f(x) token allocation to NPXS and NPXSXEM holders
Dear Pundians,
Mass adoption of blockchain-based technology in retail payments has always been the vision of the Pundi X project.
We’ve been steadily building to deliver the vision over the past year. Today we have an ecosystem comprising our XPOS devices, XPASS cards and our new mobile app, the XWallet. Since last August, thousands of XPOS have been shipped to more than 25 countries. Over 50,000 XPASS cards have been activated and more than 60,000 transactions were processed by Pundi XPOS devices and the XWallet in less than the first six months of deployment.
Demand from merchants and customers for instant, on-chain transactions combined with our growth trajectory have led us to search for a blockchain that can service a truly global payment network. That led us to innovate a blockchain ecosystem that can deliver 10-fold gains in speed, openness, scalability, and consensus.
It led us to f(x), an ecosystem that extends beyond just financial transactions toward a new path for decentralization. To ensure it can operate without relying on any specific individual, organization and structure, f(x) Coin* will become its own native, independent currency for facilitating transactions.
For their ongoing support the Pundi X project and our initiatives, the majority of the f(x) tokens of the token generation event (TGE) will be allocated to holders of NPXS and NPXSXEM*.
Great blockchain projects have the highest regard for the interests of their community and seeks to balance those interests.
65% of all f(x) tokens from the Token Generation Event (TGE) is allocated exclusively to NPXS/NPXSXEM holders.
At the same time, another 20% will be used for the Ecosystem Genesis Fund for developer partnerships, token listings on the exchanges, f(x) infrastructure service providers and more. The remaining 15% will go to engineering, product development and marketing.
There will be NO public or private sales for f(x) tokens.
Why can’t we just have one token?
The uses, allocation and economics behind NPXS and f(x) Coins are fundamentally different. They are different projects with completely different designs working to different timelines.
To change the terms of NPXS tokenomics would undermine undertakings we made to token holders and the entire economics of the NPXS token. And similarly, to change the planned tokenomy of f(x) would fundamentally undercut its very purpose as a blockchain. In short, f(x) is designed to provide increasing token supply to encourage miners to support the network and businesses and developers to grow the ecosystem. NPXS, by contrast, has been designed to service a payment network with supply decreasing as its adoption grows.
For more detail of the f(x) ecosystem and tokenomics, you can refer to our complete guide here.
How to receive f(x) token?
All NPXS and NPXSXEM holders will have the option to decide whether and how they would like to receive the f(x) tokens. 65% of the total f(x) token generated from the TGE allocated for NPXS / NPXSXEM holders are broken down for distribution as follows:
15% for all NPXS/NPXSXEM holders to stake
All NPXS/NPXSXEM holders* will be able to receive the f(x) tokens.
How: Deposit NPXS / NPXSXEM into XWallet to join the distribution scheme or register the public address of your private wallet in the XWallet app to participate.
Date: From 10:00:00 am GMT+8 on March 20, 2019 to 9:59:59 am GMT+8 on March 19, 2020.
Remarks: All NPXS / NPXSXEM holders* are eligible to be part of this 15% allocation.
Android and iOS of XWallet will be available.
All unclaimed stakes will be transferred into the Ecosystem Genesis Fund after 12 months.
45% for converting NPXS/NPXSXEM to f(x) tokens
Qualified NPXS/NPXSXEM holders can receive f(x) token by converting their NPXS / NPXSXEM tokens to f(x) tokens. All the converted tokens will be removed from the NPXS/NPXSXEM total supply.
Date: Starts in April / May 2019 and lasts for three months.
Remarks: All NPXS / NPXSXEM tokens that are converted will be removed from the total supply of NPXS / NPXSXEM;
Pundi X will not convert company’s NPXS for f(x) Tokens.
NPXS / NPXSXEM tokens that are converted will also be entitled to the 15% f(x) Tokens distribution right after the conversion.
5% extra bonus tasks for all NPXS/NPXSXEM holders to claim
All NPXS/NPXSXEM holders* will be able to receive the f(x) tokens.
Date: To be announced.
A detailed guideline will be provided to help NPXS/NPXSXEM holders opt in to receive the f(x) tokens two weeks before the program starts.
How does the function X benefit the Pundi X project and the Pundi X holders?
Benefits to NPXS/NPXSXEM holders and the broader Pundi X project are direct.
For the XPOS technology: Improvement of speed and scalability
For the Pundi X project the main benefits are two-fold: payments utilizing XPOS and XWallet become faster and the potential applications for payments using NPXS become much broader.
- The migration to a blockchain with much higher transaction capability and a future broader node network than its rivals is an obvious win for NPXS via the XPOS. Function X allows every XPOS to serve as a node. With several thousand XPOS in deployment internationally, this will soon give rise to a network to rival the size and scope of Ethereum (the blockchain project currently with the largest spread and depth of network nodes) and one which is much greater as we progress toward our global rollout. For a truly decentralized payment provider, such depth and reach equals greater payment speed and reliability. That is invaluable.
- Then, we have NPXS’s role in a future ecosystem on Function X. XPOS plays an essential part of the f(x) blockchain and ecosystem. It pushes crypto towards mass adoption as well as fueling the adoption of f(x) blockchain. NPXS is to fuel the XPOS, XWallet, XPASS payment transactions on Function X ecosystem. It will also play a huge role in the ecosystem for many payment-related matters, currently on Ethereum and NEM and in the future on Function X’s native blockchain.
For NPXS/NPXSXEM holders
For NPXS/NPXSXEM holders, the above benefits are applicable too but there is the addition of exclusive opportunities to become f(x) token holders. A planned allocation of a total of 15 per cent from TGE will be provided to holders of NPXS and NPXSXEM to get via staking. A planned future allocation will give NPXS/NPXSXEM holders a further exclusive option to convert NPXS/NPXSXEM to f(x) tokens.
The number of the converted NPXS/NPXSXEM to f(x) tokens will be taken out from the total supply of NPXS/NPXSXEM permanently.
Gaining early access to f(x) tokens is completely optional for NPXS/NPXSXEM holders.
After the f(x) mainnet is launched, all remaining NPXS/NPXSXEM holders will be offered a 1:1 token swap for NPXS-FX/NPXSXEM-FX tokens.
For more details about NPXS/NPXSXEM holders to receive f(x) tokens, please visit https://functionx.io.
Sincerely,
Pundi X Team
*As greater compliance is demanded by exchanges, banks, insurers, regulatory agencies and KYC providers, the participants will need to be verified by KYC.
