Pundi X: The utopian project of the global democratisation of cryptocurrency

Cryptocurrencies are becoming increasingly important these days. They are all based on the blockchain principle, but do not have the same objective. The Pundi X project aims to facilitate payments using crypto-assets and to democratise the use of cryptocurrencies – in particular its own, PUNDIX – throughout the world.

Elrond Gold has the same objective, but with different techniques.

Le projet Pundi X

Pundi X is a cryptocurrency project currently being developed and operated mainly in South-East Asia. This Indonesian project, initiated by Zac Cheah, a former member of the W3C Chair of the HTML5 interest group, and Pitt Huang, an entrepreneur and founder of several start-ups, has set itself the goal of making the use of cryptocurrencies as simple as that of credit cards. The aim? To make digital currencies accessible to as many people as possible and to democratise payments via crypto-assets across the world. Pundi X also works outside Asia, with offices and partnerships in London, São Paulo and Jakarta.

Before looking further at the unique features of the Pundi X blockchain, let's take a look at its cryptocurrency.

The price of PUNDIX

PUNDI X has a variable value like every other cryptocurrency on the market. The price varies in relation to supply and demand, and therefore keeps rising and falling. This volatility means that the value of crypto-assets cannot be given accurately, and in real time. At the time of writing, i.e. 13 April 2021, Pundi X is worth €0.003713, with a price movement of -11.22% in 24 hours and a trading volume of €134,792,710 (+169.03%) over the same period. PUNDIX is currently ranked 92nd on the market.

NPXS becomes PUNDIX

At the start of the Pundi X project's history (2018), it raised $35 million during its ICO or Initial Coin Offering (harvesting cryptocurrencies with the aim of financing the completion of a project).

The token used at the time was the NXS. But it was considered too expensive, and the community proposed increasing the number of tokens in circulation in order to reduce the price. To make this project work, the company created two tokens, the NPXS and the NPXSXEM, based on NEM technology. The NXS was converted into NPXS (1 NXS = 1000 NXPS).

On 30 March 2021, Pundi X reformed the token known as NPXS. It is now called PUNDIX and the tokens have been redenominated: 1000 NPXS for 1 PUNDIX.

What factors affect the value of PUNDIX?

The value of Pundi X is primarily influenced by supply and demand on the market. But supply and demand vary according to the following factors:

• The image reflected by the Pundi X project: in a way, we can talk about the currency's reputation in relation to competing currencies. The more people give good feedback on Pundi X, particularly on social networks where the visibility of an appreciation is increased, the more people will take an interest in it and invest. The opposite is also true: opinion and advice can tip the balance one way or the other.

• Partnerships with big names such as W3C and Binance also allow the PUNDIX price to fluctuate. In the eyes of some, this may testify to the reliability of this crypto-currency, since it is trusted by major groups. Similarly, if Pundi X is associated with fraudulent companies that are already known for scandals, the public will not take the risk of investing for fear of making a loss or having funds stolen.

• Regulations: depending on the country, cryptocurrency-related policies are not all the same. For example, in Indonesia, the country of origin of the Pundi X project, payments using crypto-assets are prohibited. The XPOS used by merchants are currently only used for payments in local currency and are therefore no more useful than a bankcard payment terminal. Nevertheless, if these regulations are changed in the near future, there will be strong demand, as the country is the initiator of the project and has already implemented its tools in the lives of merchants.

• Speculations: discussions and reflections on the project that are critical or forecast developments for Pundi X.

• The penetration rate in the real economy: i.e. the number of people using Pundi X and its usefulness. People need to be able to buy/sell products and services using PUNDIX. This is already possible in some areas, but is still forbidden in the country that initiated the project.

Similarities and differences between crypto-assets and the traditional stock market

Differences

On both markets, you can buy, sell, trade and invest with the aim of making a profit. However, there are many differences between these two worlds. As the stock market is an institution that has been established for several centuries, its organisation is institutionalised and highly regulated, unlike the cryptocurrency market, which has only recently emerged and is still developing. Also, the degree of professionalism shown by shareholders on the stock market (bankers, workers in the economic sector…) is nothing like that of investors on the cryptocurrency market, who are very often amateurs. You only have to compare the maturity of the actions and decision-making of the two parties to see the difference.

