TenX (PAY)

Author: Nikolai Dimitrov
Date: 31 August 2017

Do not make investment decisions based on this article – read the disclaimer before you proceed and leave the website if you disagree with it.

It is 31st of August 2017 today. This review takes into consideration investing in TenX at its current price at $4.20.

TenX Pay – Making cryptocurrencies spendable as fast and easy as your fiat.   

How do I rate an investment in this project at the current price? (TL:DR)

TenX Pay was on my radar for quite some time now and I decided to look into it in depth. In my opinion this is one of the most promising projects out there and it is the  second one in my portfolio investment wise after NEO.

Project/token summary

It does seem possible. The token is based on the Ethereum Blockchain and it allows you to spend your currencies seamlessly like fiat money on the spot. You can download the app(called the TenX – Blockchain Asset Wallet)  from their website – https://www.tenx.tech/. The app is currently supporting BTC, ETH, DASH and the ERC 20 tokens. The aim is to make all cryptos spendable. By the end of the year they want to implement the COMINT Network(Cryptographically-secure Off-chain Multi-asset Instant Transaction network). Which will allow instant transactions from one cryptocurrency into another or into fiat. When this network is implemented every user will own their private keys, which as we all know, means that you actually own those cryptocurrencies. Right now you can order your debit card from their website or make a virtual one on your phone.

Can you make $1000+ dollars a year of passive income with just  100 Pay Tenx tokens? It seems possible – https://www.youtube.com/watch?v=LYnYzCqoUyc. The TenX team will distribute 0.5% of the aggregate payment volume that is spent by all users with the TenX Card on a monthly basis initially to the Pay token holders. This will be paid out in ETH. The aim is to distribute the rewards more frequently. Another great bonus is that you will receive 0.1% of the amount you spend from your card back in Pay tokens.

There is great support of the community and they have raised their previsioned 200 000 ETH in seconds. This reminds us of BAT how fast is sold out, but BAT has not been the best investment so far. Part of the community is not happy that they could not get in even though they followed all the stated steps and send within the first seconds of the crowdsale. They claim that it was not clearly stated that gas limit should be set higher and that the big player got in because they knew about that and the normal folk did not.

This is definitely a long term hold which I believe will pay out.

Website: https://www.tenx.tech/
Coinmarketcap: https://coinmarketcap.com/assets/tenx/
Exchange: https://bittrex.com/Market/Index?MarketName=BTC-PAY

General

  • Website: does it look good/presentable– It looks standart and comaparable to most cryptocurrency website. Well made and comprehensible.
  • Website: Does it have a roadmap for the cryptocurrency development – yes, in the whitepaper https://www.tenx.tech/whitepaper/tenx_whitepaper_final.pdf.
  • Website: Does it have a whitepaper – yes –https://www.tenx.tech/whitepaper/tenx_whitepaper_final.pdf, also the commit network whitepaper – http://www.comit.network/doc/COMIT%20white%20paper%20v1.0.2.pdf
  • Website: Is the domain name and TLD good – .tech – this is a new one, lets say its relevant.
  • Website: Is it a quick wordpress template, a 2-hour html job or a custom design with lots of work, money and thought thrown at it– even if it turns out to be wordpress, it’s a hell of a good one.
  • What new does this cryptocurrency bring to the worldwhat problem does it solve, what does it stand for– It allow cryptocurrencies to be easily spendable, planned is to list all of them. The reward system is really great.
  • How does the cryptocurrency name sound (does it sound legit and like a good brand name)– Sounds like they are relying on the psychological association with 10x (ten fold return on investment) – a bold one.
  • How does the logo look– the logo is quite clean and basic, no unneeded flashiness, let the product speak for itself. The symbol looks like infinity.
  • Is it a PoW, PoS or PoW/PoS coin, what is the mining difficulty or APR, does it suffer from inflation– N/A. You can not mine or stake, but keeping the coins will get you bonuses.
  • Who is behind the cryptocurrency – are they shady figures, or have they placed their names and pictures on the website; what is their track record and reputation; do a quick google/github research on them– the founders have studied in reputable universities, one was a Doctor and decided to change direction with 5000+ followers on twitter, another has had additional experience in founding companies. The development team look also decent where one of them with a lot of experience.
  • What is the limit on supply of coins in circulation – 205 million.
  • Is there a link to the source code – no
  • When was the last commit made, and how frequent are commit – N/A
  • How many developers participate in the coding process – 3 developers.
  • What the project survival relies on– after they implement the COMIT network all they need is people using it, which they already do.

