The importance of cryptocurrencies is growing more and more these days. All of them are based on the blockchain concept, but do not have the same goal. The Pundi X project aspires to facilitate payments by crypto-assets and to democratize the use of crypto-currencies – including its own, the PUNDIX – worldwide.
Elrond Gold, by the way, presents the same goal, with different techniques.
The Pundi X Project
Pundi X is a cryptocurrency project under development and operating mainly in Southeast Asia to date. This Indonesian project, initiated by Zac Cheah, former W3C Chair of the HTML5 Interest Group and Pitt Huang, entrepreneur and creator of several startups, aims to make using cryptocurrencies as easy as using credit cards. The goal? To make digital currencies available to as many people as possible and for payments via crypto-assets to be democratized around the world. Pundi X also works outside of Asia and has offices and partnerships in London, São Paulo and Jakarta.
Before we delve deeper into the singularities of the Pundi X blockchain, let’s take a look at its cryptocurrency.
The price of PUNDIX
PUNDI X has a variable value like all other cryptocurrencies 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 this article, i.e. April 13, 2021, Pundi X is worth $4.45 with a price change of -11.22% in 24 hours and a trading volume worth $143,986,920 (+169.03%) over the same time frame. PUNDIX is currently ranked 92nd on the market.
Let’s take a more general look at the evolution of PUNDIX through this graph.
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NPXS becomes PUNDIX
At the beginning of the history of the Pundi X project (2018), the project raised $35 million during its ICO or Initial Coin Offering (harvesting of cryptocurrencies with the aim of financing the realization of a project).
The token used at the time was NXS. But considering it too expensive, the community proposed an increase in the number of tokens in circulation to reduce the price. To make this work, the company created two tokens, the NPXS and the NPXSXEM based on NEM technology. The NXS has been converted into NPXS (1 NXS = 1000 NXPS).
Since March 30, 2021, the token known as NPXS has been reformed by the company Pundi X. It is now called PUNDIX and a token renaming has been made: 1000 NPXS for 1 PUNDIX.
What are the factors that influence the value of the PUNDIX?
The value of Pundi X is first of all influenced by the supply and demand in the market. But this supply and demand varies according to the following factors:
- The image that the Pundi X project reflects: we can sort of talk about the reputation of the currency compared to its competitors. The more people provide good feedback on Pundi X, especially on social networks where the visibility of an appreciation is increased, the more people will be interested and invest. The opposite is also true; opinions and reviews can tip the balance one way or another.
- Partnerships with big names such as W3C or Binance also allow the price of PUNDIX to fluctuate. This may, in the eyes of some, testify the reliability of this crypto-currency since it holds the trust of large groups. Similarly, if Pundi X is associated with fraudulent companies, and 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, not all cryptocurrency-related policies are the same. For example, in Indonesia, the homeland of the Pundi X project, crypto payments are prohibited. The XPOS used by businesses are currently only used for payments in local currency and therefore have no more use than a credit card payment terminal. Nevertheless, if these regulations are changed in the future, there will be a strong demand for them, as the country is the initiator of the project and has already implemented its tools in the lives of businesses.
- Speculations: discussions and thoughts around the project that are critical or foresee evolutions for Pundi X.
- The penetration rate in the real economy: i.e. the number of people who use Pundi X on one hand and the usefulness of it on the other. People must 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
In both markets, it is possible to buy, sell, trade and invest with the aim of making a profit. Nevertheless, the differences between these two worlds are numerous. The stock market being an institution established for several centuries, its organization is institutionalized and highly regulated, unlike the cryptocurrency market which has only recently appeared and whose development is not yet complete. Also, the amount of professionalism shown by shareholders in the stock market (bankers, workers in the economic sector…) has nothing to do with that of investors in the crypto-currency market, who are very often amateurs. Just compare the maturity of the actions and decision-making of both parties to see the difference.
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. In particular, the manipulation of prices (upwards, as well as downwards) thanks to rumors and speculations propagated by large press organs in collaboration with certain crypto-currencies. This false information can lead to the fall of some competitors to the profits of other crypto-currencies.
The number of differences does not erase the fact that on some points, there are strong similarities between these markets:
- The fundraising system: when a cryptocurrency enters the market, it organizes an ICO (Initial Coin Offering) in order to be able to finance its project thanks to the money raised in exchange for coins. The same is true when a company goes public, an IPO (Initial Public Offering) is organized to raise money in exchange for shares.
- Technical analysis: it consists in analyzing the prices evolution with the help of the prices graph of a stock or a crypto-currency.
The similarities between these two markets are felt more in practice and would even be more important and numerous than the differences.
What is the purpose of Pundi X?
The purpose of Pundi X is to remove the difficulties faced by traders in making payments via crypto-assets.
