TenX, the Singapore-based blockchain payments company allowing anyone to easily spend their token assets by debit card has re-affirmed their plans regarding outstanding PAY tokens. The update which can be read below was provided by TenX Co-Founder & CEO Toby Hoenisch.Moreover, the latest development update has the company advancing in its closed beta app testing for the different operating systems which will be supported.
Furthermore, the latest development update has the company advancing in its closed beta app tests for the different operating systems which will be supported.
Mr. Hoenisch noted that during the TenX token sale, the company promised to allocate part of the remaining tokens for community initiatives in order to push growth the PAY token eco-system. The below breakdown will begin allocating from Thursday, August 24th onwards as per the TenX white paper from page 36 onwards.
TenX plan for outstanding PAY tokens currently held in a secure multisig account:
- 10% assets for TenX will be moved to cold storage. This will be reserved as an asset in the company to bring value to early investors. Earlier in the year, before the token sale, TenX received over USD 1 million from a range of notable blockchain investors and entrepreneurs, such as Fenbushi Capital.
- 10% to paid out slowly in conjunction with salaries for the team (the company offers anyone in TenX to take part of their salary in PAY tokens). This will be used by TenX to incentivize founders, employees and the development team. Each TenX founder and employee will receive part of their compensation package in PAY tokens, which will vest over 4 years.
- 9% academic research on the TenX cryptographically-secure Off-chain Multi-asset Instant Transaction (COMIT) network. A major feature of TenX, COMIT allows decentralized real-time instant cross-blockchain assets transaction. This will be used to sponsor academic research, educational materials for developers, as well as the promotion of the COMIT network and the sharing of technologies and contributions with open-source communities.
Some of the planned activities include:
- Establishing a research lab to focus on COMIT and cooperate with high profile universities
- Creating tutorials and educational materials for COMIT network developers using different blockchains such as Ethereum and Bitcoin
- Cooperating with other open-source communities such as Docker, Linux, Android to integrate COMIT network libraries into existing developer stacks by default
- Organising events and conferences to raise the awareness of the COMIT network technology and facilitate market adoption
10% available for token swaps – this allocation will be used for token/coin swaps of PAY tokens with cryptocurrencies of other blockchain open-source ecosystems. Further details on this are to be announced at a later date.
10% to grow adoption of PAY tokens and COMIT – this will be used to facilitate the adoption of the PAY tokens and the COMIT network in select industries such as financial service and supply chain. Additionally, it will also be used the fund a continuing Bug Bounty program.
Yesterday, on Monday, August 21st, TenX opened up its web app in a closed beta, other brief development updates are as follows:
- Closed beta testing ongoing
- Working through bug fixes and feature requests from closed group
- Integrating Firebase APIs
- Closed beta began on August 21st
- Apple developer license finalized for app store submission
- Internal testing with devs
ETH, ERC20 and DASH stability integration
- Gradual rollout of ETH activation to small group of users, more to come in the coming weeks
After its successful token sale, the TenX token (PAY) got listed on a variety of different exchanges. Since listings began in early July, the price of PAY has languished back and forth as the company continues on its development roadmap. TenX’s support base is patiently waiting and keen to begin to use the applications and services to be offered, the token price could respond accordingly. However, as a leading company with unique characteristics, they have a long-term vision at hand as well.