Exchanges and trading

Which exchanges (and how reputable they are) is the coin traded on, what is the daily trading volume and market cap – the list is quite long and the volume is good. Around 80% of the volume  is done one Bittrex and Yunbi.

  • Are there buy (support) or sell (resistance) wall – a lot more buying orders than selling.
  • How does the chart look – it is going on a steady rise after it dropped lower than the ICO price.
  • Does the chart contain patterns that look like pump and dump actions or trading by bots – no
  • Has the coin spiked on one exchange after being added on another exchange – it actually dropped after being added to bittrex.

 

Social

  • Is there a Bitcointalk forum Announcement thread – yes – https://bitcointalk.org/index.php?topic=1953612.0
  • How many pages is it  as of today 147 pages.
  • History of the coin according to the forum and general public impression of the coin throughout– the community is a bit divided because some people could not get in and are calling the team scammers also there were some FUD attempts, but that was only for the sake of the price dropping so they can buy more. In overall the community has a strong belief in the project.
  • Do they have a blog, anything interesting on it? yeshttps://blog.tenx.tech/ Nothing too exciting.
  • Is there a slack channel – https://ten-x.herokuapp.com/
  • How many members in the slack channel – Currently offline for maintenance
  • What is the public sentiment in the slack channel Will update when slack is back up
  • Is there a Twitter profile for the cryptocurrency and does it post regular updates, how many followers https://twitter.com/tenxwallet 25K+ followers plus daily posting, sometimes more than once per day.
  • Is there a Facebook page for the cryptocurrency and does it post regular updates, how many likes– yes – https://www.facebook.com/tenxwallet/ and around 12k likes, followed by around 14k.

 

Current state

  • Are there any known problems with the source code, the wallet or something else regarding the coin (transactions, mining, efficiency) – N/A
  • Is there an active development for fixes on the way – N/A
  • Has the wallet been under maintenance for prolonged periods of time on some/all of the exchanges Is any government planning on banning the coin (or similar coins) or putting heavy restrictions towards its use –possibly problems with the legal status of ICO tokens in the USA, like all other ICO-based cryptocurrencies – this is unverified. There are some concerns of when spending the crptocurrencies from the TenX wallet if they are at a higher price than when bought at, people must pay some taxes to the government, this is still not yet clear how it will happen. Other than that the future looks bright.

 

Popularity and perception

  • What does a quick google search tell us about the coin did not find anything suspicious, all looks great.
  • Are there youtube videos about the coin yes, they also have a dedicated channelhttps://www.youtube.com/channel/UCrh49JX-9UQJbee6e4EGhog
  • What is the general sentiment in the comment section below the videos (constructive, fud/hype, calling out scam etc) people asking different questions regarding the card, some people excited, some haters, some disbelievers, it is quite mixed.
  • Is the coin associated with illegal/criminal activity or the dark web they are trying to prevent that buy having a limit you can spend2500 dolars, but if you register your ID or Pasport you can spend as much as you please, so this seems impossible.
  • Similar cryptocurrencies/projectsMonaco, Metal, more cards – Cryptopay, Payza, Bitpay, SatoshiTango, Xapo. Spectrocoin, Uquid.

Thank you for your time spent reading this article. The internet is huge and I might have missed some information or read something that is not true. Feel free to criticize and point out any mistakes, in fact, please do criticize, this is the best growing mechanism. Let us make some money J

 

 


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