TenX strives to offer the user access to as large as possible a range of blockchain assets at a maximum degree of convenience while adhering to the highest security standards in the ecosystem. It is able to do this by connecting blockchains, leveraging on the COMIT network, including the COMIT Routing Protocol and the Cross-chain Payment Channels, which works in a completely trustless, instantaneous and low-cost manner.
TenX itself is a payment system, but it also maintains an associated token under the symbol PAY. Where does this token fit in?
With a traditional credit card transaction, merchants pay a fee when they accept payment. That fee ranges somewhere between 0.5% and 3%. This fee is split between the merchant’s bank, the credit card processing system, and the card’s issuing bank.
With traditional credit cards, this fee goes to the card issuer. However, some portion is often returned to the user as an incentive for using the card. That’s where those credit card rewards programs come from.
Instead of a rewards program, TenX distributes PAY tokens in the amount of 0.1% of purchases. Additionally, a reserve of 0.5% of the payment volume on the network is periodically distributed to holders of PAY tokens in proportion to their holdings. TenX plans to distribute this incentive monthly at first, with hopes of increasing distribution frequency in the future.
The Token Sale
On June 24th, 2017 starting at 9 PM Singapore Time, 51% of PAY tokens in existence were released in an Initial Token Sale. Of the remaining tokens, 29% were retained by TenX to fund development. The remaining 20% went to TenX’s founders, employees, and early investors. No new PAY tokens will be created.