Pundi X Coin Guide
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Cryptocurrency adoption today has been compared by many experts to the internet boom of 1994. For many years, the internet was mainly used by scientific experts and engineering hobbyists until the mid-1990s when it started enjoying the meaningful commercial use and then into the mainstream adoption. To make the transition from scientists and hobbyists to commercial and average users, the technology had to undergo a few modifications. First, it had to be standardized, stabilized and customized for the average user. Second, the user interfaces had to be made approachable. Finally, the user base had to grow over time to encourage more people to use it.
This is exactly the same case with cryptocurrencies today. Initially, it was a curiosity for engineering hobbyists up until 2013 when it began to gain interest much broader. Technical problems such as minimal network effects that were present in 2013, were solved and by 2017, cryptocurrencies, mainly Bitcoin, had reached a critical mass such that they would be traded and spent throughout the world. Cryptocurrencies continue to provide value today, they can securely transmit monetary value globally, and the adoption of this technology is poised for greater success as services such as Pundi X strive to make it more accessible.
What is Pundi X?
Pundi X was founded in October 2016 by its current CEO Zach Cheah. It was started as an initiative to address some of the key challenges that existed in the cryptocurrency community, the main challenge is the complexity of using cryptocurrencies at that time. The team behind the project is based in Jakarta, Indonesia, and Shenzhen, China. Jakarta acts as the operations and management hub for the company while Shenzhen acts as the research and development center.
What are Pundi X’s vision and technology?
The project’s vision is to make the use of cryptocurrencies easier for the average man. Pundi X is committed to ensuring cryptocurrency users hit the one billion mark and thus increase the value of cryptocurrency for all.
The technology behind Pundi X is the development of a blockchain based POS system that will provide POS solution to its users. The POS system is a software that will be installed on Pundi X POS devices in order to perform multiple roles in the cryptocurrency ecosystem. These roles include facilitating cryptocurrency payments and transactions, topping up fiat money in a digital wallet among others.
The PundiX device will be integrated into the Ethereum blockchain with X plugins. This connection will be made in two layers: the communication layer to deliver a buy request and the blockchain layer to record the transaction.
What problem does Pundi X seek to solve?
There are two major problems in the present cryptocurrency community that Pundi X seeks to address. These are complexity and irrelevance;
- Complexity comes in due to the technical procedures and blockchain concepts involved when using cryptocurrencies that tend to scare away the average user.
- Irrelevance comes in due to the lack of involvement of cryptocurrencies in trading day to day commodities such as bread which has restricted its use to a small group of people.
To address complexity, Pundi X provides three products: a mobile wallet, a smart card and the pundi platform which together simplify the whole process of buying, selling and making payments with cryptocurrencies. On the other hand, irrelevance is addressed by allowing Pundi X users to easily convert crypto to fiat, crypto to crypto to fiat and fiat to crypto. All this is done seamlessly using the above mentioned Pundi X products.
What are Pundi X Coin’s main features?
- Pundi X offers point of sale (POS) solutions that are set to benefit crypto investors, developers, exchanges, and companies by enabling cryptocurrency payments and transactions through mobile wallets and bank cards.
- Pundi X offers the Pundi X Pass card that users can use to buy, sell or store cryptocurrencies. Users will also be able to top up cryptocurrencies onto their cards by simply swapping the card at various authorized retail outlets.
- Pundi X offers an assortment of devices ranging from desktop devices, mobile devices, cash machines and scanners that cater for different kinds of needs for different retailers.
- Pundi X offers a mobile application and web platform through which users can access POS solutions and perform various transactions. These two support a multi-currency (fiat and crypto) digital wallet for securely storing user’s assets.
Pundi X team
Zac Cheah – Co-founder & CEO
Zac currently serves as the CEO for Pundi X. He previously worked at W3C as the chair of the HTML4 Interest Group. He holds a Bachelor’s degree in IT from Multimedia University and two Masters’ degrees: one in Security and Mobile Computing from the Norwegian University of Science and Technology and another in Computing from KTH Royal Institute of Technology. He has a passion for blockchain technology and Fintech and his experience in technology spans 12 years.
Huang Pu – Co-founder & CTO/COO
Huang Pu currently serves as the CTO/COO for PundiX. He previously served as the CEO for Dingzai Co. Ltd from 2010 to 2016 before joining Pundi X. He has also served as the CTO for Baizhu from 2008 to 2010. He holds a Bachelor’s degree in Engineering from Xi’an Polytechnic University. He is also an entrepreneur who founded and sold a social media company at the age of 25 years. He has a vast experience in technology spanning 10 years.
