What is Pundi X?

Pundi X (NPXS) is an ERC-20 project attempting to catalyze the mass adoption of cryptocurrency.

To achieve this, Pundi X offers three products: The Pundi XPOS — which consists of point-of-sale (PoS) software and hardware that merchants can use to accept cryptocurrency for the goods and services they offer, the XPass card — so consumers can use their cryptocurrency to buy goods and services, and the XWallet — for custodianship and peer-to-peer exchange.

The Pundi X platform has three primary use-cases:

  1. Buying and selling crypto through the Pundi XPOS
  2. Buying any good or service using crypto through the Pundi XPass
  3. Making peer-to-peer payments

The NPXS token

The NPXS token is the cryptocurrency native to the Pundi X platform. NPXS is an ERC-20 token and is used to pay for operations such as transaction fees on the Pundi X platform. NPXS can be thought of as a currency used to make what would be equivalent to gas payments on the Ethereum network.

Every Pundi X transaction is connected to the Ethereum and NEM blockchains.

Unlike most blockchain networks, users can not mine NPXS; instead, all the NPXS in circulation were either purchased during the ICO phases or subsequently purchased from an exchange.

Pundi X uses a proof-of-stake token release; by choosing to participate in the token sale, participants agreed to receive 30% of the amount of the tokens they purchased upfront and the remaining 70% of tokens they are owed over a three year period. To receive these tokens, users must sign a smart contract every six months — or less — to receive all of the tokens they are entitled to; 40% of those tokens will be distributed in the first year, 20% in the second, and 10% in the final year.

Core Features

Pundi X is geared towards merchants interested in integrating cryptocurrency into their point-of-sale systems, and consumers in underbanked regions (the project is primarily geared towards individuals living in Southeast Asia) who might be interested in using cryptocurrency to buy goods and services, store their wealth, or transfer wealth amongst peers without working through the banks that are far and few in between in their area.

To make this a reality, Pundi X offers it’s users three tools:

  1. Pundi XPOS
  2. XPASS card
  3. XWallet

XPOS: the Pundi XPOS consists of software and hardware products that perform point-of-sale device functions in their entirety. At the moment, the only device available is the XPOS — an attachment to a mobile phone and allows the phone to act as a point-of-sale system. However, in the future, Pundi X will be adding XPOS handy, a device that attaches to mobile devices and allows a card to be swiped, and XPOS desk, hardware that acts as a standalone point-of-sale terminal.

Merchants may find it advantageous to use the Pundi XPOS because it automatically converts crypto payments into its equivalent fiat value; conversion rates are equal to the market value of the cryptocurrency at the time of the transaction. And because merchants receive payments in fiat, their earnings are not subjected to the volatility of the cryptocurrency market.

The XWallet: The XWallet is Pundi X’s mobile application through which a user can buy, sell, store, and manage cryptocurrencies. Beyond this, the XWallet can be used to directly pay for goods and services at local stores that have XPOS devices set up.

The XWallet comes with a virtual XPASS card, but can also be paired with physical XPASS cards. These cards may be topped-up through the XWallet application or an XPOS terminal and can be used to make purchases at retail stores and restaurants. Users can also use the Pundi XWallet to purchase cryptocurrencies with fiat and for peer-to-peer exchange.

Xpass Card: The Pundi XPass card can be thought of like a debit card whose funds are held in cryptocurrency and converted to fiat when the purchase of a good or service is made. The XPass card can be topped up with multiple cryptocurrencies and used to buy goods and services at nearly any brick and mortar or e-commerce store.

Pundi X summarized

Pundi X is a platform looking to catalyze the mass adoption of cryptocurrency — especially among merchants in underbanked regions — by providing PoS, payment card, and custodianship/wealth transfer services.

The Pundi X platform is geared toward merchants who are interested in accepting cryptocurrency for goods and services, and consumers in underbanked regions of the world who might be interested in using cryptocurrency as legal tender and a store of value.

The team at Pundi X believes blockchain and cryptocurrency struggle with mass adoption for two reasons:

  • Cryptocurrency is complicated — the layman typically does not have the technical know-how to do a lot of things in the blockchain and cryptocurrency industry, whether that means booting up a dApp, or transferring wealth amongst peers, the process is not always intuitive.
  • Cryptocurrency is not relevant — in a majority of places in the world, you cannot walk down the street and use cryptocurrency to purchase goods and services. And because you can not use cryptocurrency in a majority of your day-to-day transactions, crypto is in a way, irrelevant to how a lot of people operate.

Therefore, the team at Pundi X has decided to make efforts to make cryptocurrency less complicated; by providing an easy to use wallet and payment card — XWallet and XPass respectively — that allows users to buy and exchange cryptocurrency. And by offering PoS hardware and software (XPOS) that enables merchants to integrate cryptocurrency into their PoS terminals so that they can accept cryptocurrency for their goods and services, Pundi X is making attempts to make cryptocurrency more relevant.