What Is TenX?
Last Updated: 1st November 2018
TenX is a cryptocurrency payment platform that consists of a digital wallet and physical bank card. A bank card allows the holder to spend cryptocurrency in physical stores in exchange for various goods and services. This is done by integrating TenX with the COMIT network (Cryptographically-secure Off-chain Multi-asset Instant Transaction), which enables frictionless payments to be made in real-time.
Another important feature of the TenX platform is DSS (Decentralized Security Smart contract (DSS). DSS gives a user more control and security over their funds by allowing them to adjust their security settings for daily limits, portfolio spending, withdrawal settings etc. You can also select a portfolio of coins to use for transactions, for example, you can arrange that each purchase be split into say 25% Bitcoin, 25% Ethereum, 25% Litecoin, and 25% Dash.
COMIT is an off-chain transaction protocol whereby every blockchain can be connected. The aim of the COMIT network is to facilitate the connection of any new or existing blockchains by using the COMIT Routing Protocol (CRP). The routing protocol is simply a set of standards that outlines how the different blockchains are to communicate with one another, similarly to how the Internet Protocol (IP) essentially establishes the basis internet.
For a blockchain to be compatible with the COMIT network, it must have the following minimum requirements:
- Double-Spend Protection.
- Multisignature Technology.
- Hash Function.
COMIT enables card holders to use any blockchain asset to buy goods and services in real-time, from any merchant that accepts global credit cards. Cryptocurrencies do not need to be converted to fiat currency until an actual transaction occurs. The user can convert a range of cryptocurrencies such as Bitcoin and Ethereum from one to another by using their wallet.
The following is an example of how real-time payments are made using the TenX and COMIT platform:
- Bob buys a cup of coffee using his virtual or physical card.
- The card will then send an authorization request to the TenX servers for the purchase amount.
- TenX will then send an invoice through the COMIT network to Bob.
- Bob will then choose which blockchain asset to use for the payment, which will then send the correct amount to TenX through the COMIT network.
- Upon receiving the corresponding amount for the invoice, TenX will then authorize the payment to the merchant.
TenX transactions also make use of a network of Liquidity Providers (LP), to determine which LP has the best exchange rate. LPs operate across blockchains to provide liquidity for the exchange of different cryptocurrencies.