Danny Lim Wei Xiang – CFO
Danny currently serves as the CFO for Pundi X. Prior to joining Pundi X, he served as the Vice President of Sales and Marketing at Wozzla, Beijing. He has also worked for Lenovo as a Financial analyst from 2012 to 2013 and as a Product Manager at Baidu from 2010 to 2012. He holds a Bachelor of Arts in Law and a Masters’ degree in Professional Accounting from Tsinghua University in China. He is a member of the Chartered Institute of Management Accounting and hence an experienced financial expert.
Pundi X products
Pundi X POS
This is the main product by Pundi X upon which other products are based. Pundi X’s point of sale (POS) solution is a decentralized system that enables merchants and businesses to accept multi-currency payments from their customers in a fast and easy way. All the transactions carried out on the system are recorded on the blockchain. This system is installed in Pundi X’s POS devices and then sold or freely given to retailers and merchants in various regions. Pundi X’s POS solution is capable of supporting retail intelligence, inventory and order management, loyalty programs and marketing programs making it an all-in-one solution for retailers.
Aside from retailers, the POS solution is beneficial to other users by enabling them to buy, sell and make payments in cryptocurrencies through a POS device connected to the PundiX platform. The POS devices can also be used by retailers to top-up cryptocurrencies to users’ digital wallets and cards.
Pundi X’s POS devices come in three different forms for retailers: the XPOS, XPOS handy and XPOS desk.
- The XPOS is a hand-held device with features such as identity management, inventory management, buying and selling cryptos, PXS advertising, mobile network and many more. However, it does not support certain payment methods such as MasterCard, Visa Card and Apple pay.
- The second device is the XPOS handy which is a handheld device that supports all the features of the XPOS in addition to which, it also supports payment methods such as debit and credit cards and Apple pay. XPOS handy is the most complete of the three devices.
- Finally, the XPOS desk is a desktop device similar to a desktop computer that supports all the features of the XPOS handy, except that it doesn’t support mobile networks and can’t function unplugged from a power source.
This is a card payment system similar to debit cards known as Pundi X card. This crypto debit card acts as a physical multi-currency wallet for loading and storing different cryptocurrencies. Users can make payments via cryptocurrencies held in the card through NFC and contactless technology. The card works by simply swapping it through the various XPOS devices when performing a transaction.
There are two kinds of cards offered by PundiX:
The Main card and the Security card. The Main card will be the one used for conducting the various transactions described above while the Security card will only be used for activating and recovering the Main card. The Security card is thus supposed to be kept carefully and should not be carried along with the Main card.
Mobile Payment Integration
This is a mobile application that is capable of performing the following: buying cryptocurrencies, selling cryptocurrencies, topping up fiat money into a digital wallet and paying for utilities and services. This mobile application is connected to the PundiX platform.
Pundi X Rewards
Pundi X has an incentivization program that aims at promoting the mainstream use and adoption of its products. This program involves providing free rewards such as hardware (XPOS devices) to their global brand retailers. The program also rewards clients who use their services to buy, sell and pay for goods and services. Clients are rewarded with free NPXS tokens that can later be exchanged for fiat money depending on the market price.
Pundi X ICO
The Pundi X ICO was scheduled to take place from 21st January 2018 to 31st January 2018. However, the token sale took less time after their hard cap of 35,000,000 US Dollars was reached in 90 minutes making it one of the most successful ICOs today.
The Pundi X ICO was highly hyped by the crypto community mainly due to their revolutionary vision and products that promised to take cryptocurrencies and blockchain technology to another level.
Pundi X Roadmap
The Pundi X project began in early 2017 with the official launch of the Pundi-Pundi platform which was the minimum viable product. By the end of 2017, it had gained 100,000+ users and 500+ merchants all of whom are from Indonesia. Pundi X kickstarted their pre-ICO and ICO sale in quarter 4 2017 and quarter 1 2018 all of which were successful. PXS tokens were listed in three major exchanges after this period.
- Quarter 1 2018 saw the official launch of the Pundi X platform. 600 XPOS devices passed security and compliance tests and hence were made available to the public. Pundi X established an office in London.
- Quarter 2, 2018 – Hopes to establish offices in Japan and Korea and deliver 6000+ XPOS devices for both individual and corporate users. Set up a foundation for transparency and compliance.
- Quarter 3, 2018 – Establish offices in America. Develop bank and governmental partnerships for XPOS roll-out to them.
- Quarter 4, 2018 – Allow third-party application on the XPOS devices as they increase the number of XPOS units sold. Launch the annual XPOS summit in Indonesia.
- Quarter 1, 2019 – Achieve their target of at least 50,000 XPOS units deployed to various merchants worldwide.
