What Is Pundi X (PUNDIX)?
Pundi X is a blockchain platform that aims to commercialize the use of cryptocurrencies. The main goal of Pundi X is to offer an alternative way of using cryptocurrencies in real life, instead of using crypto in limited purchases and mostly on cryptocurrency exchanges.
Pundi X offers a solution to the shortcomings of many cryptocurrencies by aiming to make crypto relevant and find real-life implementation and mainstream use. Pundi X is open-source and has public and open specifications, utilizing a mobile contactless point-of-sale terminal called the XPOS to enable the use of cryptocurrency in retail. PUNDIX is the ecosystem’s utility token and powers the network while supporting its economy. To implement these functionalities and enable mainstream use for cryptocurrencies, Pundi X employs a contactless smart card, the XPASS, and a mobile application, called XWallet, while all these components are powered by the Pundi X Network and its architecture.
How Does Pundi X Work?
The Pundi X Network is an open-source blockchain-based environment that combines a mobile application and contactless smart card technology to enable crypto-based payments through retail POS devices.
The global distribution of Pundi X protocols ensures the rapid expansion of the Pundi X Network, while the provision of free hardware to target retailers and the convenience of mobile payments incentivizes adoption. The initial target for the project was the retail map of Indonesia, allowing Pundi X users to utilize POS terminals to pay with cryptocurrencies in retail stores.
The entire project was created to decrease the level of complexity that people are usually faced with when using cryptocurrencies for something other than trading. Thus, Pundi X has the potential and technical capacity to put cryptocurrencies on the map of mainstream currencies as a commonly used payment method. To reduce the said complexity, Pundi X uses several components, one of which is the native cryptocurrency of the platform, PUNDIX.
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Pundi X has three main components, which are the mobile wallet, the smart card, and the Pundi X Platform. Pundi X Platform acts as an integration panel where merchants can connect to POS terminals and enable crypto-based payments.
Who Are the Founders of Pundi X? History of Pundi X
Pundi X was founded and launched in 2017 by Zac Cheah, Danny Lim, and Pitt Huang in Jakarta. The idea behind the project was to address the shortcomings of Bitcoin and create a POS channel for the mainstream use of cryptocurrencies in retail.
Originally, the team and their company offered a QR-based payment method known as the Pundi-Pundi app, later adjusting their vision to fit the standards of the decentralized finance sector. The company is located in Jakarta. However, the network is borderless and offers global solutions for cryptocurrency-based payments. Pundi X aims to become one of the largest networks to offer a retail POS gateway for cryptos.
What Makes Pundi X Unique?
Pundi X aims to bring cryptocurrency to mainstream use through a unique model of retail POS solutions for cryptos with three complex products that enable a simple way of making payments with cryptocurrencies in real-life scenarios. Pundi X is also a leader in the development of blockchain-related devices, one of which is their POS terminal called XPOS. To enable cryptocurrency payments, Pundi X created XPOS devices that are being deployed across more than 20 countries.
The XPOS device doesn’t favor the PUNDIX cryptocurrency, but instead supports instant payments and multiple cross-chain currencies including Bitcoin, thus placing cryptocurrencies on the map of mainstream use. XPASS and XWallet are two more products developed by the company Pundi X Labs Private Limited, with the XPASS card being suitable for beginners who can easily top their cards with their cryptocurrencies of choice.
What Gives Pundi X Value?
The market value of PUNDIX is in constant flux, in part due to the volatility in the cryptocurrency market and a multitude of specific factors that may influence its market price. Another set of factors that give Pundi X value are its technical capacity, technology, functionality, and use cases. Pundi X was created to enable crypto-based payments and mainstream use of cryptocurrencies, while developing blockchain devices with the goal of creating real-life use cases for digital assets.
PUNDIX’s market value may be affected by the wider economy, collective trend reversals, upgrades, updates, developments, the rate of product utilization, partnerships, and mergers, as well as other important news and events. The intrinsic value is determined by Pundi X technology and often doesn’t match the market price of PUNDIX. Pundi X also has the goal of providing basic banking services to underdeveloped areas through the use of Ethereum-based POS terminals and cryptocurrencies.
How Many Pundi X (PUNDIX) Coins Are in Circulation?
PUNDIX has a circulating supply of and a max supply of . No more tokens will be minted and all tokens have already entered circulation. Since 2018, Pundi X has removed and burned some of the token supply on a quarterly basis, making PUNDIX deflationary. The amount burned depends on the utilization of Pundi X products and services.
Pundi X originally launched the PXS token through an initial coin offering at the start of 2018. Later that year, the tokens were swapped for NPXS at a rate of 1 PXS for 1,000 NPXS. In 2021, the PUNDIX token was introduced and a second redenomination took place, this time in the opposite direction. NPXS holders have until the end of March 2022 to swap their tokens at a rate of 1,000 NPXS for 1 PUNDIX.