Nevertheless, this ideal is far from being conceivable at the moment because of the many complications faced by the various cryptocurrencies. One of the biggest hurdles 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 which are not legal tender in any country, is co-option by merchants. If no business accepts this payment method, no one will want to buy this virtual currency. Conversely, if no one buys this cryptocurrency, no business will have any interest in allowing a payment in this currency.
Using cryptocurrencies is more convenient as a consumer, as there are fewer limitations compared to merchants who have to modify and adapt a large part of their organization in order to be able to accept payments in cryptocurrencies (interfaces, employee training…). It is in particular to eliminate these constraints that the Pundi X project works tirelessly.
How does Pundi X work?
Pundi X works thanks to a blockchain based on Ethereum. To get closer to its goal, Pundi X had the brilliant idea to design devices and tools.
The XPOS (point of sale)
This device, familiar to all (strong similarity with the modern electronic payment terminal) is a medium to collect payments in cryptocurrency and fiat currency. Connected to wifi and composed of a screen for the merchant and another for the customer, the device allows you to pay and receive receipts directly afterwards by scanning the QR codes on the screens thanks to applications dedicated to cryptocurrencies more often known as wallets.
A larger model has also been developed to work in the same way as self-service checkouts, allowing customers to make payments independently. Several models of XPOS are available. Among them, the model based on PUNDIX tokens and the Ethereum blockchain , as well as another one based on NPXSXEM tokens, which works through NEM technology (a blockchain ecosystem). It is also possible for merchants to make paid partnerships with certain brands or firms in order to promote them through the XPOS box (by displaying ads on the customer’s screen). The payments made on this machine are exposed to low fees and are made quickly.
With the distribution/marketing of this device, Pundi X is expanding its reach and influence while spreading awareness of its brand and goals. This action also has the effect of facilitating the acceptance of cryptocurrency and thus making it easier to transition to the use of crypto-currencies as an everyday payment method.
The XPASS card
This card is linked to a cryptocurrency wallet in the same way that a credit card is linked to a bank account. It provides users with a tangible medium that is closer to the real world and more understandable for everyone.
The software proposed by Pundi X
The company has also developed a pre-installed software to handle the various transactions.
The XPS Handy device
The XPS Handy device is currently under development. It will have the same function as the XPOS device, but its small size will allow it to be integrated in places where payments are discreet and fast, such as restaurants, bars or even places where payments are not necessarily made at the counter or at the cash register.
The partners of Pundi X
Pundi X puts on its side all the chances to be able to concretize its project at the world level. In order to do so, the firm is multiplying its partnerships with numerous companies:
- Associations: Asosiasi Blockchain Indonesia, W3C, Singapore Fintech Association…
- Companies working in the field of blockchain (crypto-assets): Binance, NEM or Stellar…
- Payment solutions: E2pay, Ubivelox…
- Large distribution groups: Manticora Capital, Bit Capital, dosh ex or BTCKING, etc.
- As well as other players: Trust Wallets, Samsung developers, Limestone Network…
Pundi X is also deploying its tools in the countries where it operates, such as Brazil and England, but also in other countries such as China, Nigeria and Dubai. In the latter case, a project was underway to allow residents to pay not only for items in stores, but also for public services such as schooling in certain regions.
Everything you need to know to better manage your PUNDIX tokens
How to get PUNDIX?
To acquire this cryptocurrency, you have several options:
- Visit the Binance website which is considered the best in this category, and on which the purchase of cryptocurrency is reliable and secure.
- Consult the Bittrex platform or Idex (decentralized crypto-asset exchange platform) on which it is possible to exchange and transfer cryptocurrency.
- Consult Coinbase, the essential platform of the crypto-currency market and which is suitable for beginners wishing to buy their first crypto-currencies.
Is it possible to mine PUNDIX?
Mining a cryptocurrency consists of using software to solve one or more mathematical problems whose resolution results in the validation of transactions. The people who perform these calculations are called « miners ». In case of success and for the fastest miners, they get rewards in cryptocurrencies. But these rewards change (decrease) according to the number of tokens issued. Miners focus on successful crypto-currencies like bitcoin, dash, ether or litecoin because they are the most profitable. However, it is very laborious to earn income from being a miner nowadays: the best way to get earnings is to invest in several promising crypto-currencies.
Nowadays, it is impossible to mine PUNDIX. In order to get it, it is mandatory to go through platforms like Coinbase or Binance.
Why and how to use PUNDIX tokens?
The PUNDIX token distributed to investors during the Pundi X ICO can be used to have lower fees and to run ads on XPOS devices.
Moreover, when payments are made directly in PUNDIX, the customer benefits from major discounts on purchases and with each payment, the Token Burn system plays its role. The Token Burn system allows to distribute tokens to the merchants, but also to Pundi X. The part that goes to the merchants belongs to them while the part that goes to Pundi X is burned 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 to burn it.
