cryptovest.com
TenX (PAY) is switching its token structure and distancing itself from the payment card model with a new digital asset, TenX. The new structure will retain PAY as a utility token, and TenX will be a reward asset, the project team explained in a blog post.
The announcement arrives a day after former payment provider WaveCrest got slapped with a fine of 250,000 pounds from the Gibraltar Financial Services Commission (GFSC). Since the business of WaveCrest was frozen in February, TenX has failed to find a new payment processor and a connection to VISA cards.
The announcement of a new token to be distributed boosted the price of PAY, which added another 13% overnight to reach $0.30. Since the troubles with the card affected the price back in January, the current pivot to a new business involving a payment app and tokenized incentives is seen as positive news.
The upcoming network snapshot may also be a factor in the price increase.
“A snapshot of all PAY token holders on the Ethereum blockchain will be taken on the 30th of December 2018 at 10:00 pm SGT (GMT+8), with the first Ethereum block that gets mined during that minute.”
The snapshot will only be for owners of PAY tokens in personal wallets, and the team has not announced collaborations with exchanges. The distribution of TenX tokens will also include a KYC (know your customer) procedure and screen out US-based owners as well as residents of embargoed countries. The reward system is scheduled to come into effect in the second quarter of 2019.
The TenX digital asset will be a new form of token, ERC-1462, which is an extension of the ERC-20 standard with extra features for transparency and even law enforcement access. Trading is expected to start in the coming months.
While the new token issue may create a price pump in the short term, the crypto community has been skeptical. Reward schemes have been compared to pyramid scams, creating hype without real economic activity.
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