ICO Analysis: TenX
You are not eligible and you are not to purchase any PAY tokens in the TenX Initial Token Sale […] if you are a citizen, resident (tax or otherwise) or green card holder of the United States of America or a citizen or resident of the Republic of Singapore.
Clearly, we must start here, as investors will want to know of this bit of information. Automatically, the pool of funds that may actually be available to the project are limited, being that large sums of the financial cryptocurrency majority reside in the US. In any case, this isn’t a drawback, and no points should be deducted for it – it’s merely a regulatory issue, clearly related to the offering of a debit card. It seems that in the European Union it must be easier to offer such services, because only a few manage to stay afloat in the US. Anyway, if you’re in the US, unless you’ve got an agent overseas who can make the investment for you, it’s a bad call to try and invest in this because there’s a risk of losing your money based on the terms and conditions.
TenX is an incredibly ambitious project. Their primary aim, in their own words, is to “work on making any blockchain asset spendable instantly.” They introduce a new project to the author called the Comit Network, which is supposed to enable the transfer of value between blockchains in a seamless manner. Comit is what TenX leverages to be able to perform on its many promises, which include:
- The ability to use a multitude of cryptocurrencies and tokens.
- A debit card to access said assets seamlessly in everyday life.
- Seamless value conversion.
Other projects exist which perform similar functions, but not all are backed by the likes of heavyweights such as Vitalik Buterin. Name recognition aside, Buterin propelled his Ethereum project against all odds, and even dug it out of a major setback, thus creating a paradigm where a truly alternative, mined cryptocurrency exists in parallel, having legitimate value, with Bitcoin.
The “ambition” of TenX, really, is in its push to eliminate unnecessary barriers to newcomers. Using the TenX platform, people can safely interact with various blockchains at an early stage in their understanding, and have a better handle on what they are actually doing. Bitcoin as a concept often takes people a moment to digest, and then the actual use of the thing can be confusing. This is no different with Ethereum: there will always be some level of learning required from the new user, which is a drag on adoption. However, projects like TenX can eliminate this slower period of growth by making it easier than ever for new people to acquire and use cryptocurrencies.
Coinbase may seem easy, but often times it does itself and the greater Bitcoin community a disservice when it fails to deliver on promised trades. The linking of legacy financial systems and cryptocurrency systems will of course always be a mix of terrible and barely acceptable, but while such systems are necessary adoption is sure to benefit from quick, easy paths from fiat to crypto. It’s also true that wider adoption has typically led to higher prices for the assets in question, which is why TenX has surface value even if the rest of it were totally bankrupt – the notion that an independent group could improve the status of all cryptocurrencies will be enticing regardless of the performance of TenX. That being the case, others are sure to make plays in the same arena.
[…] with the emergence of more and more different tokens, a growing number of users and businesses truly struggle to leverage on the existing infrastructure to make this inter-connectedness of physical and virtual platforms become a reality.
The mythical “ten X” programmer is a concept in programming circles. He is supposedly the magician that can do literally anything, full stack, by himself, ground to finish – and he doesn’t really exist. But TenX, this project, does exist, and apparently is looking to do ten times what other services already do. This will be a good project for the cryptocurrency proposition overall, but it will also likely gain adoption itself, making the ICO token sale an interesting prospect.
The TenX Team
Co-founder & CEO Toby Hoenisch has experience in this arena. This author once interviewed him [https://www.cryptocoinsnews.com/audio-onebit-app-revolutionize-bitcoin-market-interview-onebit-ceo-toby-hoenisch/] about a separate project which would enable people to spend their bitcoins with a debit card, called OneBit. Now it appears he’s expanded the vision to encompass all cryptocurrencies, and he’s gotten some mighty talent on board to help him do it.
Developer Tuhina Singh has a background in machine learning. She took a year off to study blockchain technologies before taking the job at TenX. She works alongside Martijn Buurman and U-Zyn Chua. Buurman has worked in several capacities as a developer over his career, while Chua is responsible for having founded one of the first Bitcoin exchanges in Asia, Dgtmkt.
Presumably, more developers will be acquired once the ICO has gone through and the company has funds to do some hiring. The task ahead will not be small, and it will also require an ongoing customer support aspect. These operating costs should not detract too much from its profitability, so we will opt not to deduct much at all on these grounds. So far, we’re looking at a mighty good proposition.
There are a lot of Ethereum and Bitcoin debit cards out there, especially in Europe and beyond. But there aren’t any that allow basically any token to be spent like cash, which is the purpose of TenX. This grand mission, which will likely succeed, combined with the backing of Vitalik Buterin, whose golden touch has seen a sharp rise in interest and value surrounding Ethereum, make this a very lucrative prospect.
All things considered, it appears we’ve got a winner on our hands. We’re going to mark this an 8.25 out of 10 in terms of likely profitability/recoup of funds. This project seems like it will take off, and its taking off will affect the trade-out value of the tokens you get with your investment. This is certainly true in the case of TenX, in any case, because token holders are paid each time a card is used. Later, people will be able to buy the debit cards and use them as normal, but the original investors and token holders who’ve traded for them will continue to receive increased value as the usage of the platform goes up. It would almost seem a no-brainer to invest at least a few eggs into this basket.
Beginning on the 24th of June at 1PM UTC, you will be able to make your contributions with a number of different currencies, including Bitcoin and Ethereum. Scam sites for TenX have popped up, so be sure to only visit www.tenx.tech when making your investment. Check that site before sending any actual funds, as things are always subject to change. It would be advisable to read some of the lengthy legalese at the beginning of the whitepaper, but in this article we are confident you’ve received an overview of the platform.