Similarities

The stock market, which is highly regulated and supervised, does not allow individuals to act as they please. On the contrary, everything that is forbidden on this market is possible in the cryptocurrency world. This includes price manipulation (both upwards and downwards) thanks to rumours and speculation spread by major media outlets in collaboration with certain cryptocurrencies. This false information can cause certain competitors to fall to the benefit of other crypto-currencies.

The number of differences does not erase the fact that on certain points, there are strong similarities between these markets:

• The fundraising system: when a cryptocurrency enters the market, it organises an ICO (Initial Coin Offering) so that it can finance its project with the money raised in exchange for coins. The same applies when a company goes public: an IPO (Initial Public Offering) is organised to raise money in exchange for shares.
• Technical analysis: this involves analysing price movements using a chart of the price of a share or cryptocurrency.

The similarities between these two markets are felt more at the practical level and would even be more important and numerous than the differences.

What is Pundi X used for?

Pundi X's purpose is to remove the difficulties faced by merchants when making payments using crypto-assets.

However, this ideal is far from being achievable at the moment because of the many complications facing the various cryptocurrencies. One of the biggest hurdles to overcome for these alternative currencies, whose value is not indexed to the price of gold or traditional currencies, which are not regulated by financial institutions and are not legal tender in any country, is co-option by merchants. If no business accepts this means of payment, no one will want to buy this virtual currency. Conversely, if no one buys this cryptocurrency, no merchant will have any interest in authorising a payment in this currency.

Using cryptocurrencies is more convenient as a consumer, because there are fewer constraints than for merchants, who have to modify and adapt a large part of their organisation in order to be able to accept payments in cryptocurrencies (interfaces, employee training, etc.). The Pundi X project is working tirelessly to eliminate these constraints.

How does Pundi X work?

Pundi X works using a blockchain based on Ethereum. To get closer to its goal, Pundi X had the brilliant idea of designing devices and tools.

The XPOS (point of sale) box

This device, familiar to all (strong similarity with the modern electronic payment terminal) is a medium for collecting payments in cryptocurrency and fiat currency. Connected to WiFi and comprising one screen for the merchant and another for the customer, the device enables payments to be made and receipts to be received directly afterwards by scanning the QR codes on the screens using applications dedicated to cryptocurrencies, more often known as wallets.

A larger model has also been developed to operate in the same way as self-service checkouts, enabling customers to make payments independently. Several XPOS models are available. These include a model based on PUNDIX tokens and the Ethereum blockchain, and another based on NPXSXEM tokens, which operates using NEM (blockchain ecosystem) technology. It is also possible for merchants to form paid partnerships with certain brands or firms, with the aim of promoting them via the XPOS box (by displaying advertisements on the customer's screen). Payments made on this machine are subject to low charges and are made quickly.

By distributing and marketing this machine, Pundi X is broadening its scope for action and influence, while raising awareness of its brand and objectives. This action also has the effect of facilitating the acceptance of cryptocurrency and therefore making it easier to make the transition to using crypto-currencies as an everyday means of payment.

The XPASS card

This card is linked to a cryptocurrency wallet in the same way as a credit card is linked to a bank account. It provides users with a tangible medium that is closer to the real world and easier for everyone to understand.

The software offered by Pundi X

The company has also developed pre-installed software to handle the various transactions.

The XPS Handy box

The XPS Handy box is currently under development. It will have the same function as the XPOS box, but its small size will enable it to be used in places where payments need to be made quickly and discreetly, such as restaurants, bars or places where payments are not necessarily made at counters or cash desks.

Pundi X's partners

Pundi X is pulling out all the stops to bring its project to fruition worldwide. To achieve this, the company is increasing the number of partnerships with a wide range of companies:

• Associations: Asosiasi Blockchain Indonesia, W3C, Singapore Fintech Association, etc.
• Companies working in the field of blockchain (crypto-assets): Binance, NEM, Stellar, etc.
• Payment solutions: E2pay, Ubivelox, etc.
• Major distribution groups: Manticora Capital, Bit Capital, dosh ex and BTCKING, etc.
• As well as other players: Trust Wallets, Samsung developers, Limestone Network, etc.