Other Technical Data
The Pundi X team is working on new upgrades and updates in accordance with the official road map. The Pundi X Network relies on three different products to enable utility operations, including the retail POS terminals. The POS terminal is known as XPOS and can be integrated with retailer systems across more than 20 countries to enable crypto-based payments and create an opportunity for people in underdeveloped countries to have access to basic banking services with instant payments.
XPASS and XWallet are the two products developed by Pundi X to support the economy of the Pundi X ecosystem, and can be paired with the XPOS to pay retailers in crypto. XPASS is a handy card for crypto beginners that can be loaded with cryptocurrency funds and used instantly, while XWallet is a crypto wallet with multi-currency support. All these products enable the mainstream use of blockchain and crypto.
How Is the Pundi X Network Secured?
Pundi X is secured through its recent integration with the Chainlink network. Pundi X integrated with Chainlink in May 2021 to enable enhanced security for the retail POS users and retailers who support crypto-based payments. Moreover, XWallet uses 2FA and biometric security locks. With Chainlink and the enhanced security of XWallet, users can store and use their cryptocurrencies securely and safely.
Like many other blockchains in the DeFi sector, Pundi X uses Proof of Stake to secure operations on the network.
How To Use Pundi X
Pundi X offers three products, with its flagship product, the XPOS, facilitating instant crypto-based payments. Users can combine the XPASS card, powered by the Pundi X system, with XWallet and XPOS to make instant payments. Retailers who are part of the program can choose the settlement currency by connecting to the Pundi X network, while users can pay for goods at supported retailers with the crypto of their choice.
PUNDIX tokens can be traded in the cryptocurrency market, while traders can make a profit based on the difference between the buying and selling price. PUNDIX can also be staked in return for rewards.
How To Choose a Pundi X Wallet
The XWallet was especially designed by Pundi X Labs and can be paired with the XPOS and XPASS to enable crypto-based payments.
There are also plenty of other places you could store your PUNDIX and the wallet you choose will likely depend on what you want to use it for and how much you need to store.
Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical know-how and are a more expensive option. As such, they may be better suited to storing larger amounts of PUNDIX for more experienced users.
Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of PUNDIX or more novice users.
Online wallets or web wallets are also free and easy to use and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your PUNDIX, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.
Kriptomat offers a secure storage solution, allowing you to both store and trade your PUNDIX tokens without hassle. Storing your PUNDIX with Kriptomat provides you with enterprise-grade security and user-friendly functionality.
Buying and selling PUNDIX, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.
Pundi X Proof of Stake
Pundi X uses the Proof of Stake protocol and enables staking of PUNDIX in return for cryptocurrency rewards. PUNDIX can be staked in the XWallet, which is another use case of the official wallet aside from holding crypto and connecting to the XPOS and XPASS smart card. Proof of Stake is more efficient, scalable, and cost-effective than the Proof of Work consensus mechanism, which requires mining.
Go Retail With Pundi X
Pundi X is a prominent project that aims to enable basic banking services for people in undeveloped countries by allowing cryptocurrency-based payments. With its flagship product XPOS, Pundi X is paving the way for the mainstream use of digital assets. At the same time, the market value of PUNDIX may grow with new developments and updates to the Pundi X ecosystem.
Pundi X offers solutions for the shortcomings of Bitcoin and other cryptos, such as the lack of utility, real-life value, implementation, and mainstream use, and as such represents a prominent project in the DeFi sector.
Join the crypto revolution and start your Pundi X journey today.
Pundi X FAQ
How Many XPOS Devices Are There?
XPOS devices are being rolled out across more than 20 countries and Pundi X is aiming to deploy a minimum of 100,000 units by 2021.
What Can Be Built on Pundi XPOS?
Pundi XPOS has its own app store based on Android 7.0 where developers can publish apps for the retail market. These could include wallets, loyalty programs, delivery management, and financial or insurance services. Publishing apps requires the payment of PUNDIX tokens, which are then burned.
How To Buy Pundi X
If you’ve been wondering how to buy Pundi X, you’ll be thrilled to learn that buying PUNDIX is fast and easy at Kriptomat, with a range of payment methods available.
How To Sell Pundi X
If you already own PUNDIX and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.
Pundi X Price
Pundi X price is subject to frequent changes due to the volatility of the crypto market and the fact that numerous specific factors can influence the price of PUNDIX. Its price can change dramatically within a short timeframe, and you can keep up with live PUNDIX prices on Kriptomat.
As well as the traditional factors such as market sentiment, the flow of cryptocurrency on exchanges, and the economy in general, PUNDIX price is also affected by the amount of use of Pundi X products and services.
The current PUNDIX price is EUR.
The 24-hour trading volume of PUNDIX is EUR. PUNDIX is currently ranked of all cryptocurrencies by total market cap, with a market cap of EUR. It has a circulating supply of and a max supply of .
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