TenX A native wallet token for an easy cryptocurrency spending experience

PAY Token is the native utility token for the TenX cryptocurrency mobile wallet and TenX card. It is the preferred token in TenX's ecosystem allowing the PAY Token holders to carry out TenX Wallet transactions using the PAY Token, use the PAY Token as a fee payment asset, receive referral rewards, receive benefits from cashback features, and receive discounts. TenX also utilizes a secondary token, the TENX token which users hold in order to receive rewards in PAY tokens.

Background

TenX is a software wallet with a native token (called PAY) that was built to make blockchain assets instantly spendable anywhere, according to the team's whitepaper. The company's founders are graduates of PayPal's incubator program. TenX's initial token offering in 2017 raised $34 million in 7 minutes.

The TenX Product Suite consists of the TenX Card, TenX Wallet, TenX PAY Token and TENX Rewards Token. The card and wallet allow users to spend their cryptocurrencies in a simple and safe way, at more than 40 million points all around the world. The PAY Token is a work-in-progress loyalty program which, in the future, will reward token holders for spending cryptocurrencies using the TenX Card. This will be in addition to future utilities including loyalty benefits and and being integrated within the TenX Wallet as a mode of payment. The TENX Rewards Token is an ERC-20 rewards token on Ethereum with features of ERC-1400. TENX Token holders are rewarded with PAY Tokens based on the company’s financial performance and other relevant factors.

TenX co-founders met at a blockchain meetup in Bangkok in 2014, and founded TenX in June 2015 after winning a Hackathon contest in Singapore following a startup boot camp supported by PayPal. The company was originally called OneBit, as it was focusing only on Bitcoin.

The co-founders of TenX noticed issues when trying to remit money overseas and believed that blockchain technologies and cryptocurrency payments are the way of payments in the future. They started the company with a vision to have assets on the blockchain, available not only to industry insiders but to any user in the real world. With the emergence of more and more different tokens, a growing number of users and businesses truly struggle to leverage the existing blockchain infrastructure. TenX focuses on making the interconnectedness of physical and virtual platforms a reality.

Technology

There are two tokens in the TenX ecosystem - the PAY token and the TENX token. The PAY Token was issued during the token sale and is intended to function as a utility token, forming an integral part of the TenX ecosystem.

The proposed functions would enable holders to: (a) accept, hold or transfer the PAY Token with the TenX Wallet (as a virtual currency supported by the TenX Wallet); and (b) use the PAY Token for fee payment for certain uses of TenX services.

In addition, the PAY Token is also intended to be the form of rewards for holders of the TENX Token. The TENX Token is an ERC-20 rewards token on Ethereum with features of ERC-1400.TenX’s loyalty programme is the first of its scale. Come July, the company will pay out 4 Million PAY Tokens, currently valued at 1M USD to all TENX Token holders. TenX PAY Tokens will be spendable using the TenX card and integrated within the wallet in the near future.