Since the inception of UniFox, a number of voices have described PundiX as a main competitor. In today’s blog, we offer an unbiased review in which we compare both projects, address their target markets, and highlight their strengths, differences, and similarities.
UniFox is a platform built on a closed payment infrastructure that enables the public to both easily make retail purchases with a range of cryptocurrencies and effortlessly transfer money worldwide with minimal cost and fast turnaround. UniFox has five products: a Point-of-sale (POS) system compatible with commonly used PAX terminals; a multi-function ATM; a stable currency; a decentralized exchange (DEX); and a network of online local exchanges.
PundiX offers a solution that enables the public to buy and sell products, services, and cryptocurrencies at physical stores worldwide. PundiX offerings consist of the PundiX platform (a software/hardware stack for POS solutions); the PundiX mobile app; and the PundiX card, a physical multi-currency wallet for fiat and cryptocurrencies.
Clearly, both UniFox and PundiX are focused on making cryptocurrencies accessible to anyone, and both offer a POS solution. However, there are key differences as well: PundiX focuses on providing cryptocurrency POS terminals to physical retail outlets for cryptocurrency purchases and the buying and selling of cryptocurrencies and services. UniFox is focused on deploying a payment infrastructure which, in addition to POS functions, connects cryptocurrencies with any local fiat and also enables fast money transfers.
Detailed Product Information:
Both platforms produce POS terminals that accept FIAT/Crypto payments and serve as a fiat-cryptocurrency exchange.
The PundiX platform consists of three products:
- XPOS terminals
- PundiX mobile app
- XPASS card
PundiX is developing three different POS terminals, the main difference among which will be size. Of the three, the XPOS terminal is currently available, with the other two in development. The first 5000 XPOS terminals are on the way to their owners, who were required pre-register earlier this year for the product. The PundiX mobile app is an end-user product for making payments and purchasing cryptocurrencies at local retailers. In lieu of a phone app, users can opt to use the PundiX card, called XPASS, for in-store payments.
The UniFox platform consists of 5 products:
Four products are completed and working (or in the final testing phase prior to rollout), and the DEX is in early-stage development. Different models of the UniFox ATM are available, the basic and common features of which include the buying and selling of cryptocurrencies, invoice payments, and ID scanning.
Like PundiX POS solutions, the UniFox POS terminals allow users to pay for goods with cryptocurrencies or fiat with receipt, and to exchange cryptocurrencies and fiat. Here, the distinguishing factor is the stable token, Unicash. While consumers may choose to make payments in a wide array of cryptocurrencies, the UniFox network settles payments to retailers in Unicash which, as a stable (non-volatile) and transparent currency, guarantees pricing consistency. Even more, Unicash can be used as a safe, cheap, and fast medium for global money transfers (a service provided through ATMs deployed worldwide). Users can also seamlessly use any local currency to purchase Unicash, which they can then deposit into local exchanges, without transfer and currency conversion fees.
The FOX token & the NPXS token
FOX is a security token used for fees on the proprietary UniFox blockchain. Holders of the FOX token are eligible for monthly dividends, where 100% of the company net profit is distributed to token holders. Holders with a balance of at least 200,000 FOX are considered MasterNodes that receive 5% of all company profits (prior to the dividend distribution), voting privileges, and more. FOX may be perceived as a tokenized asset class (or tokenized share), backed by real value and a functioning business. Dividend distributions will start as of December 2018.
NPXS is an ERC-20 token based on the Ethereum blockchain. Like FOX, NPXS is used to pay fees in the system, with the difference that users must purchase NXPS to use the PundiX platform. PundiX completed its ICO in early 2018. Investors initially received 30% of their purchased tokens, with the remaining 70% being released monthly over a 36 month vesting period that fulfills the PundiX KYC (know-your-customer) requirement. NPXS token holders receive discounts at outlets and shops that support Pundi X payments.
PundiX is a serious player in the East Asian crypto market who has begun to implement POS terminals in local shops and stores. There is a strong demand for POS solutions in the cryptocurrency space, and PundiX is responding with a product that pushes mass crypto adoption where we want to see it. But where public sentiment continues to regard cryptocurrencies as highly-speculative and volatile, retailers might hesitate to implement crypto POS terminals that do not offer pricing consistency over time. If PundiX were to create a closed infrastructure through strong partnerships, it would be a game-changer for the Asian market and the cryptocurrency industry as a whole.
UniFox has taken a different approach by developing a complete payment network in which the Unicash stable token offers retailers the assurance of pricing consistency. As suggested above, the added use-value of the Unicash token is that it is backed by a network infrastructure that enables users to instantly exchange fiat and crypto and to complete fast and cheap global money transfers. To use the UniFox network, consumers do not need to hold Unicash or Fox.
The way forward for both platforms is cooperation, not competition. Both PundiX and UniFox are working towards the mass adoption of cryptocurrencies for everyday transactions. The combined effect of PundiX POS terminals and the UniFox infrastructure and product suite promises to be disruptive.
The UniFox presale starts on 28th of October and you can be part of it! For more details, click here!
And you? What is your opinion on possible cooperation between UniFox and PundiX?
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