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RE: TenX | Internet of Blockchains - Revolution For the Real World Adoption of Cryptocurrency [In Depth Review]

in #tenx • 7 years ago (edited)

i just watched a video about this today. Your description was just as informative. Not sure what the larger implications will be but this is going to be a big one. I still don't really understand how the coin is going to be integrated with the card, can you explain it like you are talking to a baby in one or two sentences? haha

7 years ago in #tenx by
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     7 years ago (edited) 

    Description of the 'payment flow' from TenX whitepaper:

    1. User pays at the merchant using his virtual or physical TenX Card
    2. The card network will send an authorization request to our [TenX] servers for the purchase amount
    3. TenX will send an invoice through the COMIT network to the user
    4. The user will then choose which blockchain asset to use for the payment and send the
      correct amount to TenX through the COMIT network
    5. Upon receiving the corresponding amount for the invoice, TenX will authorize the
      payment to the merchant

    So, the card itself doesn't actually hold any value even though it says "prepaid". It just sends requests into the network, similarly to a regular VISA linked with bank account. It's like a verifying tool allowing the moving of assets.

    Hope this answered your question.

    Not sure what the larger implications will be but this is going to be a big one.

    I really think they have a good head start to become the best in their own area. I'm excited for 2018 with the further upgrades!