How to protect and secure your PUNDIX?
Nowadays, when you invest in the virtual world of cryptocurrency, it is imperative to be able to secure your investments and your assets, because the evolution of the internet and computers does not only benefit well-meaning people. Hackers are becoming more and more numerous and are developing techniques and software more powerful than one another. Security must therefore be the main concern for any holder of crypto-assets.
This security is implemented through the use of a crypto-currency wallet, also known as a wallet, allowing the holder to interact with the blockchain, and thus to send, control, collect and secure his various crypto-assets.
How wallets work
These wallets do not really keep tokens: they rely on public and private keys that result from interactions within the blockchain. It should also be noted that the tokens are never outside the blockchain and simply pass from user to user.
Each wallet holds an address comparable to bank account numbers. It also has the same function, because when someone needs to transfer funds to you, that person must have your wallet address (this address is meant to be known, there is no danger in sharing it). Also, although you can access the money in a wallet and the transactions previously made by the owner of the wallet, you cannot know 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 like a secret code gives the authorization to dispose of the funds in a bank account.
The public key, on the other hand, is mathematically linked to the wallet address through 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 ») in order to add an extra layer of protection to prevent and avoid the wallet from being hacked.
The different types of wallet
Several types of wallets are available for use. Depending on your specific needs, some will be more appropriate than others.
There are different types of software wallets, the choice and use of which depends on the needs of the owner:
- The web wallet: allows you to keep an online wallet without downloading anything by accessing it through any browser. The latter offers the greatest comfort in terms of sending tokens, but has the lowest level of security among wallets, since the providers of these services own and control the private keys that should never be communicated to others instead of the owner.
- Desktop wallet: Software downloaded directly to a computer. When the software is started, it causes a file called « wallet.dat » to be stored on the device containing the wallet keys and information. In order 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 still needs to be complemented by an antivirus installed on the computer to prevent viruses from stealing data or the device from being taken over remotely by hackers.
- The mobile wallet: similar to the desktop wallet, with the only difference being that it is not software on a computer, but rather an app that is downloaded on a smartphone. More suitable for everyday spending, this one allows you to access your wallet directly on your smartphone and use your crypto-assets in stores 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.
This is a physical device not connected to the internet that stores private and public encryption keys and makes them almost immune to hackers.
What is the Ledger Nano S?
This USB flash drive is one of the most secure devices in the industry. Simply connect it to the computer to turn it on and disconnect it from the USB port to turn it off, the same way you connect and disconnect a USB key. It makes it possible to store 1,500 tokens including the PUNDIX token and is compatible with a large part of the cryptocurrencies in circulation on the market. Two models are available for sale: the X model which has a higher storage capacity (100 applications) and the S model (18 applications).
This is a simple sheet of paper on which the various private and public keys are written. This method offers a double-edged security because it is impossible to be hacked since the only source of information is on this paper. But on the other hand, you only need to get your hands on this piece of paper to have access to the wallet and all the information related to it.
These many wallets all fall into one of the following categories:
hot wallets, which are wallets that are somehow connected to the Internet,
cold wallets, which are not connected to the Internet. Cold wallets are the best solution to store your crypto-assets and are suitable for long-term investors, also called « holders« .
In the category of cold wallets, one of the most reliable tools right now to store your PUNDIX or even other crypto-currencies is the Ledger Nano S (or X) presented earlier. For PUNDIX, the company Pundi X has also developed a specific wallet called XWALLET.
The future of Pundi X and its cryptocurrency
Pundi X is growing better and better and accumulating more and more reputable partners. The problem is that as we said before, the price of PUNDIX can change at any time in one direction or another depending on the events that may or may not happen and the tax systems (and their changes) of the different countries. However, given the progress of the project, one could expect a large increase in price (especially if the laws in Indonesia change). It is difficult to give an estimate, or a reliable prediction, because of the number of unknown factors, but one would hope that PUNDIX will grow even more in the coming years.
Pundi X’s goal as well as that of the cryptocurrency enthusiasts is certainly a noble one, but the difficulties associated with its realization make most investors doubtful. For now, cryptocurrency is still a concept that many people have not mastered. Yet, in order for this project to succeed, cryptocurrencies will first have to manage to become an interesting topic for everyone.
Our world is becoming more and more modernized and with it, habits, actions, but also mentalities are changing. This still recent project will surely prove itself in the near future when the crypto currencies will have convinced the masses. However, it is 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 realization.
Pundi X Opinion
Pundi X has taken on an impressive and ambitious task in tackling what could be the everyday adoption of crypto-currencies by the masses, if their vision is realized. 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 entire team has significant experience in technology and finance, which has been helpful to the startup. With the partnerships in place, and the hope of forging larger partnerships, Pundi X is like a sleeping giant.