The Pundi X ICO pre sale has just started with their website lready showing impressive sales of over 17 Bitcoin and 2000 Ethereum.
What is Pundi X?
The new decentralized platform hopes to simplify cryptocurrency for users and make it much easier for them to make purchases. They plan on distributing 100s of their 'point of sale' smart devices to retailers so that they can accept payment with their new token, this will lead to lower transaction fees for the retailer.
They state in their whitepaper that they're aiming to be the Walmart of blockchains by allowing users to easily sell their cryptocurrency on the new network.
They hope to be the biggest decentralized offline cryptocurrency sales network. As with all cryptocurrencies Pundi X will run on the blockchain which will record all transactions. By distributing their point of sale systems to offline retailers they hope to make offline purchases using cryptocurrency much more common.
Point Of Sale device
The team behind the new platform will start distributing their new POS devices in Indoensia, the largest country in South East Asia.
The new device will allow users to either purchase their new token directly or to use the cryptocurrency that they already have stored in their wallet.
The POS will be a smart device that is connect to the Pundi X blockchain that runs on the Ethereum network.
The team behind the project believe that their new device will have many advantages over Bitcoin ATM's:
- Much lower cost.
- Smaller more compact size.
- Offers many more services.
- Hopes to distribute over 50k devices in a year, Bitcoin ATM's are still only estimated to be around 1500.
- High mobility, allowing traders to use the device whilst traveling.
- The system will be open to Developers.
They say that the rate of growth they can aim for will depend on the amount they raise from their ICO, saying that if they manage to sell 35 million tokens then they'll aim to have 100,000 devices distributed in the first 3 years. Once they've reached a total of 50,000 devices in Indonesia they will then expand into out Asian countries such as Thailand and Malaysia.
They also hope to form partnerships to target the rest of the world.
One of the reasons they're targeting South East Asia is due to the fact that 73% of people still don't have a bank account in the region.
Each device will be connected to the Ethereum blockchain with Xplugins. Developers will have the opportunity to connect with the network.
The new platform hopes to connect small stores to the blockchain. Each device will be connected to the blockchain with Xplugins with two layers. The communication layer will deliver a buy request and then the blockchain layer will record the sale.
The new device will allow users to make payments with any ERC20 token. Developers will also have the option of setting different transaction fees in different countries.
The PXS token
The token behind the project is the new PXS token. Investors in the project should be rewarded with the growth of their investment as the project progresses.
The token can also be used as 'gas' to make transactions and ads in the new ecosystem. People who want to use the new system will have to buy the new token which should increase the price.
The ICO sale will be distributing a total of 30% of the available tokens. 20% will go to investors. 70% of the tokens will be distributed to users who hold the token, offering an incentive for investors to keep out of their asset.
Token holders will also receive discounts when they use the new devices.
Pundi X ICO details
- Price: 1 ETH= 500 PXS
- Methods of payment: ETH and Bitcoin.
- Discounts: 15% extra tokens during week 1, 10% week 2, 5% week 3.
- If the ICO doesn't sell atleast 35,000,000 tokens then the team reserve the right to launch a second ICO which will be at a higher price.
- Hardcap: 280,000 ETH.
The team behind the platform is based in Jakarta and Shenzhen with Jakarta being their management and operations center with 15 staff and Shenzhen behind their R&D centre with 14 staff.
The team already have a lot of experience in the market, coming from 'Wokoworks' that has already developed many successful apps in the area.
They will be using their 'pundi-pundi' system that already has 20,000 active users to help promote the new project.
The team behind the project looks strong with them already having a lot of experience in the same field. Their goal is very large and if achieved should certainly see an increase in the token price. Their goal is ambitious but with the a lot of funds hoping to be raised in the ICO they should get off to a good start.