Pundi X is also deploying its tools in territories where it is established, such as Brazil and the UK, but also in other countries such as China, Nigeria and Dubai. In Dubai, a project is under way to enable residents to pay not only for goods in shops, but also for public services such as schooling in certain regions.

Everything you need to know about managing your PUNDIX tokens

How do I get hold of PUNDIX?

There are several options for acquiring this cryptocurrency:

• Visit the Binance site, which is considered the best in this category, and where buying cryptocurrency is reliable and secure.
• Visit Bittrex or Idex (decentralised cryptoasset exchange platforms), where you can exchange and transfer cryptocurrency.
• Coinbase is a key platform for the crypto-currency market and is suitable for beginners wishing to buy their first crypto-currencies.

Is it possible to mine PUNDIX?

Mining a cryptocurrency involves using software to solve one or more mathematical problems, the resolution of which results in the validation of transactions. The people who carry out these calculations are called "miners". If they succeed, the fastest miners are rewarded with cryptocurrencies. But these rewards change (decrease) according to the number of tokens issued. Miners focus on successful crypto-currencies such as bitcoin, dash, ether and litecoin because they are the most profitable. However, it's very hard to earn income as a "miner" these days: the best way to make money is to invest in several promising cryptocurrencies.

Today, it is impossible to mine PUNDIX. To get your hands on one, you need to use platforms such as Coinbase or Binance.

Why and how can I use PUNDIX tokens?

The PUNDIX token distributed to investors at the Pundi X ICO can be used to reduce fees and run ads on XPOS devices.

What's more, when payments are made directly in PUNDIX, customers benefit from major discounts on purchases, and with each payment, the Token Burn system plays its part. The Token Burn system distributes tokens to merchants and also to Pundi X. The part that goes to the merchants belongs to them, while the part that goes to Pundi X is burnt by the company itself to increase the value of their token. If the payment was made in fiat or using another cryptocurrency, Pundi X buys back the equivalent in PUNDIX in order to burn it.

How do you protect and secure your PUNDIX?

Cryptocurrency wallets

These days, when you invest in the virtual world of cryptocurrencies, it's imperative to be able to secure your investments and assets, because the evolution of the internet and computing doesn't just benefit well-intentioned people. Hackers are becoming more and more numerous and are developing techniques and software that are each more powerful than the last. Security must therefore be the main concern for any holder of crypto-assets.

This security is achieved through the use of a cryptocurrency wallet, which allows the holder to interact with the blockchain, and thus to send, control, collect and secure their various crypto-assets.

How wallets work

These wallets do not actually store the tokens: they rely on the public and private keys that result from interactions within the blockchain. It should also be noted that the tokens never end up outside the blockchain and simply pass from user to user.

Each wallet has an address comparable to a bank account number. It also has the same function, because when someone needs to transfer funds to you, that person must hold your wallet address (this address is designed to be known, so there is no danger in sharing it). What's more, although you can access the sums in a wallet and the transactions previously carried out by the owner of the wallet, you have no way of knowing the real identity of the owner.

Address, private key and public key

Each wallet address has a private key and a public key (note that the public key is not to be confused with the wallet address, which is also public).

The private key gives access to the funds linked to the wallet address, just as a secret code gives authorisation to use the funds in a bank account.

The public key, for its part, is mathematically linked to the wallet address using a "hash" function that encrypts a sequence of letters and/or numbers (called "input") into a new set of letters and/or numbers (called "output") to add extra protection to prevent the wallet from being hacked.

Different types of wallet

Several types of wallet are available for use. Depending on your needs, some may be more appropriate than others.

Software wallet

There are various types of software wallet, the choice and use of which depend on the needs of the holder:

• Web wallet: allows you to keep an online wallet without downloading anything by accessing it via any browser. This offers the greatest convenience when it comes to sending tokens, but has the lowest level of security of all wallets, as the providers of these services own and control the private keys that should never be communicated to others on behalf of the owner.

