An introduction to TenX

king-oghie (68)in #tenx • 6 years ago (edited)

From the image above, we can get a crystal clear understanding of what TenX is. TenX is an automated wallet and also a visible card that allows users to spend their crypto assets at any given time. According to the founders, their aim and vision was to constitute a spendable crypto asset in real life instead of storing them in a decentralized wallet. In other words, TenX is a debit card, just like the ones we use in real life. TenX is extraordinary because it works equally with Visa and MasterCard payment technique. Users will be able to spend their cryptocurrencies such as Bitcoin, Etheruem and Dash coins wherever MasterCard and Visa are approved.

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Table of contents

How does TenX works
What's the Commit network
TenX fees and rewards
My opinion

How does TenX works?

It's hard to overstate the usefulness and benefits of this card. A crucial advantage and benefit of TenX is the fact that it allocates a free-spending and transaction charges (0% fee). Nevertheless, users will need to pay a specific fee that will ultimately cover the expenses and maintenance of the virtual cards. Additionally, there will be a limit on how users spend their cryptocurrencies. We'll ponder more on that in the course of this article.

What really makes TenX different and incomparable with other debit cards is the fact that it has no relationship with fiat charges. Other than that, users can effortlessly perform swift transactions from their crypto wallet to an assured client by whom they agreed to transact or pay a specific coin.

However, users will need to download the platforms wallet, TenX wallet, on play store ( for mobile users) and TenX.tech ( for desktop). Bitcoin, DASH and etheruem and also other Ethereum ERC20 tokens will be supported via the TenX blockchain. The team has been working tirelessly to add more cryptocurrencies in time to come.

Remember the platform has no control over your funds, the reason is as a result of its decentralized security which is undoubtedly planted on smart contracts. Once a user successfully registers, the user will be given a DSS key that will enable the user to be in full control over his/her funds. Sporadically, users will be able to lock ( when inactive) and unlock ( when active) the utilization of the TenX virtual card.

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What's the commit network?

Commit stands for, ''Cryptographically-secure Off-chain Multi-asset Instant Transaction network''.

It's essentially a cross-chain network. I'll recommend you read the comimit whitepaper where it clearly explains it's principles and fundamentals. Based on my understanding, the commit network is a decentralized payment platform that has the potency to stipulate the exact ultimate solution just the same way the internet did for information.

The Comit Network, found online at Comit.network, is a cryptographically secure off-chain multi-asset instant transaction network.

However, consumers are entitled to a an easy-to-use and inexpensive payment technique. Since TenX is built on the commit network, it solely trsuts this payment system for its users. The bond between the TenX payment platform and the commit network gives exchange utility and security ETFs.

TenX fees and rewards

We are all aware of the fact that spending cryptocurrency is still an unusual fact, reason being; most shops and emporium will reject cryptocurrency as a means of payment for goods. For this reason, TenX provided a bank-like card with the intention of facilitating payment wherever Debit and MasterCard are approved. However, the funds that will be deducted from the users TenX wallet are Bitcoin, ethereum and other cryptocurrencies the user holds.

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Apparently, when purchasing goods with your TenX card, it'll automatically convert the specific cryptocurrency the consumer is spending into the USD value. The salesman will instantly receive the funds in their own currency. TenX serves as the traditional bank for crypto traders and investors.

Hence, TenX has proven the fact that users will need less effort when spending their cryptocurrencies anytime and anywhere ( where Debit and MasterCard are accepted) without having to wait for several days to receive the converted funds.

My Opinion

One crucial aspect about this platform is that it offers 0% fee for every transaction its users make. Users are only expected to pay for virtual and physical cards maintenance. According to their whitepaper, these are the fees that users will be requested to pay;