The NPXS token
Pundi X changed its tokens from PXS to NPXS due to the upgrade of the XPOS to a new Pundi X POS device with more functionality than the previous one and support for credit card and debit card features. The new device will also be able to be used by banks and other institutions in blockchain-based transactions.
The NPXS tokens are ERC20 tokens. The tokens will be used as the native cryptocurrency for conducting various transactions in the Pundi X platform. Holders of the old PXS tokens will have to buy Pundi X tokens anew in order to use the Pundix platform.
66.67% of the total 175 million tokens were available in the ICO, 16.67% went to the team and founders, 13.33% went to the company, and the remaining 3.33% went to the marketing campaign.
Only 30% of the total tokens purchased will be available after the ICO sale. The remaining 70% will be distributed/air-dropped in the following three years, that is, 40% in the first year, 20% in the second year and 10% in the third year. Token holders will receive discounts for all purchases made using the XPOS devices. Investors in the project will be rewarded as the value of the NPXS token rises.
Pundi X price growth
As of April 2018, the market capitalization of Pundi X cryptocurrency is 167,490,042 US Dollars, and one NPXS token has a value of 0.003335 USD. This represents a Pundi X price growth of 29.66% from its initial ICO price.
The return on investment for Pundi X crypto investors is currently normal since the company is still in the final stages of rolling out its products. However, expert forecasts show that the company will grow further as the company continues to produce and roll out more XPOS devices in the next three years.
How to buy the Pundi X coin (NPXS)
- Set up your preferred and most convenient Pundit wallet for storing NPXS coins. Make sure to safely keep your private key to avoid unwanted access to your wallet.
- Copy your wallet address and save it securely for use in the subsequent steps.
- The next step is to purchase Ethereum or Bitcoin cryptocurrency from a reliable exchange using fiat money. You will have to deposit your fiat money into the exchange using the supported payment options before purchasing ETH/BTC.
- Deposit the bought Bitcoins or Ether into a crypto exchange platform that supports Pundi X coins.
- Exchange the BTC or ETH in exchange for the Pundi X coins.
- Finally, using the wallet address that you had created earlier, transfer your coins from the exchange platform to your digital wallet. It’s always more secure to keep your coins in a wallet rather than an exchange.
Which Wallets support Pundi X coin?
Pundi X coin is an ERC20 token which means the token is implemented using the Ethereum blockchain’s smart contracts. NPXS being an ERC20 token also means that it is compatible to all ERC20 wallets. The following is a brief description of the major Pundi X wallet systems available today.
Ledger Nano S >> This is a cryptocurrency hardware wallet that can be used for storing different currencies such as Ethereum, Bitcoin, and other Altcoins. It’s a USB device that can be connected to any computer. Ledger Nano S is a safe wallet since it stores user’s coins offline making them inaccessible even by hackers. It also comes with an OLED display for confirming transactions.
MyEtherWallet >> This is an easy and convenient open source digital wallet for storing any coins based on the Ethereum blockchain. The Ethereum blockchain is a secure technology with enhanced security protocols for keeping client’s data and assets safe. Coins are secured using a private key that is given to the user when setting up an account.
Trezor>> This is a USB-connectable hardware wallet for storing, sending and receiving cryptocurrencies. It can be connected to other digital wallets such as Myetherwallet for a more secure offline storage.
Which exchanges support Pundi X coin?
The following are the major exchanges that support the Pundi X coin.
This is a Panama based cryptocurrency exchange that supports trading in over 200 different cryptocurrencies. It’s a reputable platform having positive reviews from the crypto community. NPXS tokens can be traded against ETH, USD, EUR, BCH among other pairs.
This is an Israeli based cryptocurrency exchange that allows one to buy or sell any of the ERC20 tokens. Users can trade NPXS tokens against BNT, STX, OMG, BAT, LDC among other Ethereum based tokens.
This is a Korean based cryptocurrency exchange that has been in operation since 2017. PNXS coins can be traded here against South Korean Won (KRW). The platform is relatively new hence not so popular in the cryptocurrency community.
NPXS tokens will be available in more exchanges as the company grows and the trading volume increases.
The project being undertaken by Pundi X is rather ambitious due to its sheer scale and size of ensuring the adoption of cryptocurrency by a billion users worldwide. Nevertheless, the technology and products being developed are robust and if fully implemented will increase the adoption of cryptocurrency tenfold. The cryptocurrency community has demonstrated trust in the project by participating in the ICO and by the positive feedback that they have given to the company. We believe the project will be successful but will require a few more years for substantial progress to be recorded.
Thank you for reading this Pundi X coin guide. You are welcomed to continuously visit our site for more curated content on cryptocurrencies and blockchain technology.