved into a clear downtrend. In the fall of 2018, the price was $0.001, and the capitalization was 140 million. In December, indicators fell to $0.005 and 83 million, respectively. A slight increase was indicated only in February 2019. At first, the rate slowly rose to $0.006, then to 0.007. For the first time in an extended period, capitalization exceeded 100 million.
Why didn’t such a promising altcoin manage to keep the price and, if not to get to the top, then at least gain a foothold in the market? There are several reasons.
- NPXS is a utility token that supports the operation of the system. It is, by definition, not a volatile asset with a high growth margin. If its price often and significantly changed, it would lose its practical meaning.
- The project does not go global. Developers initially headed for two markets – Asian and African. XPOS is already used in Indonesia, UAE, Singapore, and even Nigeria.
- Conversion is too limited to be a competitive advantage. The system works with BTC, ETH, XEM, QTUM, and ACT. This is not enough to be interested in, for example, fans of the Waves cryptocurrency with its payment gateways.
Now the coin takes the 62nd place within capitalization ($100,917,696) among all cryptocurrencies. The price of a coin is $0.000429.
The maximum profit cryptocurrency Pundi X will bring only in the long term.
Pundi X Roadmap
The company has some key points in the development process in 2019:
- Ongoing and open communications with regulators and monetary authorities in jurisdictions where Pundi X operate. In supportive jurisdictions, PundiX will accelerate deployment; in jurisdictions that consider their operations to be non-compliant, they will exit that market.
- Token unlock will be accelerated. They plan to start the accelerated token unlock program in March 2019, and the distribution will be made in April 2019. The remaining token unlock will be completed before the end of Q3 2019.
- More compliant processes: KYC processes across our products will be strengthened, for example, by requiring more valid information before approval.
- More secure products: For example, by enabling 2FA for the XWallet and plan to implement “decentralized staking.”
Pundi X Latest News
Pundi X will be listed on Binance cryptocurrency exchange on August 20, 2019.
Pundi X (NPXS) Wallets
NPXS is an ERC-20 token on the Ethereum blockchain. However, Pundi X launched its own wallet named XWallet. This is an app available for iOS and Android, which works as a card to proceed payments through XPOS devices.
It is supported by all ERC-20 compatible wallets, such as MyEtherWallet, Ledger Wallet, Trezor, etc. Let’s sum up a list:
- Ledger Nano S is the most popular cold hardware wallet among Ethereum users. It costs $85± but is worth it. A cold wallet is a really safe place to store your assets.
- Trezor Wallet is one more option to store your cryptocurrency offline. It allows you to store Ethereum and ERC20 tokens.
- Metamask is a desktop wallet funded by Ethereum Foundation and Consensys.
- Mist Wallet is a desktop wallet created by Ethereum Foundation. This is a basic wallet for Ethereum users.
- Exodus. This wallet is not open source so the devs can’t check this wallet properly. But still, it’s a functional wallet for Ethereum storage.
- MyEtherWallet is the most popular Ethereum web-wallet. This wallet was hacked once so be very fussy in choosing it.
- TrustWallet is a good Ethereum and ERC20 mobile wallet acquired by Binance exchange.
Where to buy and trade Pundi X (NPXS)?
You cannot mine NPXS cryptocurrency. You need to purchase NPXS on one of the cryptocurrency exchanges to include tokens in your investment portfolio. Here is a list of exchanges, on which you can purchase NPXS cryptocurrency.
Pundi X Summary
Of course, Pundi X has big ambitions, but they may not be enough to overcome the existing objections from the retailer regarding the adoption of cryptocurrencies as payment. However, at this stage, the project is quite powerful and promising, despite its young age. The success of Pundi X primarily depends on taking advantage of its key advantages.
If the team succeeds in doing everything right, Pundi X can be a great investment that can stand the test of time. At the moment, it is still not completely clear what needs to happen for cryptocurrencies to be accepted by both large and small businesses.
Disclaimer: This article about Pundi X (NPXS) should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements.
Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.