• Desktop wallet: Software downloaded locally onto a computer. When the software is started up, it causes a file called "wallet.dat" to be stored on the device containing the wallet keys and information. To be able to access the wallet after changing computers, the information in this file must first be exported to the new device. This type of wallet offers better security than the web wallet, but must still be accompanied by an anti-virus installed on the computer to prevent viruses from stealing data or the device being taken over remotely by hackers.

• The mobile wallet: similar to the desktop wallet, the only difference being that it is not software on a computer, but rather an application that is downloaded onto a smartphone. More suited to everyday spending, this allows you to access your wallet directly on your smartphone and use your crypto-assets in shops or spaces that allow payments via cryptocurrencies by scanning a QR code. However, the mobile wallet can be exposed to the same dangers as the desktop wallet (hacking and misappropriation of information). Data encryption and key backup are therefore necessary to reduce the risks.

Hardware wallet

This is a physical device not connected to the Internet that stores private and public encryption keys, making them virtually untouchable by hackers.

What is the Ledger Nano S?

This USB key-shaped device is one of the most secure in the industry. Simply connect it to your computer to turn it on and disconnect it from the USB port to turn it off, in the same way as you connect and disconnect a USB key. It can store up to 1,500 tokens, including the PUNDIX token, and is compatible with most of the cryptocurrencies in circulation on the market. Two models are available for sale: the X model with greater storage capacity (100 applications) and the S model (18 applications).

Paper wallet

This is a simple sheet of paper on which the various private and public keys are written. This method offers double-edged security, as it is impossible to be hacked since the only source of information is on this paper. On the other hand, you only need to get your hands on this piece of paper to gain access to the wallet and all the information linked to it.

These numerous portfolios all fall into one of the following categories:

hot wallets, which are wallets connected in one way or another to the Internet,

cold wallets, which are not connected to the Internet. Cold wallets are the best solution for storing your crypto-assets and are suitable for long-term investors, also known as 'holders'.

 

In the cold wallet category, one of the most reliable tools at the moment for storing your PUNDIX or other crypto-currencies is the Ledger Nano S (or X) presented earlier. For PUNDIX, Pundi X has also developed a specific wallet called XWALLET.

The future of Pundi X and its cryptocurrency

Pundi X is going from strength to strength and accumulating more and more reputable partners. The problem is that, as we said earlier, the price of PUNDIX can move in either direction at any time depending on events that may or may not happen and the tax systems (and their changes) of different countries. However, in view of the project's progress, we can expect the price to rise sharply (especially if legislation changes in Indonesia). It is difficult to give an estimate, or a reliable prediction, because of the number of unknown factors, but we could hope that PUNDIX will develop even further in the years to come.

Pundi X's goal, as well as that of the cryptocurrency's fervent supporters, is certainly a noble one, but the difficulties associated with achieving it have most investors sceptical. For the time being, cryptocurrency is still a concept that many people have not mastered. However, in order for this project to succeed, cryptocurrency will first have to become a subject of interest to everyone.

PUNDIX and the virtual casino for money https://ojasvi.kiev.ua have been working together for a long time. Personal bonuses and quality service are not all that the operator offers. Its other advantages are undoubtedly fast payouts with low commissions, high payouts on its slot machines and fast technical support. Register on the gaming club's website and check out all the above by doing your own experiment. You can find a lot of interesting things for yourself in the article https://coinaute.com/comment-faire-un-virement-sepa-sur-binance-depot-retrait.

Our world is becoming increasingly modernised, and with it not only our habits and actions, but also our mentalities are changing. This still recent project will surely be able to prove its worth in the near future once cryptocurrencies have won over the masses. But it's still not too late to invest in this recent cryptocurrency, which is still at a low price and whose project is getting closer and closer to becoming a reality.

Pundi X Opinion

Pundi X has undertaken an impressive and ambitious task in tackling what could be the everyday adoption of crypto-currencies by the masses, if their vision comes to fruition. The technology seems appropriate for what they are attempting, and the delivery of XPOS devices to over 25 countries already shows the commitment of the team, and the success of the project to date.

The team as a whole has substantial experience in technology and finance, which has served the start-up well. With partnerships in place, and the hope of forging bigger ones, Pundi X is like a sleeping giant.