Bridging the gap between the many theoretical benefits of cryptocurrency and actual, real-world, uses is a much more complicated endeavor than it may sound. The Pundi X (NPXS and NPXSXEM) project aims to make relying on crypto as simple as spending money with a credit card. Their genuine ambition: bringing cryptocurrency to the masses by making it “as easy as buying bottled water”.
Indeed, while there are several coins out there that could potentially rival fiat currencies, none truly have serious systems in place to bring their services to those who really need them: the merchants. Pundi X addresses this issue thanks to a huge decentralized crypto point-of-sale network.
Learn more about this promising project in our Pundi X guide!
The Pundi X Cryptocurrency: Introduction and Definition
Generally confusing and sometimes purposefully obscure, cryptocurrency exchanges do not offer new users a streamlined experience and instead seem to put off the average person rather than to get them intrigued. To this learning curve issue could be added the fact that, realistically, the uses for digital assets are somewhat lacking and, once again, restricted by the sheer number of different options. Be it the tokens themselves, the wallets they are stored on (and the need to occasionally juggle several e-wallets), the complicated authentication processes … it’s no wonder most people do not deem it worth the effort. Finally, cryptocurrency is simply not supported by most points of sale, which means that even if someone were motivated enough to want to make it their main payment method, they would be limited once again.
This is where Pundi X (NPXS) comes in. It rounds up all these issues to address them in the form of a network of devices with Ethereum and NEM blockchain integration. The former provides a wide array of possibilities worldwide, while the latter is officially embraced by Asian financial institutions and is equipped with instant payment technology.
Pundi X (NPXS) is working on expanding its network of merchants equipped with the platform’s devices. During its initial ICO, between 1 and 700,000 POS units were promised, with the intention of providing businesses in at least 12 different countries with devices capable of supporting e-wallet payments. The wallet in question may be topped up using crypto and BTC, ETH, QTUM, XEM and ACT can even be purchased straight from the interface.
The Pundi XPOS devices are currently rolling out in Asia, where the population of unbanked individuals reaches 73 percent, in Brazil and in South Africa, with plans to bring the solution to the rest of the world as well.
A blockchain-based XPhone also debuted in January 2019 featuring Pundi X’s Function X protocol.
How Does Pundi X (NPXS) Work?
Thanks to Xplugin-based communication layers, Pundi X’s POS (Point-of-Sale) devices form a network connected to Ethereum’s blockchain. Retailers then install these devices onto their own POS platforms and thus give them new functionalities, turning them (for instance) into card and NFC readers.
One of the main advantages of Pundi X is that it relies on payment verification methods similar to those used by traditional banks. The latter follow a procedure of identification (from the information contained on a card’s chip), bank-to-bank interaction (through a phone line or Internet connection), authentication (thanks to a PIN, CVV, etc.) and transaction validation. The process is streamlined for both the buyer and the merchant as the banks have all the information they need to proceed with the payment.
To emulate this experience, Pundi X (NPXS and NPXSXEM) believes blockchain technology to be the answer and has even issued its own NPXS-back credit card: XPASS. This payment method works in conjunction with a mobile app and wallet which also allow users to select their cryptocurrency of choice prior to making their purchase. Thanks to this solution, cryptographic currencies become much more relevant.
Pundi X’s decentralized Internet model and its actual blockchain and hardware all fall under the umbrella of Function X – or f(x), the project’s blockchain-based operating system. It currently supports phones and the XPOS terminals, though it holds the potential to encompass much more.
The NPXS Token
The NPXS Token – or Pundi X (NPXS and NPXSXEM) – has proven notoriously volatile over the years, constituting one of the main drawbacks of Pundi X. As this reality still afflicts most cryptocurrencies, the fact that the system provides a means of selecting which token users want to make a purchase with is quite refreshing. This indeed allows them to choose the most beneficial one at a particular time.
As for the NPXS Token itself, is an ERC-20 token which serves as gas on the Pundi X network. It fuels all transactions happening on the platform and is used to reward both token holders and retailers who implement it.
It is worth noting that Pundi X (NPXS and NPXSXEM) also has a utility token called NPXSXEM built on the NEM blockchain. These support the operations emanating from NEM XPOS-enabled devices.
Why Use Pundi X?
The sole focus of Pundi X (NPXS and NPXSXEM) is physical retail and its entire ecosystem is developed around the notion that cryptocurrencies should be widely represented thanks to reliable and convenient point-of-sale devices. The global implementation of Pundi XPOS devices would condition the system’s adoption and, by way of consequence, its success as a payment gateway.
So far, Pundi X’s low fees and convenient hardware is certainly gaining momentum and could ultimately encourage the masses to embrace cryptocurrencies for their practical, everyday purchases.
Currently, the only true hurdle the team needs to overcome is how quickly it can roll out its devices. As promising as their goal is, it is still a far cry from the numbers global adoption would entail. Similarly, more and more partnerships are being implemented as we speak, which could eventually result in a network that could become a proper bank substitute.
How to Buy Pundi X (NPXS) on Bitit?
While Pundi X (NPXS) may be purchased from some of the most major exchange platforms, as stated above, one of the realizations the system itself addresses is that cryptocurrencies are not user-friendly. While using a DEX to get your tokens certainly is an option, the learning curve alone has been deterring countless people from investing in digital coins.
If you want to support the project and think it’s a good time to invest in NPXS, Bitit saves you the hassle of having to research trading volumes, order books and liquidity. On Bitit, you can check the current exchange rate for your cryptocurrency of choice straight from the dashboard and purchase your tokens through a very simple process.
The site works like a traditional online shop and supports several payment methods including credit cards, bank transfers and cash.
How to Store NPXS?
Created and released by the team behind Pundi X (NPXS and NPXSXEM), one of the most obvious mobile wallet alternatives to store NPXS tokens is XWallet, which also offers staking options.
However, as NPXS is an ERC-20 token, options truly abound! Any wallet that would accommodate Ethereum could be used, though as always, be sure to do your research! Online storage, for instance, is not as secure as physical wallets such as those provided by Trezor or Ledger. Paper wallets are another popular solution to avoid storing your private key online.
Pundi X news shows that devices are slowly but surely making their way to more and more locations, especially in Southeast Asia, Brazil, Africa and even some parts of Europe. If Function X Pundi manages to receive the attention it seeks, it could be poised to become a major actor in making cryptocurrencies a widespread payment solution once and for all.